Hello traders and welcome back to my channel, as always, my analysis are not a way to predict the market, but long and short are just a signal regarding the setup I'm looking for the day.
Guessing the direction is not part of my job, entering setups in line with my thesis, that's my job!
A little consideration before analysing this current week, the previous week, placed the monthly low, and retested it completing a pump and dump template. We are currently into the April monthly low and I'm looking for a long opportunity considering the potential volume trapped down low.
But what happened this week and why I'm bullish?
Monday, is the opening range of the week, weekly boundaries are now in place and short breakout traders are involved in the market.
Tuesday, initial balance, expanded the range lower, triggering again shorts in the market.
Wednesday, midpoint of the week, breakout lower again, stopping the traders long from the April monthly low and closing the day in breakout, going in consolidation into the end of the day. To me, this aspect is pretty important, triggering traders down low, with not really a strong momentum, typically gives me the signal of a potential reversal.
Thursday, pretty much Asia and London session consolidated down low around the closing price, breaking the daily high for the first time during the week (which is to me a break in structure). The day closed as first green day, which is a potential long signal, especially when appears down low.
Today, Friday, last day of the week and first day of the new month, I can see a potential dump and pump setting up for the day, but NFP is on schedule and it can mess up completely the overall setup.
How I'm gonna take this trade?
Well, first of all no action will be taken before news release at 8:30am NYT, after that, if the dump and pump is still intact during NY session, I will be willing to position myself in the market, accordingly with my entry criteria (typically bullish price action coiling for a long move).
Can the market go lower?
Absolutely yes! As I said, I do not predict any direction, but overall today I won't be interested in shorting USDCAD, because typically shoring into the weekly low, is not a very profitable trade opportunity, and I typically don't like to stuck in a trade for ages! :)
I will update anyway the intraday overview during the NY session, starting in a couple of hours!
Gianni
Guessing the direction is not part of my job, entering setups in line with my thesis, that's my job!
A little consideration before analysing this current week, the previous week, placed the monthly low, and retested it completing a pump and dump template. We are currently into the April monthly low and I'm looking for a long opportunity considering the potential volume trapped down low.
But what happened this week and why I'm bullish?
Monday, is the opening range of the week, weekly boundaries are now in place and short breakout traders are involved in the market.
Tuesday, initial balance, expanded the range lower, triggering again shorts in the market.
Wednesday, midpoint of the week, breakout lower again, stopping the traders long from the April monthly low and closing the day in breakout, going in consolidation into the end of the day. To me, this aspect is pretty important, triggering traders down low, with not really a strong momentum, typically gives me the signal of a potential reversal.
Thursday, pretty much Asia and London session consolidated down low around the closing price, breaking the daily high for the first time during the week (which is to me a break in structure). The day closed as first green day, which is a potential long signal, especially when appears down low.
Today, Friday, last day of the week and first day of the new month, I can see a potential dump and pump setting up for the day, but NFP is on schedule and it can mess up completely the overall setup.
How I'm gonna take this trade?
Well, first of all no action will be taken before news release at 8:30am NYT, after that, if the dump and pump is still intact during NY session, I will be willing to position myself in the market, accordingly with my entry criteria (typically bullish price action coiling for a long move).
Can the market go lower?
Absolutely yes! As I said, I do not predict any direction, but overall today I won't be interested in shorting USDCAD, because typically shoring into the weekly low, is not a very profitable trade opportunity, and I typically don't like to stuck in a trade for ages! :)
I will update anyway the intraday overview during the NY session, starting in a couple of hours!
Gianni
Note
Intraday perspective Waiting for NFP to be release and entry criteria to be met
Note
No setup
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.