GOLD: Three days long breakout traders, Tue day 2!

13 Ağu

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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
  
• 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: primary, is Tuesday and typically day 2 expand the range, although the signal day 3 long is usually a reversal clue, is important to know when and how it happens. I have a better long view today, considering the market breakout breaking out the opening range (Monday high), pulling back on the previous high of the week. If the price will hold till 8:30am news release, I will be willing to take that long.
  Tuesday can go for a range expansion.
  
• Short: secondary, a retest of the HOW with further consolidation up high would completely change my current view, eventually scalping for a HOD to LOD short trade.
  

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

13 Ağu

Not

Watching for a buy low after the news release