OIL: Monday closed as First Red Day
Updated
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“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Yesterday, Monday, the market broke through the previous HOW and failed, closing the day as a first red day. Since the last Wednesday the market pumped up and now look like starting the backside move of a big template of pump and dump
DAILY TEMPLATE (15min chart):
Asia and London session mostly dumped all the day, breaking the current low of the week
THESIS:
In the short scenario this market can go fo a range expansion, targeting the previous LOW, it would be my main trading opportunity.
In the long scenario, considering money on top at the HOW, I would be targeting the yesterday CP(HOD) or current HOW if strong momentum is presented.
SETUP:
Short: pump at least into previous LOD(LOW)
Long: Low in place, consolidation for 30/45 min and second/third hour NY session reversal
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):
Yesterday, Monday, the market broke through the previous HOW and failed, closing the day as a first red day. Since the last Wednesday the market pumped up and now look like starting the backside move of a big template of pump and dump
DAILY TEMPLATE (15min chart):
Asia and London session mostly dumped all the day, breaking the current low of the week
THESIS:
In the short scenario this market can go fo a range expansion, targeting the previous LOW, it would be my main trading opportunity.
In the long scenario, considering money on top at the HOW, I would be targeting the yesterday CP(HOD) or current HOW if strong momentum is presented.
SETUP:
Short: pump at least into previous LOD(LOW)
Long: Low in place, consolidation for 30/45 min and second/third hour NY session reversal
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
Note
8:30am NYT major red news, every trade setup, if presented, will be taken after that timeNote
Thursday low, previous weekly closing price reached, possible level of reaction, at the moment not interested anymore in shorting oilNote
Pullback into Monday's low, however, possibility to see this market dropping during the upcoming days,NY three hours window closing in 55 minutes, no trade setup for me on hereOrder cancelled
Today FOMC on calendar at 2pm NYT, I won't do trading in NY session, there will be too much high volatility during this news, entering before that will probably be just a poor quality setup
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