OIL: First red day, three days cycle

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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 3 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, the market could go to retest the HOW for further move during the upcoming week, not really interested in this scenario, unless a clear dump and pump made in 3 sessions.
  
• Short: primary, first red day, failed breakout of the HOW, potential backside move back into the LOW. However, the market is In Balance, no other time frames triggered yet. Before shorting this market I will be waiting for one of the two yesterday extremes to be triggered, looking then for a sell high opportunity.
  

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

Komentarz:

Other time frames are in the market, still pushing higher, the short is available as a setup only if the market place an high and locked it! Keep watching

Komentarz:

first two hours of NY session it consolidated, keep watching after 10am for possible reversal