USDCAD: First red day in the backside moveHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“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