OIL: First red day, as well pullback on previous weekly high

٣ يوليو

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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 ✅ day 2 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, but still a potential possibility for oil to keep going higher, why? Because the market broke out the previous high of week, and now is pulling back on it, consolidating for a potential trend continuation. The 3 sessions setup could be getting ready for it, but I will prioritise the short view.
  
• Short: primary, first red day, Monday pumping day, typical for a 3 days pump and dump. However the 3 session setup is not ready for this move, news on calendar, is a move that can be completed with nfp on Friday.
  

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