OIL: Monday closed as First Red Day Hi 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):
Yesterday, Monday, the market broke through the previous HOW and failed, closing the day as a first red day. Since the last Wednesday the market pumped up and now look like starting the backside move of a big template of pump and dump
DAILY TEMPLATE (15min chart):
Asia and London session mostly dumped all the day, breaking the current low of the week
THESIS :
In the short scenario this market can go fo a range expansion, targeting the previous LOW, it would be my main trading opportunity.
In the long scenario, considering money on top at the HOW, I would be targeting the yesterday CP(HOD) or current HOW if strong momentum is presented.
SETUP :
Short: pump at least into previous LOD(LOW)
Long: Low in place, consolidation for 30/45 min and second/third hour NY session reversal
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
