EURUSD: First red day

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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 ✅ no cycle
  
• Thursday DAY 2
  
• 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, price currently consolidating close to the previous LOD, after the start of dump of yesterday. A buy low setup would probably lead to a scalping back to the HOW, where short traders are temporarily in profit.
  
• Short: Primary, weekly template of pump and dump scenario, first red day signal, I will be looking to scale in a sell high setup potentially back down into 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

Comment:

DAILY OVERVIEW

Understand that no other time frames are in the market yet and the market is In balance. We are in a range of 25 pip about, not a nice RR yet for this pair. I personally would wait for the market to trigger a daily level first

Comment:

Read again my previous comment, a range of 25pip does not offer a good RR compared with other pair, still a pump and dump, but no entry for me. Why?

No other time frames
No at least 50 pip box high low of the day

No trade for me