USDCAD: First red day in the backside move

31 במאי

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“Trade setups, not movements”

1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)

• Monday DAY 1 Opening Range
  
• Tuesday DAY 2 Initial Balance
  
• Wednesday DAY 3 (reset DAY 1) Mid Point Week
  
• Thursday DAY 2
  
• Friday DAY 3 Closing Range ✅ Day 2 cycle
  

2. SIGNAL DAY

• First Red Day ✅
  
• First Green Day
  
• 3 Days Long Breakout
  
• 3 Days Short Breakout
  
• Inside Day
  

3. WEEKLY TEMPLATE

• Pump&Dump ✅
  
• Dump&Pump
  
• Frontside
  
• Backside
  

4. THESIS:

• Long: secondary, I saw many times monday placing the high low of the week (opening range), and market coming back into that level for a breakout, pullback, continuation into the original trend, however, considering the market overall in the backside move, counter trending (as a scalp), will be my second option if a buy low opportunity is presented.
  
• Short: primary, first red day, yesterday the HOW failed and started dropping down with interesting bearish momentum. Waiting the news release before looking for a sell high opportunity, going to stop traders long from Tuesday.
  

Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni

31 במאי

הערה

Beginning of the session I will update the Daily overview, however, not trade will be taken before 8:30am NY time, thank you traders!

31 במאי

הערה

Daily Overview


Lower low in place, other time frames triggered in the market, waiting for a potential consolidation and dump setup

31 במאי

הערה

I did not follow USDCAD because the RR was just 16pip back to the LOW, poor quality setup