Weekly Summary And Review October 8th 2022

Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review October 8th 2022 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)

Gold – My idea here was “On the H4 chart, the price which was moving lower created a bullish divergence which has formed between the first low at 1654.12 and the second low at 1614.82 based on the MACD indicator. The price then moved higher and has created higher highs. Also, we should note that the price which was in a bearish trend so far creating series of lower highs, lower lows has created higher highs for the first time in a while which we may consider as sign of a possible trend change. We may consider these as evidences 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 evidence of bullish pressure. Until the key support zone (marked in blue) shown in the image below holds, my short term view remains bullish here and I expect the price to move higher further”.

 

 

Current Scenario – In Gold my short term view was bullish and I was expecting the price to move higher further until the key support zone holds. My plan still remains the same here.

 

 

 

EURNZD – My idea here was “Looking at the H1 chart, currently it looks like a potential double wave correction is happening, Also, we have a key support zone that has formed based on the 100%(1.75024) Fibonacci expansion level of the first wave. The price which was moving lower, reached this key support zone, respected it and is currently bouncing higher from this zone. Also, we have a bullish divergence that has formed between the first low that has formed at 1.71326 and the second low that has formed at 1.70716 based on the histogram of the MACD indicator which we may consider as 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 evidence of bullish pressure. So based on all this, until the key support zone holds my short term view remains bullish here. A valid breakout above the most recent downtrend line would be the validation for this bullish view”.

 

 

Current Scenario – In this pair the validation for the short term bullish view which is a valid breakout above the most recent downtrend line happened as per the plan. We then had a pullback and then the price which is moving higher has delivered 130+ pips move so far!

 

 

Note: You can follow us here on Trading View and also on our blog to get similar ideas on daily basis)

Advertisement

Click To Join Our Community Telegram Group