Feb 2nd - Feb 9th, 2025 Week - Trade Case Build
SUNDAY 2nd Feb
Looking at the economic calendar of the week, there is no High Volatility Red Folder News in the week however there is Medium to High Volatility News everyday of the week.
On the daily chart, the DOL for NQ which is the all time high has not been taken out yet and the structure price on the high timeframes suggests that price is still looking bullish.
With ES however, price crept high towards the High and all time highs set 2 weeks ago and is also suggesting that it is still bullish.
With that in mind, I’d like to see structure form a reversal from its current bearish end from last week with a CISD in the 1 Hr preferably, and then would look for long opportunities everyday after that right up until DOL is met.
Usual Rule of not trading Monday will be followed and price will just be observed. Every other day however will be watched for trading opportunities.
The New Take Profit strategy seems promising and will be continued to be used until proven otherwise.
And Patience…
https://www.tradingview.com/chart/x11j2rhi/?symbol=SP%3ASPX
Looking at the economic calendar of the week, there is no High Volatility Red Folder News in the week however there is Medium to High Volatility News everyday of the week.
On the daily chart, the DOL for NQ which is the all time high has not been taken out yet and the structure price on the high timeframes suggests that price is still looking bullish.
With ES however, price crept high towards the High and all time highs set 2 weeks ago and is also suggesting that it is still bullish.
With that in mind, I’d like to see structure form a reversal from its current bearish end from last week with a CISD in the 1 Hr preferably, and then would look for long opportunities everyday after that right up until DOL is met.
Usual Rule of not trading Monday will be followed and price will just be observed. Every other day however will be watched for trading opportunities.
The New Take Profit strategy seems promising and will be continued to be used until proven otherwise.
And Patience…
https://www.tradingview.com/chart/x11j2rhi/?symbol=SP%3ASPX
Trade chiuso: obiettivo raggiunto
TUESDAY
Coming up to 9:30am NYT market open, price formed a reversal from its intraday bearish end from last week with a CISD in the 30min. This gave confirmation to look for continuations.
Price traded back down past midnight open and then made another CISD on the 5 min which became the 1st Leg of expansion. Entry was framed in the 1 min after the close of a candle past the 5 min 1st Leg high providing a signature for further expansion.
Both pairs however were required to pass the 1st Leg high for entry to be made and the trade was made on ES because of cleaner price action.
There was no draw down in the trade and with JOLTS Job Opening News at 10am NYT, price pumped higher taking out 1st TP at 1R, then 2nd TP at 2R and then finally at 3R to closing out the whole position.
Take Profit Strategy worked well again with stop set to breakeven at 1R - 1st take profit mitigating risk.
For tomorrow there will be ISM Manufacturing PMI news at 10am NYT again and so an injection of volatility will be expected around then.
Price is still looking bullish as of now. Further analysis however will be made for confirmations of continuations higher.
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