Today's trading session provided a valuable lesson in the importance of staying disciplined and adhering to my trading plan. While there were some missed opportunities and a couple of execution errors, it served as a reminder of the significance of thorough preparation and maintaining focus throughout the trading day.
The Asian session seemed relatively quiet until 930pm, and although AUD pairs exceeded my expectations, I refrained from taking any trades. There was a brief stop hunt high that could have provided an entry opportunity, but I decided against chasing the market. Patience is key, and it's crucial not to force trades when the conditions aren't ideal.
As the New York session approached, I eagerly awaited the market open. However, I failed to pay attention to the timing of important news releases. Without being aware of the Chicago PMI Data Release at 9:45, I took a long position on US30, going against my original analysis. Unfortunately, the market quickly turned against me, and my position hit the stop loss, resulting in an abrupt exit.
It was a valuable lesson in the significance of staying informed about upcoming news releases and their potential impact on the market. Failure to consider this important aspect of trading can lead to unnecessary losses and missed opportunities. Moving forward, I will make it a priority to check the daily data releases of all levels and incorporate them into my trading plan.
As the session progressed and we approached the final 10 Red Folder Release, I regained my composure and took shorts on both US30 and NAS100. This time, I followed my analysis and made sure to be mindful of any news releases that might influence the market. The trades played out more favorably, allowing me to secure a 2% gain on my Funded Engineer account and a slightly positive result on my TFT/MFFX trade copier.
Today's experience serves as a powerful reminder to always stick to the plan. It's easy to get swayed by short-term market movements or enticing setups that seem attractive in the moment. However, it's crucial to maintain discipline and not deviate from the carefully crafted trading plan that is based on pre-analysis.
Additionally, it's important to secure profits on live accounts and trade evaluations if other viable setups emerge. This helps protect the gains already achieved and ensures that the overall trading strategy remains intact.
As I reflect on today's trading session, I am grateful for the lessons learned. The markets are ever-evolving, and there will always be opportunities to grow and improve as a trader. By remaining committed to following my plan, staying informed about market-moving events, and exercising patience, I am confident in my ability to achieve consistent success in my trading journey.
Remember, each trading day is an opportunity to learn and refine our skills. Let's continue to embrace these experiences, adapt to market conditions, and strive for excellence in our trading endeavors.
US30
Fibs pulled from high to low across Tuesdays Range (D1S Signal)
Fibs extended to London session Low prior to NY session
Price retraced to 38 fib level retesting the opening price
Price pulled down into the Initial Balance Low before NY Equity Open
My 1st entry was Long off on the IB Low but was quickly stopped out
Next entry was short on the break of the intial balance low targeting -27
NAS100
Peak Formation High formed Tuesday and level locked overnight
Fibs pulled across day range high to low
Price had already rejected 50 during NY session and 38 in Asia
New LOD formed in London at Initial Balance Low
Price pumped back into 23 level on Data Release before reversing
Entered short on pinbar through open price/ 23 fib level targeting -27
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