Hi Traders! Weekly Trades Summary February 26th, 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)
GBPNZD – My idea here was “On the H1 chart, we have a good uptrend line that has formed and the price which is moving lower has currently broken below this dynamic support and is holding below it, we may consider this as evidence of bearish pressure. Also after this uptrend line breakout, we had a pullback with the price reaching a strong resistance zone, the price respected this zone and is currently moving lower. Also, 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 another evidence of bearish pressure. In addition to this based on the Parabolic Sar, the dots are above the price here as well which we may consider as yet another evidence of bearish pressure. Until this strong resistance zone holds my view remains bearish here and I expect the price to continue lower further”.
Current Scenario – On the H1 chart, my view was bearish and I was expecting the price to move lower further until the strong resistance zone holds. After the breakout of the most recent uptrend line, we had a pullback with the price creating a false break of the strong resistance zone. The price then moved lower further as I expected and delivered 380+ pips move so far. Currently, we have a bullish divergence in play so if you are still involved in the sells this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
Gold – My idea here was “On the H1 chart, we had a strong bullish move and it looks like a pullback is happening now in the form of double wave down. Also, we had a strong resistance zone that has formed, the price which was moving higher has broken above this strong resistance zone and is holding above it. Currently, this strong resistance zone is acting as a strong support zone for us. The price has currently reached this strong support zone, so until this strong support zone holds my view remains bullish here and I expect the price to move higher further”.
AUDCAD – My idea here was “On the daily chart, we have a key resistance zone that has formed by the 161.8% (1.00608) Fibonacci expansion level of the first wave and the 61.8%(0.99945) Fibonacci expansion level of the second wave. The price which is moving higher has currently reached this key resistance zone. In addition to this, we have a bearish divergence that has formed between the first high that has formed on 7th January 2021 and the second high that has formed on 22nd February 2021 based on the MACD indicator which we may consider as evidence of bearish pressure. Also based on the Stochastic Oscillator, we could see that the price has reached its extreme here as well, we may consider this as yet another evidence of bearish pressure. Until the key resistance zone holds my view remains bearish here and I expect the price to move lower further”.
You can see this move clearly on the H4 chart below.
Trading Ideas (Trading View Posts)
EURCAD – My idea here was as follows:
Current Scenario – After the bullish trend pattern, we had a correction in the form of a range and I was expecting the price to move higher further after a valid breakout above the top of this range. But this idea failed as the price moved lower and broke below the bottom of the range and the strong support zone.
USDJPY – My idea here was as follows:
Current Scenario – The price didn’t follow the bearish expectation here as it moved higher, and broke above the strong resistance zone, and is holding above it. My current view on this pair is neutral.
Ethereum – My idea here was as follows:
Current Scenario – Based on the above-mentioned analysis my short-term view was bearish here. The price action followed my analysis and moved as per scenario 1. The price moved lower from the current zone and has delivered a nice move to the downside so far.
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To your success,
Certified Financial Technician