Hi Traders! Weekly summary and review October 29th, 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)

CHFJPY – My idea here was “Looking at the H1 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%(123.581) Fibonacci expansion level of the first wave, 100%(123.540) Fibonacci expansion level of the second wave and the bottom of the range. The second key support zone is formed by the 161.8%(123.135) Fibonacci expansion level of the first wave and 161.8%(123.087) Fibonacci expansion level of the second wave. Also, we have a bullish divergence that has formed between the first low that has formed at 123.722 and the second low that has formed at 123.534 based on the MACD indicator which we may consider as evidence of bullish pressure. Until both the key support zones hold my view remains bullish here. If the price breaks and holds 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 – In this pair my view was bullish and I mentioned that “if the price breaks and holds 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”. The validation for the bullish view which is a valid breakout above the top of the range happened as I expected it to. The price then provided a deeper pullback with the price reaching the first key support again, respected it and bounced higher from this zone, delivering 150+ pips move so far.

Ethereum – My idea here was “On the H1 chart, after the strong bearish move the price was moving inside a range. The price which was respecting this range so far has moved lower and has currently broken below the bottom of this range, which we may consider as evidence of bearish pressure. Also, we have a bearish divergence that has formed between the first high that has formed at 4252.01 and the second high that has formed at 4303.16 based on the MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower and broke below the last low at 4085.10 thus creating lower lows which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave bearish signal at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. Currently it looks like a pullback is happening, until the strong resistance zone holds I expect short term bearish moves to happen here”.
Current Scenario – Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further after pullbacks. The price action didn’t follow my analysis here and this idea failed as the price moved higher and broke above the strong resistance zone. My current view on Ethereum is neutral.

EURCHF – My idea here was “On the H4 chart, the price which is moving lower has currently reached a key support zone formed by the 161.8%(1.06618) Fibonacci expansion level of the first wave and the 61.8% (1.06519) Fibonacci expansion level of the second wave. In addition to this, the daily key support zone also coincides in the same area which makes this a very strong support zone. Also, we have a bullish divergence that has formed between the first low that has formed at 1.06581 and the second low that has formed at 1.06343 based on the MACD indicator. We have this bullish divergence on the RSI indicator as well, we may consider these as evidences of bullish pressure. So everything looks good here for the bulls and until the key support zone holds my short term view remains bullish here. If the price moves higher and breaks above the high at 1.07028 we may then consider it as a validation for the bullish view and may expect the price to move higher further in the short term”.
Current Scenario – In this pair, the validation for the bullish view which is a valid breakout above the high at 1.07028 didn’t happen here. Alternatively, the price moved lower, broke below the key support zone and is holding below it, thus invalidating this bullish view. My current view on this pair is neutral.
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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