Weekly Trades Summary March 8th 2021

Hi Traders! Weekly Trades Summary March 8th, 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)

EURCHF – My idea here was “On the H4 chart, we have a bullish hidden divergence that has formed between the first low that has formed on 16th February 2021 and the second low that has formed on 28th February 2021 based on the MACD histogram indicator. In addition to this based on the Parabolic Sar, the dots are below the price here as well, we may consider these as evidences of bullish pressure. Also, the ADX indicator gave a bullish signal here as well 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 this as yet another evidences of bullish pressure. So based on all this, my view is bullish and I expect the price to move higher further from the current zone. Alternatively, if the price moves lower then the next area to look for bullish setups with bullish evidences would be the strong support zone (marked in blue) shown in the image below”.

Current Scenario – Based on the above-mentioned analysis my view was bullish here. The price action followed my analysis and moved as per scenario 1. The price moved higher from the current zone and delivered around 120 pips move until it was blocked by a bearish divergence.

You can see this move clearly on the H1 chart below.

GBPUSD – My idea here was “On the H4 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 a correction is happening. In addition to this 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. So everything looks good here for the bears and until this strong resistance zone (marked in blue) shown in the image below holds my view remains bearish here and I expect the price to continue lower further”.

Current Scenario – On the H4 chart, my view was bearish and I was expecting the price to move lower further until the strong resistance zone holds. After the bearish trend pattern, we had a pullback and the price was holding below the strong resistance zone. The price then moved lower further as I expected and delivered around 240 pips move so far. Currently, we have a bullish divergence in play so if you are still involved in the sells then 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).

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You can see this move clearly on the H1 chart below.

Litecoin – 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. Generally, after a bullish trend pattern we may expect corrections and then further continuation higher. We also had a strong resistance zone that had formed which the price has broken above and currently, this strong resistance zone is acting as a strong support zone for us. So based on all this, my view is bullish here and I expect the price to move higher further from the current zone. Alternatively, if the price moves lower then the next area to look for bullish setups with bullish evidences would be the strong support zone (marked in blue) shown in the image below”.

Current Scenario – On the H1 chart, the price action followed my analysis and moved higher as per scenario 2. The price which was moving lower reached the strong support zone and respected it. The price then bounced higher from this zone providing a fantastic move to the upside.

Trading Ideas (Trading View Posts)

Bitcoin – My idea here was as follows:

Current Scenario – On the H4 chart, the price action is following the bullish expectations. Until the strong support zone holds my bullish view remains the same here.

US Dollar Index – My idea here was as follows:

Current Scenario – After the breakout of the most recent downtrend line, we had a pullback with the price reaching the strong support zone. The price then moved higher and provided an excellent move to the upside.

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