Trade Log NFP 06‐07‐2024 Paper Trade after News Event - newsqlguru/ict-index GitHub Wiki

This page captures a paper trade in detail from NFP Friday on 06-07-2024 along with a stream of consciousness of my thoughts during the trade. This is not financial advice, the content is based on my opinion I'm not a professional or licensed to give financial advice any risk you take is on you.

The objective of this content is to show trading logic for entry, management, and exit. NFP is a very volatile news event, I don't day trade around this event due the volatility and wait for the event to create a range and take high probability points of interest before executing trades.

Trade entries are based on ICT and Wyckoff theory, PA, and VPA. At this point I'd already finished trading in my prop accounts for the day having hit my profit goals. Paper trading is a way to practice execution of a trading system by the rules on live market data without risking capital.

This is how I've been scaling in on paper, 1,2,3, this way if I'm wrong it usually costs me 1 instead of 3. I was a little impatient on this 1st entry and should have waited for the retrace to show more strength. My goal is to enter as close to the danger zone as possible, in this case I was early.

Full line acquired. This is my plan for the trade, going to chill and watch this playout, will move up partial stops to protect profits at 3m OBs if this works out. If not no worries it's paper practice.

Thinking of ATH Trading Range on HTF, there will most likely be a high shakeout to signal the end of the distribution, until that happens I'm long bias on HTF.

1st tp hit 50% off, protective stop added for (75%) of remaining position at 3m OB, SL moved to reduce risk.

Moving protective stop (75%) of remaining position to latest 3m +OB low. SL to 1st OB low, if price closes above the OB high I'll move SL to the OB open. This is how I protect profits and allow the trade to breath. If OBs are not holding, it's time to take profits. I'm willing to leave TPs as is and try to use the chart to manage trade profits.

OB CSD closed above, moved stops up by rules, added another protective stop at 2nd OB.

1st protective stop taken. 83% of trade is off now. Last protective stop will leave 1 runner if it's taken.

Modified TP orders to based on lot count.

Moved last protective stop up to latest 3m +OB low

2nd TP hit adjusting orders based on lot size will move stops up as OBs print.

3rd TP hit

1 runner left, sl orders adjusted. Would be cool to see 5400 hit, but the tape is the boss so I'll take what it provides.

1 stdev projection

New ATH a pull back is expected, this is what the trade looks like now.

Last stop taken, overall feeling good about the trade and outcome for the day. Going to chill and do other things for a bit.