Hi Traders! Weekly Trades Summary November 20th 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 H4 chart after the big move to the downside currently it looks like a correction is happening in the form of a range. The price which is moving inside this range has currently bounced from the top of it and is moving lower towards the bottom. 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 evidence of bearish pressure. If we get a valid breakout below the bottom of this range, we may then consider it as a validation for the bearish view and may expect the price to continue lower further in the short term”.
Current Scenario – On the H4 chart, the validation for the bearish view which is a valid breakout below the bottom of the range happened as I expected it to. The price then moved lower further and has provided us a nice move so far.
You can find a detailed explanation regarding this here: Silver Forecast Update And Follow Up
NZDJPY – My idea here was as follows “Looking at the H4 chart we could see that the price has created two waves to the upside and currently it looks like a correction is happening in the form of range. While measuring the two waves using the fibonacci expansion tool, we have a magnet zone that has formed based on the 261.8%(73.614) fibonacci expansion level of the first wave and the 61.8%(73.538) fibonacci expansion level of the second wave. Price still has room higher towards this magnet zone and currently, there are no signs opposing this bullish view. So based on all this my view here is bullish and if we get a valid breakout above the high at 72.300, we may then consider it as a validation for the bullish view and may expect the price to continue higher further”.
Current Scenario – My plan still remains the same here that is if we get a valid breakout above the high at 72.300, we may then consider it as a validation for the bullish view and may expect the price to continue higher further.
AUDCHF -My idea here was “On the H4 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 potential continuation higher. Currently it looks like a correction is happening. 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. Also based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as evidence of bullish pressure. So until this strong support zone holds my view remains bullish here and I expect the price to continue higher further”.
Trading Ideas (Trading View Posts)
EURUSD – My idea here was as follows:
AUDJPY – My idea here was as follows:
GBPUSD – My idea here was as follows:
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To your success,
Certified Financial Technician