OIL: First red day on the backside moveHi 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”
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 ✅ Day 2 cycle
Friday DAY 3 Closing Range
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, I could see Wednesday as a dump day pulling back above the opening range high, for a long trade back to the high of week, however, considering the market on the backside move, I will be willing to put more size into the short scenario.
Short: primary, first red day, market on backside, Monday to Wednesday pump, by tomorrow Oil can definitely have a good chance to reach the LOW
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