GBPUSD: Coiling for a potential major moveHi 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):
Since the beginning of the previous, the market dumped down for three days, failing a low of week level on Thursday, confirming the failed breakout during the day itself, triggering long traders breakout and closing the day out of balance.
Friday the market mostly consolidated, not big move happened and today, Monday and opening range of the week, I can see an interesting coiling above the Friday closing price.
We are on the backside of the movement, a long view could be a really lucrative opportunity.
DAILY TEMPLATE (15min chart):
In the day itself, the market did not move much, but it triggered the previous HOD, other time frames are in the market.
THESIS :
Accordingly with my backtest and experience, this market can setup for a long trade back to the previous HOW (money are there and short traders are still in profit).
However, in the scenario of a short setup, it could be a little scalp.
Major red news on calendar tomorrow, no big move expected today!
SETUP :
Dump and pump at least above previous HOD or CP (closing price)
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
