Weekly Trades Summary February 5th 2021

Hi Traders! Weekly Trades Summary February 5th, 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)

CADCHF – My idea here was “On the H4 chart, we have a bullish divergence that has formed between the first low that has formed at 0.69454 and the second low that has formed at 0.69046 based on the MACD indicator. Then the price moved higher and broke above the high at 0.69910 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario, after a bullish convergence, we may look for corrections to happen and then further continuation to the upside. Currently, it looks like the correction that we were looking for is happening. Also, the price which is moving higher has broken above the most recent downtrend line. In addition to this, the ADX indicator gave a bullish signal 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 these as other evidences of bullish pressure. Until the two strong support zones shown in the image below holds my view remains bullish here”.Current Scenario – On the H4 chart, the price action followed my analysis exactly as I expected it to. We had a small pullback (you can see this clearly on the H1 chart below) with the price reaching the first key support zone, respected it, and bounced higher from this zone. The price has delivered 70+ pips move so far.

CADCHF H1(1 Hour) Chart

 

 

GBPAUD – My idea here was “On the H4 chart, 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 based on the Stochastic Oscillator we could see that the price has reached its extreme. We may consider this as yet another evidence of bullish pressure. Until the key support zone formed by the 50%(1.77161) – 61.8%(1.76456) Fibonacci retracement zones of the bullish trend pattern holds my view remains bullish here and I expect the price to move 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 after pullbacks. The pullback that I was looking for happened and then the price moved higher as I expected, delivering 230+ pips move so far.

 

 

CHFJPY – 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. Currently, it looks like the correction that we were looking for is happening. In addition to this, 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. 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”.

Current Scenario – My plan remains unchanged here, that is until the strong resistance zone holds my view remains bearish and I expect the price to move lower further.

 

 

Trading Ideas (Trading View Posts)

Bitcoin – My idea here was as follows:

Current Scenario – On the H1 chart, the price action followed my analysis and moved as per the plan. The price which was moving lower reached the strong support zone, respected it, and bounced higher from this zone. The price then moved higher further and reached the key resistance zone exactly as I expected it to.

You can find a detailed explanation regarding this here: Bitcoin Forecast Update And Follow Up

 

 

EURCAD – My idea here was as follows:

Current Scenario – On the H4 chart the price action follows the bearish expectations and my view still remains bearish here.

 

 

AUDNZD – My idea here was as follows:

Current Scenario – On the H4 chart after the bearish trend pattern currently it looks like a correction is happening. Until the strong resistance zone shown in the screenshot below holds my view remains bearish here.

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

Advertisement

Click To Join Our Community Telegram Group