Hi Traders! Weekly summary and review November 19th, 2021 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had this week and how it has currently developed now.

Trading Ideas (Blog Posts)

CADJPY – My idea here was “Looking at the H4 chart, we could see that currently it looks like a flat correction is happening in the form of a range. While measuring the first and second wave inside this range we have two key support zones that has formed. The first key support zone is formed by the 100%(90.729) Fibonacci expansion level of the first wave, 61.8%(90.419) Fibonacci expansion level of the second wave and the bottom of the range. The second key support zone is formed by the 161.8%(89.642) Fibonacci expansion level of the first wave and 100%(89.648) Fibonacci expansion level of the second wave. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bullish pressure. Until both the key support zones hold my view remains bullish here. If we get a valid breakout above the top of this range we may then consider it as validation for the bullish view and may expect the price to move higher further”.
Current Scenario – The validation for the bullish view which is a valid breakout above the top of the range didn’t happen yet. Price is currently holding in the second key support zone, until this zone holds my view remains bullish here. If we get a valid breakout above the top of the range we may then consider it as a validation for the bullish view and may expect the price to move higher further.

GBPAUD – My idea here was “On the H1 chart, we could see that the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows which we may consider as evidence of bullish pressure. Also, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. We may consider this as another evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line), and the main signal line (silver line) reads value over 25, we may consider this as yet another evidences of bullish pressure. While measuring the bullish trend pattern using the Fibonacci retracement tool, we have two key support zones that has formed. The first key support zone is formed by the 23.6%(1.84138) – 38.2%(1.83748) Fibonacci retracement levels and the second key support zone is formed by the 50%(1.83432) – 61.8%(1.83117) Fibonacci retracement levels. Until both these key support zones hold my short term view remains bullish here and I expect the price to move higher further”.
Current Scenario – Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further until the two key support zones hold. The deeper pullback towards the key support zones never happened, however smaller pullback did happen on the M15 chart. The price then moved higher further and has delivered around 160 pips move so far.
You can see this move clearly on the M15 chart below.

GBPCAD – My idea here was “On the H4 chart, we had a bullish divergence that has formed between the first low that has formed at 1.67339 and the second low that has formed at 1.67185 based on the MACD indicator. Then the price moved higher and broke above the last high at 1.69127 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Currently it looks like a correction is happening. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Until the strong support zone (marked in green) shown in the image below holds, I expect the price to move higher further after pullbacks”.
Current Scenario – Price is following the bullish expectations so far. My plan still remains the same here that is until the strong support zone holds my view here is bullish and I expect the price to move higher further.
Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)

To your success,

Vladimir Ribakov
Certified Financial Technician

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