EURUSD: Dropping in the backside move, First Red DayHi 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”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Monday to Wednesday the market has been pumping on the frontside, triggering breakout long traders for three days in a row.
Thursday, the market pushed higher and failed the weekly breakout, closing as well as a first red day.
DAILY TEMPLATE (15min chart):
The market today triggered other time frames short in the market, currently out of balance.
THESIS :
This is a typical scenario of weekly template pump and dump, however no major red news on the calendar, so I won't expected such a big short move today.
Long traders are in huge profit, majority of the stops are below the LOW.
SETUP :
Short: Pump into previous LOD/CP and dump with size
Long: not interested
SIMILAR TEMPLATE FOR THE DAY:
GBPUSD
GOLD
However, both of them are still inside the previous high low range, at the moment the best template is EURUSD
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
