Hello traders, I will first preface this by saying trading FOMC is not recommended and this is simply a price action exercise. Moving on to the interesting stuff, this is what I see FOMC producing if we get a bullish leg first. Price will likely run up towards the low of the bearish mitigation block seen on the daily chart, this block contains an hourly bearish order block where institutions can add onto their already bearish positions. Volatility will most likely be extremely high with this FOMC announcement, therefore if price does go according to this analysis we could see targets for partials at 1.03578, 1.03341 and if price really gets away the monthly bullish fair value gap could fill all the way to 1.02500. Ofcourse, price could simply immediately fall from its current price at 2pm EST and never give a chance at entry for this trade idea or the stop loss for this trade could be hit, this is trading, anything can happen.
P.S This post may feel rushed that's because it is, I wanted to get this published before the FOMC announcement. However, I will be sure to provide a more detailed analysis of my idea once I have more time. May the markets be with you.
P.S This post may feel rushed that's because it is, I wanted to get this published before the FOMC announcement. However, I will be sure to provide a more detailed analysis of my idea once I have more time. May the markets be with you.
ปิดการเทรด ด้วยตนเอง:
Partials were taken at 1.04074, prior to the BOE rate announcements and the entire position was closed at 1.04248 given the bearish price action on the DXY. I would have liked to see more bullish structure on the DXY and given it is late in the week I rather walk with the 1.18% this trade has afforded me than lose it all holding out for more. The goal is not to be right the goal is to be profitable. May the markets be with you
