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Trade setup, don't chase movement, neither don't guess what the market is going to do next.
I know it looks like I'm trying to predict a move, but actually I'm just showing what setup I'm looking for in order to partecipate in the market, eventually it's going to move in my direction.
GBPUSD is currently on my watchlist, day 3 long in the market can be a strong signal of reversal (when setup properly) and I can see a potential weekly pump and dump setting up for today (waiting for news to be released), or it can be a move that can be completed on tomorrow, eventually the market will close as first red day at the end of the day.
Let's go a little bit deeper:
Monday, opening range of the week was a strong pumping day, clean, clear, which triggered long breakout traders in the market and closed in breakout above the previous weekly level, other time frame traders are involved and the market may be in play!
Tuesday, initial balance, the market slightly expanded the range higher and the end of the day it closed in breakout triggering breakout long for the second time, decreasing, however, the momentum of this move.
Wednesday, the market stayed inside the previous daily range, barely touching the weekly high and the end of the day, which I consider a day 3 long traders triggered up high.
Now, to me, this scenario look pretty much a 2 days of consolidation up high into the weekly high after Monday pumping day, and I would be interested in shorting a potential dump, targeting the weekly low.
Thesis:
- Short, is my main thesis, going to complete the weekly pump and dump, it can setup today or tomorrow, and what I will be looking for is an intraday pump and dump blowing off during NY session.
- Long, not really interested today, but however, I cannot know if the market will proceed to go higher, because overall, we can see a strong bullish trend from January 2025 and I wouldn't expect the market dropping down till that level where such a huge move started.
Follow me to get update about this market!
Gianni
Trade setup, don't chase movement, neither don't guess what the market is going to do next.
I know it looks like I'm trying to predict a move, but actually I'm just showing what setup I'm looking for in order to partecipate in the market, eventually it's going to move in my direction.
GBPUSD is currently on my watchlist, day 3 long in the market can be a strong signal of reversal (when setup properly) and I can see a potential weekly pump and dump setting up for today (waiting for news to be released), or it can be a move that can be completed on tomorrow, eventually the market will close as first red day at the end of the day.
Let's go a little bit deeper:
Monday, opening range of the week was a strong pumping day, clean, clear, which triggered long breakout traders in the market and closed in breakout above the previous weekly level, other time frame traders are involved and the market may be in play!
Tuesday, initial balance, the market slightly expanded the range higher and the end of the day it closed in breakout triggering breakout long for the second time, decreasing, however, the momentum of this move.
Wednesday, the market stayed inside the previous daily range, barely touching the weekly high and the end of the day, which I consider a day 3 long traders triggered up high.
Now, to me, this scenario look pretty much a 2 days of consolidation up high into the weekly high after Monday pumping day, and I would be interested in shorting a potential dump, targeting the weekly low.
Thesis:
- Short, is my main thesis, going to complete the weekly pump and dump, it can setup today or tomorrow, and what I will be looking for is an intraday pump and dump blowing off during NY session.
- Long, not really interested today, but however, I cannot know if the market will proceed to go higher, because overall, we can see a strong bullish trend from January 2025 and I wouldn't expect the market dropping down till that level where such a huge move started.
Follow me to get update about this market!
Gianni
Note
Pump and dump template, it didn't setup on yesterday and today gave a the possibility to participate just before the beginning of London session.
However, I personally trade NY session, so missed this good move!
Still a little bit of room to reach the weekly low
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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.
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.