Hi Traders! Arvinth here from Traders Academy Club team. Weekly summary and review September 9th 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)

CADCHF – My idea here was “Looking at the H4 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, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening. Also, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones shown in the image below(marked in blue) holds my short term view remains bullish here and I expect the price to move higher further”.

Current Scenario – In this pair, my short term view was bullish and I was expecting the price to move higher further until the two strong support zones hold. Currently, it looks like a pullback is happening and the price which is moving lower has broken below the first strong support zone and is holding below it. Until the second strong support zone holds my bullish view still remains the same here.

GBPJPY – My idea here was “On the H4 chart, we had a strong resistance zone and the price which is moving higher has currently broken above this zone and is holding above it, we may consider this as evidence of bullish pressure. After the breakout, this strong resistance zone is acting as a strong support zone for us. Also, the price which is moving higher has broken the last high at 162.488 and has created higher highs based on the MACD indicator which is a sign of gaining momentum towards the bullish side. 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. In addition to this, the ADX indicator gave a bullish signal here 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 everything looks good here for the bulls. Until the strong support zone (marked in green) shown in the image below holds my short term view remains bullish here and I expect the price to move higher further after pullbacks”.

Current Scenario – In GBPJPY my short term view was bullish and I was expecting the price to move higher further after pullbacks until the strong support zone holds. The price moved as per the plan here. The pullback that I was looking for happened and then the price moved higher and delivered 130+ pips move before it moved lower.

USDCHF – My idea here was “Looking at the H1 chart, we could see that 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. Currently it looks like a correction is happening. 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. 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 small pullback and then the price moved lower further delivering 210+ pips move!

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