Hi Traders! Weekly Trades Summary February 12th, 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 in this week and how it has currently developed now.
First, we will see the trade ideas that I shared in my blog:
Trading Ideas (Blog Posts)
GBPCHF – My idea here was “On the H4 chart, the price which is moving higher has created a series of higher highs, higher lows which basically reflects a bullish trend. Also in addition to this, we have a potential bullish hidden divergence that is forming between the first low that has formed on 28th January 2021 and the second current low that has formed on 9th February 2020 based on the MACD indicator. We also had a strong resistance zone that had formed which the price has broken above and currently, this strong resistance zone is acting as a strong support zone for us. So until this strong support zone holds my view remains bullish here and I expect the price to continue 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 strong support zone holds. We had a pullback but the price was holding above the strong support zone and then the price which iscurrently moving higher has delivered 70+ pips move so far.
EURCHF – My idea here was “On 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 we may consider this as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Also, we have a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it. Currently, this strong support zone is acting as a strong resistance zone for us. Until this strong resistance zone holds my view remains bearish here and I expect the price to continue lower further”.
NZDCHF – My idea here was “On the H4 chart, the ADX indicator gave a bearish signal at the cross of -DI (red line) versus +DI (green line), and the main signal line (silver line) reads value over 25, we may consider this as evidence of bearish pressure. Also, the price has created a bearish divergence between the first high that has formed at 0.64976 and the second high that has formed at 0.65014 based on the MACD indicator. Then the price moved lower and broke below the low at 0.64661 creating lower lows, thus forming a classical setup of bearish divergence followed by bearish convergence. Hence as per the book scenario, after a bearish convergence, we may look for possible corrections and then further continuation to the downside. Currently, it looks like the correction that we are looking for is happening. Until the daily key resistance zone holds my view remains bearish here and I expect the price to move lower further”.
Trading Ideas (Trading View Posts)
Litecoin – My idea here was as follows:
Current Scenario – After the bullish trend pattern we had a small pullback (you can see this clearly on the H1 chart below) and then the price moved higher further providing a nice move to the upside.
Bitcoin – My idea here was as follows:
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