USDJPY: Day 3 breakout traders triggered in the market
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“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Market currently rising up on the backside move, potentially going to complete the big template of dump and pump started the last Wednesday.
Day 3 breakout long traders triggered in the market, closing yesterday out of balance.
DAILY TEMPLATE (15min chart):
After Asian pushed higher, breaking out the current HOW, the market dumped down and currently in consolidation around closing price/previous HOD.
CPI on calendar for 8:30am NTY, things can drastically change with this high impact news release.
THESIS:
This market placing higher highs it may be preparing for a major move, stopping short traders from previous HOW.
SETUP:
Long (primary): market already broke higher and dumped into previous level of interest, if it keep consolidating till news release, I will be happy to long (first bar after the news or first bounce if identified)
Short: no LOD triggered, if market pumped up into HOW, it could give a scalp short, not really in my interest of the day.
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”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Market currently rising up on the backside move, potentially going to complete the big template of dump and pump started the last Wednesday.
Day 3 breakout long traders triggered in the market, closing yesterday out of balance.
DAILY TEMPLATE (15min chart):
After Asian pushed higher, breaking out the current HOW, the market dumped down and currently in consolidation around closing price/previous HOD.
CPI on calendar for 8:30am NTY, things can drastically change with this high impact news release.
THESIS:
This market placing higher highs it may be preparing for a major move, stopping short traders from previous HOW.
SETUP:
Long (primary): market already broke higher and dumped into previous level of interest, if it keep consolidating till news release, I will be happy to long (first bar after the news or first bounce if identified)
Short: no LOD triggered, if market pumped up into HOW, it could give a scalp short, not really in my interest of the day.
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
Order cancelled:
Level did not hold, no setup long for this pair
Level did not hold, no setup long for this pair
it will be the only way I would take this long on USDJPY! good luck traders