Weekly Trades Summary July 24th 2020

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Weekly Trades Summary July 24th 2020

Hi Traders! Weekly Trades Summary July 24th 2020 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.

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Note: As you know, we always summarized the performance of the systems. But now, for the next few weeks, we are busy with migrating our technology to new servers and update the technical tools we use, so until we solve it, we can’t upload images of the systems.

Meanwhile, to keep the pace and the value for our followers, I decided to do weekly summaries of the blog posts, the trading view posts, and to show how well they worked, or not, what validates our setups and what invalidates them, and to help my followers to understand better my trading techniques and how I implement them

I hope you find it useful and helpful and would appreciate your feedback below, in the comments section.

First, we will see the trade ideas that I shared in my blog:

Blog Ideas

USDCAD – My idea here was “Looking at the H4 chart we could that the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. The correction happened in the form of a double wave to the upside, we had a false break with the bearish divergence that has formed between the first high that has formed at 1.36307 and the second high that has formed at 1.36453 based on the histogram of the MACD indicator. The price then moved lower and broke below the last low at 1.35356 thus creating a bearish convergence for us. Generally, after a bearish convergence, we may expect pullbacks and then further continuation lower, the pullback that we were looking for happened and then the price is currently moving lower. In addition to this, the price has also broken below the most recent uptrend line and currently, it has also broken below an important support zone, we may consider these as evidences of bearish pressure. Based on the Parabolic Sar we could see that the dots are above the price which we may consider as another evidence of bearish pressure. 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 yet another evidence of bearish pressure. So based on all this, my view is bearish here and I expect the price to continue lower further in the short term”.

Weekly Trades Summary July 24th 2020Current Scenario – In this pair my view was bearish and I was expecting the price to move lower further after the breakout of the important support zone. The price action followed my analysis and moved lower further delivering 130+ pips move so far.

Weekly Trades Summary July 24th 2020

 

 

EURAUD – My idea here was “Looking at the H1 chart we could that the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently, it looks like a correction is happening, once this correction completes itself, we may then expect the price to continue lower further. The invalidation level for this bearish view would be the 61.8% (1.62892) fibonacci retracement level of this bearish trend pattern. If the price moves higher, breaks, and holds above this level in one straight leg then this bearish view will be invalidated”.

Weekly Trades Summary July 24th 2020Current Scenario – In this pair my view was bearish and I was expecting the price to continue lower after correction. I also mentioned that “The invalidation level for this bearish view would be the 61.8% (1.62892) fibonacci retracement level of this bearish trend pattern. If the price moves higher, breaks, and holds above this level in one straight leg then this bearish view will be invalidated”. This is exactly what happened in this pair, the price moved higher and broke above the 61.8% (1.62892) fibonacci retracement level in one straight leg thus invalidating this bearish view. When it comes to trading, similar to that of the entry and exit plan, the invalidation level also plays a key role. You need to have a perfect plan of when to enter a trade, when to get out of it and most importantly when not to enter a trade. When things don’t go our way as we planned then its better to skip that particular trade setup so that we can avoid losses and look for the next best opportunity. This trade setup is a good example of that.

Weekly Trades Summary July 24th 2020

 

 

GBPAUD – My idea here was “On the H1 chart, the price which is moving lower had created a bearish trend pattern that has completed itself. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently, it looks like the correction that we are looking for is happening. We also have a bearish hidden divergence that has formed between the first high that has formed on 20th July 2020 and the second high that has formed on 22nd July 2020 based on the histogram of the MACD indicator which we may consider as evidence of bearish pressure followed by a potential bearish divergence that is developing at the moment. In addition to this, the ADX indicator gave 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, we may consider this as another evidence of bearish pressure. So based on all this, my view remains bearish here and once this correction completes itself we may then expect the price to continue lower further”.

Weekly Trades Summary July 24th 2020Current Scenario – In this pair, my bearish idea failed. On the H1 chart, the pullback that we were looking for is happening in the form of three higher highs, higher lows pattern. This is a contradictory sign so due to this my current view on this pair is neutral.

Weekly Trades Summary July 24th 2020

 

 

 

Trading View

Bitcoin – My idea here was as follows:

D1 – After the bullish trend pattern we had a correction in the form of consolidation.

Currently, the price has broken above this consolidation and is holding above it.

H4 – We had a correction in the form of double wave down, bullish divergence, most recent downtrend line breakout.

H1 – Bullish trend pattern, expecting the price to continue further higher.

In addition to this, the MACD has ticked to the positive side in all the three timeframes (D1, H4 and H1) which we may consider as an evidence of bullish pressure.

Weekly Trades Summary July 24th 2020

Current scenario – Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further. On the H1 chart after the bullish trend pattern, we had a pullback in the form of double wave down, the price reached a strong support zone and respected it. We also had a bullish hidden divergence that has formed between the first low that has formed at 9116.74 and the second low that has formed at 9272.02 based on the histogram of the MACD indicator we may consider these as facts supporting the bullish view. Most importantly we didn’t have any contradictory signs and the price moved higher as I expected it to delivering an amazing move to the upside. We then had a bearish divergence which is a contradictory sign so if you are still involved in the buys then this is a very important place to consider and manage your trade (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).

Note: If you want to learn about Money Management you can find it here

Weekly Trades Summary July 24th 2020

Weekly Trades Summary July 24th 2020

 

 

Ethereum – My idea here was as follows:

D1 – Bullish trend pattern followed by a correction in the form of consolidation. Currently, the price has broken above this consolidation.

H4 – Bullish trend pattern followed by a double wave correction. The price has broken above the most recent downtrend line.

H1 – Bullish trend pattern, expecting further continuation higher after pullbacks.

Invalidation – If the price moves lower, breaks, and holds below the 61.8% (236.41) fibonacci retracement level of this bullish trend pattern in one straight leg then this bullish view will be invalidated.

Weekly Trades Summary July 24th 2020

Current Scenario – So based on the above-mentioned analysis, my view was bullish here and I was expecting the price to continue higher after pullbacks. The pullback that I was looking for happened and the price was holding above the breakout zone of the daily consolidation. We also had a bullish hidden divergence that has formed between the first low that has formed at 233.42 and the second low that has formed at 241.13 based on the histogram of the MACD indicator, we may consider these as facts supporting the bullish view. Also, the invalidation level was holding and there were no signs against the bullish view. The price then moved higher further delivering an excellent move to the upside.

Note: If you are still involved in the buys then this is a very important place to consider and manage your trade (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).

Weekly Trades Summary July 24th 2020

Weekly Trades Summary July 24th 2020

 

 

AUDCAD – My idea here was as follows:

D1 – Bullish trend pattern.

The price has reached a key resistance zone formed by the 161.8% (0.96314) fibonacci expansion level of the first wave and the 61.8% (0.98591) fibonacci expansion level of the second wave. Shooting star candle pattern, potential bearish divergence.

Expecting corrections to happen now.

H4 – Engulfing candle pattern. The price has created a false break of the wedge pattern.

Expecting the price to continue lower further in the short term.

Weekly Trades Summary July 24th 2020

Current Scenario – On the H4 chart the price is moving lower exactly as I expected it to. My short term bearish view still remains the same here.

Weekly Trades Summary July 24th 2020

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

For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report. 

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Market Analysis every single day.

Weekly Trades Summary July 24th 2020

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

 

 

 

 

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