GBPJPY: Day 3 breakout long in the market, high of the month

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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 ✅ no daily 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, the market is stil on the frontside move, I cannot exclude the possibility of trend continuation if after MRN a dump and pump is identified into previous level of interest (HOD, CP etc etc)
  • Short: Primary, considering the current level, HOD, HOW, HOM, signal day, look like the market is accumulating volume up high for a potential strong down move. I will not touch this market until MRN released, and remember, I'm not trying to guess a direction, day 3 long can also blow off in the direction of the trend. If the news won't be catalyst, and a pump and dump will be identified, I would consider it just a scalping day, why? because I do not see any lower low of daily level for a down major move.


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

注释
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Price action still very choppy, waiting for 10am news release
Beyond Technical AnalysisChart Patternsday3longdumpandpumpForexGBPJPYgiannipichicheropumpanddumpstaceyburketradingTrend Analysis

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