Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review September 16th 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)

USDCAD – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. In addition to this, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Until the key resistance zone (marked in red) shown in the image below holds my short term view remains bearish here and I expect the price to move lower further after pullbacks”.

Current Scenario – After the bearish trend pattern my idea here was to look for pullbacks and then further continuation lower. 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 and is holding above it, thus invalidating this short term bearish view.

NZDJPY – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. In addition to this, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Also, the ADX indicator gave a bearish signal here as well 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. So based on all this, until the key resistance zone (marked in red) shown in the image below holds my short term view remains bearish here and I expect the price to move lower further after pullbacks”.

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 until the key resistance zone holds. The price action followed my analysis exactly as I expected it to here. After the bearish trend pattern we had a pullback and then the price moved lower further delivering around 120 pips move so far!

USDCHF – My idea here was “On the H1 chart, we could see that the price which was moving higher has created a bearish divergence between the first high that has formed at 0.96256 and the second high that has formed at 0.96419 based on the MACD indicator which we may consider as evidence of bearish pressure. In addition to this, the ADX indicator gave a bearish signal here as well 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. Also, we had two strong support zones that has formed and the price which was moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold my short term view remains bearish here and I expect the price to move lower further”.
Current Scenario – In USDCHF my short term view was bearish and I was expecting the price to move lower further until the two strong resistance zones holds. The price action is following the bearish expectations so far, my bearish view still remains the same here.
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