USDCAD: First green day, breakout traders long in the market
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“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
2. SIGNAL DAY
3. WEEKLY TEMPLATE
4. THESIS:
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
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
- Monday DAY 1 Opening Range ✅ day 2 cycle
- Tuesday DAY 2 Initial Balance
- Wednesday DAY 3 (reset DAY 1) Mid Point Week
- Thursday DAY 2
- Friday DAY 3 Closing Range
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: primary, this market can perform a two weeks dump and pump if setup correctly. First green day is a buy signal, reinforced by breakout traders long entered in the market. Today no catalyst news to sharply move this market, however if in the day itself I will see any form of dump and pump for a buy low, I will be more than willing to take it. Remember, tomorrow MRN on calendar!
- Short: secondary, although Friday closed with a little pump before to see the consolidation, there are chances for the market to go retesting the LOW. However, today, I don't see the market setting up yet.
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
Nota
Yesterday the market did not move at all, closing the day as an INSIDE DAY. Today there is the FED at 10am NYT, and possibly a big move (trend continuation) can be expected.
How I will potentially take advantage from this market?
I want to see one of the two boundaries of the inside day to get triggered first. Why? because no other time frames are driving this move, no big players are inside yet. Higher high on the HOD can be an interesting clue for the next move
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