Hi Traders! Weekly Trades Summary July 3rd 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:
Google – My idea here was “On the H4 chart, the price which was moving higher has created a bullish trend pattern that had completed itself. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. We also had a key resistance zone that had formed based on the 261.8% (1504.51) fibonacci expansion level of the first wave, the 61.8% (1532.15) fibonacci expansion level of the second wave, and the psychological level 1500. The price respected this key resistance zone and is holding below it. In addition to this, we had two false breaks with bearish divergence which has formed between the first high that has formed on 11th May 2020 and the second high that has formed on 23rd June 2020 based on the MACD indicator. Then the price moved lower and broke below the most recent low thus creating a bearish convergence for us, which we may consider as evidence of bearish pressure. Also based on the Parabolic Sar the dots are above the price which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave 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. Based on all these my short term view is bearish here. Generally, after a bearish convergence, we may expect correction and then further continuation lower. Currently, it looks like a correction is happening, once this correction completes itself, we may then expect further continuation lower in the short term”.
USDCAD – My idea here was “On the H1 chart, the price which is moving lower has created a bearish trend pattern in the form of three lower lows, lower highs which we may consider as evidence of bearish pressure. So based on all these my view is bearish here and I expect the price to continue lower further after pullbacks”.
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 which we may consider as evidence of bullish pressure. Currently, it looks like a correction is happening, once this correction completes itself we may then expect further continuation higher”.
EURJPY – My idea here was as follows:
H1 –pattern followed by double wave correction.
Expecting further continuation higher until the uptrend line holds.
Current Scenario – Based on the above-mentioned analysis I informed that until the uptrend line holds my view is bullish here and I expect further continuation higher. The price moved higher as I expected delivering around 90 pips move before the bearish divergence came into play.
EURGBP – My idea here was as follows:
D1 – The price tested and false broke the 0.91 psychological zone.divergence.
We also have the 61.8% (0.90920)level of the first wave coinciding in the same zone, which makes this area a key for us. The price is currently holding below this key .
Expecting further continuation lower after pullbacks.
Gold – My idea here was as follows:
H4 – We have a keythat has formed by the 100% (1778.34) level of the first wave and the 61.8% (1794.43) level of the second wave.
The price which was moving higher reached this key, respected it, and is currently holding below it. divergence.
H1 – We had the first leg to the downside and currently, it looks like a correction is happening in the form of an.
Expecting further continuation lower after a valid breakout below the most recent uptrend line.
Note: We have Non-Form Payroll news release today, please pay attention to that.
Current Scenario – The price broke below the uptrend line and delivered a good momentum but after the NFP news released, the price moved back to the same zone before the breakout and doesn’t get momentum. Currently, it is not clear for me, I am neutral on Gold as for now.
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To your success,
Certified Financial Technician