SPX Exemplar TGIF Setup
TGIF is a framework coined by Inner Circle Trader (ICT). It is a Friday setup most common in the New York session after all red news is reported.
Throughout the week, SPX500 $S&P 500(.SPX)$ 's price was steadily growing. This is essential for the setup, as we want to short from the High under the expectation that the market won't close at or near its maximum price.
SPX500: Exemplar TGIF Setup
On Friday, news included Non-farm Employment Change, Average Hourly Earnings, Unemployment Rate in the US and GDP in Canada at 14:30 and ISM Manufacturing PMI at 16:00 (CEST).
Following the earlier news reports at 14:30, the price spiked and moved sideways creating short-term equal Highs that would be broken shortly before later news at about 15:30.
Later, the price moves downside and retraces along but with no obvious reaction to the 16:00 news. in the Fair Value Gap, there is an entry opportunity offering 1:1.5 to 1:2 RRR depending on whether you put stop-loss at the top body or wick.
This setup was perfect because it fits all TGIF's criteria such as steadily growing all week, no news late on Friday, and also gives easy and convenient entry via easily readable FVG.
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