As the week approached its conclusion, Thursday unfolded with a plethora of opportunities across the Asian and New York trading sessions. The day's canvas featured diverse trades, each carefully crafted to harness the market's ebb and flow.
In the early hours of the Asian session, the GBPJPY (GJ) took center stage with its third consecutive day of shorts. The initial catalyst was JPY news prior to the Asian open. Armed with a detailed analysis, fibs were meticulously drawn from Tuesday's highest point (HOD) to the lowest (LOD). The price action, which had rejected the 61/71 levels on Wednesday, exhibited a brief surge back to the 50 level before rolling over. A short position was initiated, strategically targeting 75 pips near -61 (TP3).
AJ, another JPY pair, also commanded attention. JPY news preceding the Asian open set the stage for an entry. AJ rolled over through the previous day's low (PDL), prompting a short position from the 0 Fib level with targets set at -27 & -61. The position was prudently closed after GJ hit TP3, securing a 30-pip gain. A judicious decision was made not to hold the position overnight, considering additional news awaited at midnight.
Gold, marking its first green day (FGD) trigger on Wednesday, beckoned with an enticing setup. Fibs, drawn from LOD to HOD, revealed rejection at the 23.6 & open price during the Asian open. This signaled an opportune moment for a long entry, aiming for a 1:1 scalp targeting the previous day's high (PDH).
Transitioning into the New York session, indices presented an enticing prospect leading into Thursday's news. With three days of broken lows and a sweep of the previous day's low (PDL) in London, a W formation unfolded. Despite the temptation to front-run the news release, a disciplined approach was maintained. Long entries were timed post-breakout trader activity.
In NQ, an astute analysis post-news release led to a short position targeting 200 ticks. The price promptly hit TP in 45 minutes, eventually reaching the 71 Fib level near the IB Low. An attempt at a long position from the 50 Fib level was stopped out, but a subsequent entry from the 61 Fib level targeting 200 ticks to the PDH proved successful.
In YM, after the initial pump on the news, a revisit to the IB Low set the stage for a long position targeting 100 ticks at the PDH. The day's trades exemplify the art of strategic decision-making, capitalizing on market dynamics, and maintaining discipline in the face of evolving opportunities.
Asia
GJ Day 3 Shorts
JPY news prior to Asian Open
Fibs pulled from Tuesdays HOD to LOD
Price rejected 61/71 on Wednesday
Price pumped back into the 50 Level before rolling over
Entered short targeting 75 pips near -61 (TP3)
AJ
JPY news prior to Asian Open
Price rolled over through the PDL before pulling back inside
Entered Short from 0 Fib level Targeting -27 & -61
Closed Price after GJ hit TP3 securing 30 pips
Did not want to hold overnight with more News at Midnight
Gold First Green Day
Gold gave FGD trigger on Wednesday leaving a Peak Formation Low on bottom
Fibs pulled from LOD to HOD
Rejected 23.6 & Open Price at Asian Open
Entered Long for a 1:1 Scalp Targeting PDH
NY
Indices has setup perfectly going into Thursdays News
3 Days of Broken Lows and a sweep of the PDL in London Price formed a W heading into the Data Release where I wanted to LONG
Refused to front run News Release and missed entry
Decided to wait until Breakout traders had been taken out to take long entries
NQ
Price cleared the entire range of the week after the Data Release
At this point I pulled fibs across todays range Low to High
After rejecting Mondays HOD and engulfing I entered short on a pull back to PDH beneath 23.6 targeting 200 ticks
Price fell through hitting TP in 45 mins eventually hitting the 71 Fib level near the IB Low
After price rejected the IB Low I entered Long from the 50 fib level but was stopped out
Price revisited the 61 Fib level and when it failed to break lower I entered Long again targeting 200 ticks to the PDH
YM
After pumping on the news price revisited the IB Low
After failing to close below I entered Long targeting 100 ticks at the PDH
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