Staring at my screen and still see this dang Zebra stomping on my charts. Thought we would see the break up a couple of days ago, and the longer we sit here the more bearish it is. Thought the FOMC was going to give us the break up for a nice bounce, and did get that, but at the end of the day it couldn't hold and crashed back down. The support drawn in last week is still the level to take out and I'm still holding firm that a bounce is in the cards up to the 1950 level, even 2000 if things get really exciting. Don't get me wrong, still a realist and we are stalling WAY longer than I thought, so I wouldn't be surprised if we pierce the support and continue this dive down.
Had a few nice setups this morning and got a hold of a few, then stopped before the HUGE rally as I figured with FOMC we'd start to stall out early. Still had a nice long into support in the first 10 minutes for a couple of points, a short off S turned R 15 minutes later which I choked off too early. Finally seeing a turn at the DB with a fantastic EE diverge confirmation the uptrend was on and a nice long at 9:35 right in to the S turned R for 8 points and stopped for the day with 10 points per lot. Of course the move of the day happened a few minutes early about 10:20 with a clean EE and a few aggressive entries once we got moving. Makes the 8 points look like amateur hour by comparison. Gotta keep the big picture in mind though and churn out the wins and remember not to get greedy, that'll "get ya"...
Overall the SR zones pulled their weight again and kept us on the right side of the market. If we can get through the 1880, then the 1888 area, all bets are off and up we go. If not, more zebra or maybe even a penguin, we'll see.
Hope you got a piece of it!
Good Trades and Good luck,
Trading the FOMC day has it's own nuances though I find it possible to cleanly trade it early off support and resistance. If you want to have mammoth stops you could trade through the Fed, but it's too wild for me and my trading strategy. Nothing of note of the report, more of the same. They're backed in to a corner and have no where to go with policy propping up the economy. Don't think the market rallying is an indication of a strong or stable economy. Smoke and mirrors! I think we're in a world of hurt in the US and are only one surprise away from Greece and sorry to say, Cyprus. Think the government won't confiscate your money without your consent? What does the IRS do... What happens to you if you don't pay? Someone's gotta pay and it sure as hell isn't going to be the upcoming generations living off mom and dad until they're 40 playing video games and driving mom and dads Buick. Enough of a rant for now before I get myself in trouble... Hope the video is useful to you. If so, feel free to click on a like or +1... Appreciate your support!
Going over a couple of days here, explaining my charts and what I entered, and what I should have entered... Some good, some not so good... Sorry if the video is a little long, have a tendency to ramble on sometimes.
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