Introduction: As the trading week came to a close on Friday, March 1, our focus remained sharp, navigating the complex dynamics of the Asian and New York sessions. In this comprehensive blog post, we delve into the meticulous analysis and strategic decisions made on each trade, providing an in-depth look at our Friday trading journey.
Asia Session: The day kicked off with a thorough analysis during the Asian session, where insights were shared and discussed on our Discord channel. While considering a potential short position on GA after a significant False Reversal Dump (FRD), caution prevailed as we anticipated a possible stop-hunt during the London Open. Ultimately, no trades were taken during this phase, reflecting a disciplined approach to risk management.
New York Session: In the New York session, our attention turned to the forex markets, particularly the GA pair. Observing price movements aligning with our expectations, a short position was initiated just below the 38 fib level. However, an unexpected distraction occurred as we monitored indices, momentarily diverting focus from the GA position. Upon realization, the trade had already secured a substantial 65-pip profit to TP2. Opting for a swing trade over the weekend, we held onto the remaining position.
The focus then shifted to NQ, where a calculated approach was taken, waiting for the 10 am data release. Fibs were strategically pulled from Thursday's LOD to Friday's London High, providing a framework for potential trades. Despite an initial stop-out on a deeper retest, a second entry proved successful, with both positions hitting TP by -27, resulting in a complete exit from the market.
Finally, attention turned to YM, where meticulous fib analysis from PDL to PDH paved the way for a series of long positions. Capitalizing on pre-dump conditions, entry points were strategically placed, each risking 50 points for a 100-point gain (1:2). As price ascended through fib levels, additional positions were added, with two hitting TP before reaching the Opening Range High (ORH). The third position secured profits at the HOD, marking a successful completion of Phase 1 of our FTMO evaluation.
GA
Price did what I expected but gave another pullback at NY Open
I entered Sort from just below the 38 fib level
I started watching the Indices and forgot about the position
When I remembered it 2 hours later price had fallen 65 pips to TP2 and I removed half of the position
Left the rest to swing over the weekend
NQ
I waited for the 10am Data Release before entering the market
Fibs pulled from Thursdays LOD to Fridays London High
Price had already tested the 38 level at the IB high and risen
Price already outside the Day range and retested the tp of the 0 Fib
Expecting a continuation I entered long but was stopped out on a 2nd deeper retest
When the wick formed and price pulled back above the zero fib level I re-entered Long
I added a 2nd Long position on the break of the HOD
Both positions hit TP by -27 and I fully exited the market
YM
Fibs pulled from PDL to PDH
Pre Dumped from the NY EO down to my 71 fib level
Price coiled just below as I waited for 10am Red Folder Data Release
I entered Long when Price broke through the high of the consolidation
Each position risked 50pts for 100pts (1:2)
As price rose through the fib levels I added a position just above 50 and another just above 50
2 of the entries hit TP before the ORH was reached
The 3rd Position TP at the HOD passing my Phase 1 FTMO evaluation
Conclusion: Friday's trading session showcased the importance of disciplined analysis, strategic entries, and adaptability to dynamic market conditions. Join our Discord community for more real-time insights, live analysis sessions, and discussions on refining your trading strategies. Happy trading!
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