Hi Traders! Weekly Trades Summary November 13th 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.
First, we will see the trade ideas that I shared in my blog:
Trading Ideas (Blog Posts)
Silver – My idea here was “On the H1 chart we had a bearish divergence that has formed between the first high that has formed at 25.458 and the second high that has formed at 25.994 based on the MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower after that and currently it looks like a pullback is happening. We also have a bearish hidden divergence that has formed between the first high that has formed at 25.994 and the second high that has formed at 24.404 based on the MACD indicator which we may consider as another evidence of bearish pressure. Also based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. So based on all this my view remains bearish here and I expect the price to continue lower further”.
EURJPY – My idea here was “On the H1 chart the price which was 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 potential continuation higher. Currently it looks like a correction is happening, once this correction completes itself we may then expect the price to continue higher further. Also based on the Stochastic Oscillator we could see that the price has reached its extreme. In addition to this we had a strong resistance zone and the price which was moving higher has broken above this strong resistance zone and is holding above it. Currently this strong resistance zone acts as a strong support zone for us. So until this strong support zone holds my view remains bullish here and I expect the price to continue higher further”.
Oil – My idea here was as follows “Looking at the H4 chart we could see that currently there are no evidences that show this bullish trend is over. 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 this as evidence of bullish pressure. Also while looking at the Stochastic Oscillator we could see that the price has reached its extreme, we may consider this as yet another evidence of bullish pressure. Currently it looks like a pullback is happening, once this pullback completes itself I expect the price to continue higher further”.
Current Scenario – My bullish view didn’t change here, I still expect the price to continue higher further after pullbacks.
Trading Ideas (Trading View Posts)
NZDUSD -My idea here was as follows:
Current Scenario – On the H4 chart the price action followed my analysis exactly as I expected it to. The price was holding above the strong support zone and it moved higher further delivering around 120 pips move so far.
You can find a detailed explanation regarding this here: NZDUSD Forecast Update And Follow Up
You can see this move clearly on the H1 chart below:
EURGBP – My idea here was as follows:
NZDCAD – My idea here was as follows:
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To your success,
Certified Financial Technician