I've witnessed countless discussions on how to trade Monday, or if it should even be touched. Personally, I treat it as any other day and try to remain aware of my eagerness to get back into the market. I have traded Monday's that gifted us runners and others where profits should be secured aggressively. Today was a little bit of both depending on the pair & session.
EUR/USD
Price had slowly worked its way back up to last Wednesdays breakout level which was on 71 Fib Retracement.
Entered short Asian Session with little to no drawdown.
Woke up and checked at London open and moved SL slightly into profit as price had fallen over 40 pips.
Woke up for NY session to be stopped out with transaction costs covered.
NAS100
Friday I took advantage of a pump and dump scenario targeting the topside of the previous weeks high.
This level had failed to break so Monday was approached with the anticipation of either and Inside Day or Day 2 Shorts.
Prior to Asian session I pulled fibs from Fridays high to low.
After the weekend price had gapped up into the 71 area.
I waited for my price action to develop and took a short just below 12600 targeting -27 on the fibs.
Price worked its way down in Asia into London before reversing.
I woke up at London Open and decided to let the trade run and move SL to breakeven.
Price retraced significantly and eventually I closed the position after NY Equity Open for 2R.
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