FOMC Day! With the small account I was thinking of just holding out till the even, but they have been hit or miss lately and with no rate change they have been pretty flat price action.
We saw a weak open red to green bounce. I was hesitant to get in right away and wanted to see it break a level of Support/Resistance. After the poor trade yesterday I needed a solid disciplined trade.
I entered right after the top of the hour and the break of the S/R level $599.43
It maintained volume and direction all the way to the next S/R level of $601.08 where it broke but failed to continue. I was over 100% here and didn't exit till in reversed and held below the $601 level. We lost about half of the profit here seeing how every red candle was bottom wicked showing the buyers were still there.
The 3rd red candle was my "break glass in case of emergency" exit regardless as I wasn't going to risk a big sell off. Shortly after the reversal was confirmed and pulled all the way back to $598.
I got the majority of the move after I entered.
FOMC event was as expected. A few trades could have been made but it was relatively choppy. I decided just to observe. My normal routine may have been adjusted as the real move didn't hit till almost 15 minutes after the event started compared to usually right after the first 5 minute candle closes.
Onto Friday with the market closed tomorrow. Could be a spicy morning with a day off of trading for everyone.
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