Hi Traders! Weekly Trades Summary October 16th 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:
Blog Ideas
Bitcoin – My idea here was “On the H4 chart, we had a strong resistance zone that had formed and the price which is moving higher has broken above this strong resistance zone and is holding above it. Currently, this strong resistance zone is acting as a strong support zone for us and in addition to this we also have a good uptrend line that has formed and this dynamic support coincides with the strong support zone, which makes this area a key support zone for us. Also, there are no contradictory signs that show the current bullish trend is over yet. So based on all this, my view here is bullish and I expect the price to continue higher further until this key support zone holds”.
Current Scenario – On the H4 chart currently it looks like a pullback is happening. My view still remains bullish here and I expect the price to continue higher further until the key support zone holds.
NZDCAD – My idea here was “On the H4 chart, the price which is moving lower has broken below the most recent uptrend line which we may consider as evidence of bearish pressure. In addition to this, we had a strong support zone and the price which is moving lower has broken below this strong support zone and is holding below it. Currently, this support zone acts as a strong resistance zone for us, we also have the 200 moving averages coinciding on the same level which makes this area a key resistance zone for us. Also based on the Stochastic Oscillator we could see that the price has reached its extreme, we may consider this as yet another evidence of bearish pressure. So based on all this, my view here is bearish and I expect the price to continue lower further until this key resistance zone holds”.
Current Scenario – The price action followed my analysis here, the price which was moving higher reached the key resistance zone, respected it, and bounced lower from this zone. We have around 80 pips move so far.
Oil – My idea here was “On the H4 chart, we have a strong resistance zone that has formed and the price which is moving higher has reached this strong resistance zone, respected it, and is currently moving lower. We also had a continuing bearish divergence between the first high that has formed on 6th October 2020 and the second high that has formed on 8th October 2020 based on the histogram of the MACD indicator which we may consider as evidence of bearish pressure. In addition to this currently, there are no evidences contradicting this bearish view.
On the H1 chart, we have a good uptrend line that has formed and the price which is moving lower has broken below this dynamic support and is holding below it, we may consider it as 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 another evidence of bearish pressure. So based on all this my view here is bearish and I expect the price to continue lower further in the short term.
Current Scenario – After the uptrend line breakout, we had deeper pullback, and then currently the price is moving lower. My view didn’t change here, that is until the H4 key resistance zone holds I expect the price to move lower further in the short term.
Oil H4(4 Hours) Chart
Trading View
EURCAD – My idea here was as follows:
Current Scenario – On the H1 chart the pullback that we were looking for happened and then the price provided a short move to the downside. But then the price which was moving lower reached the 61.8% fibonacci expansion level of the daily first wave and also we had a bullish divergence based on the MACD indicator. My current view on this pair is neutral, let’s see how the price develops next week.
EURJPY – My idea here was as follows:
Current Scenario – The price moved as per my plan here. After the uptrend line breakout, the price moved lower as I expected it to and delivered around 90+ pips move so far.
CADCHF – My idea here was as follows:
Current Scenario – The price created a false break of the uptrend line and is currently holding in the strong support zone. Until this strong support zone holds my bullish view still remains the same here and I expect the price to move higher further.
Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)
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To your success,
Vladimir Ribakov
Certified Financial Technician
