Weekly Trades Summary January 15th 2021

Hi Traders! Weekly Trades Summary January 15th, 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)

EURJPY – 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 another 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”.

Current Scenario – On the H1 chart after the bearish trend pattern, I was expecting the price to move lower further until the strong resistance zone holds. The price action followed my analysis and moved lower exactly as I expected and has delivered 100+ pips move so far.

 

Dollar Index – My idea here was “On the H4 chart, the price has created a bullish divergence between the first low that has formed at 89.460 and the second low that has formed at 89.150 based on the MACD indicator. Then the price moved higher and broke above the high at 89.940 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 has happened, the price moved lower and reached a strong support zone, respected it, and is bouncing higher from this zone. In addition to this, we had a bullish hidden divergence that has formed between the first low that has formed at 89.150 and the second low that has formed at 89.875 based on the MACD indicator which we may consider as another evidence of bullish pressure. So everything looks good here for the bulls and until the strong support zone shown in the screenshot below (marked in blue) holds my view remains bullish here”.

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

 

 

GBPAUD – My idea here was “On the H1 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. We also have a bullish divergence between the first low that has formed at 1.75935 and the second low that has formed at 1.75584 based on the MACD indicator. Also based on the Stochastic Oscillator we could see that the price has reached its extreme. We may consider these as evidences of bullish pressure and currently, there are no signs opposing this bullish view. In addition to this, we had a strong resistance zone that had formed and the price which is 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. Until this strong support zone 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 continue higher further. The price moved higher exactly as per my plan and delivered 100+ pips move so far.

 

 

Trading Ideas (Trading View Posts)

EURCAD – My Idea here was as follows:

Current Scenario – The price action didn’t follow my analysis here and this idea failed as the price broke below the key support zone.

 

 

NZDUSD – My idea here was as follows:

Current Scenario – In this pair my view was bearish and I was expecting the price to move lower until the strong resistance zone holds. The price moved higher reached the strong resistance zone, respected it, and bounced lower from this zone, providing 110+ pips move so far.

You can see this move clearly in the image below.

 

 

EURGBP – My idea here was as follows:

Current Scenario – My bullish view didn’t change here. Until the bottom of the range shown in the screenshot below holds, I expect the price to continue higher further.

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

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