Weekly Trades Summary October 23rd 2020

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Weekly Trades Summary October 23rd 2020

Hi Traders! Weekly Trades Summary October 23rd 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

CHFJPY – My idea here was “Looking at the H4 chart we could see that 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. In addition to this based on the Parabolic Sar we could see that the dots are below the price which we may consider as another evidence 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 evidence of bullish pressure. And currently, there are no evidences that show this bullish trend is over yet. So based on all this, my view here is bullish and I expect the price to continue higher further”.

Weekly Trades Summary October 23rd 2020Current Scenario – The price action didn’t follow my analysis here and this idea failed as the price completed the bearish divergence on the daily chart. My current view on this pair is neutral.

Weekly Trades Summary October 23rd 2020CHFJPY D1(Daily) Chart

Weekly Trades Summary October 23rd 2020

 

 

AUDCHF – My idea here was “On the H4 chart, the price which was moving lower has created a bearish trend pattern in the form of three lower highs, lower lows (we also have the bearish trend pattern on the last leg as well as you can see in the screenshot below), we may consider this as evidence of bearish pressure. In addition to this, the ADX indicator gave a bearish signal here as well 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. We also had a strong support zone and the price which was moving lower has broken below this strong support zone and is holding below it. Currently this strong support zone acts as a strong resistance zone for us (marked in blue). Until this strong resistance zone holds my view remains bearish here and I expect the price to continue lower further”.

Weekly Trades Summary October 23rd 2020Current Scenario – On the H4 chart currently it looks like a pullback is happening. My plan didn’t change here that is until the strong resistance zone holds my view remains bearish here and I expect the price to continue lower further.

Weekly Trades Summary October 23rd 2020

 

 

Ethereum – My idea here was “On the H4 chart, the price which was moving lower has created a double wave down with a bullish divergence that has formed between the first low that has formed on 7th September 2020 and the second low that has formed on 23rd September 2020 based on the MACD indicator, which we may consider as evidence of bullish pressure. Then the price which was moving higher has broken above the downtrend line we may consider this as another evidence of bullish pressure. In addition to this, the price then created two higher highs, higher lows pattern and after the second high, the correction happened in the form of a triangle pattern. Currently, the price has broken above this triangle pattern and has created a new high thus creating a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as yet another evidence of bullish pressure. So based on all this, my view remains bullish here and I expect the price to continue higher further until the uptrend line (marked in green) holds”.

(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)

Weekly Trades Summary October 23rd 2020Current Scenario – In Ethereum the price action followed my analysis exactly as I expected it to. After the triangle pattern breakout the price moved higher further and provided a nice move to the upside.

Weekly Trades Summary October 23rd 2020You can see this move clearly on the H1 chart below:

Weekly Trades Summary October 23rd 2020

Trading View

GBPNZD – My idea here was as follows:

Weekly Trades Summary October 23rd 2020Current Scenario – The price developed a bearish divergence on the daily chart and this bullish idea failed. My current view on this pair is neutral.

Weekly Trades Summary October 23rd 2020GBPNZD D1(Daily) Chart

Weekly Trades Summary October 23rd 2020

 

 

GBPUSD – My idea here was as follows:

Weekly Trades Summary October 23rd 2020Current Scenario – On the H4 chart after the triangle breakout, the price moved higher as I expected it to and delivered 120+ pips move. Currently, it looks like a pullback is happening, lets see how the price develops next week.

Weekly Trades Summary October 23rd 2020You can see this move clearly on the H1 chart below:

Weekly Trades Summary October 23rd 2020

 

 

US Dollar Index – My idea here was as follows:

Weekly Trades Summary October 23rd 2020

Current Scenario – On the H4 chart we had a pullback and then currently the price is moving lower. My bearish view still remains the same here until the downtrend line holds.

Weekly Trades Summary October 23rd 2020

Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)

For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report. 

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Market Analysis every single day.

Weekly Trades Summary October 23rd 2020

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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