Jumping in to share my plan for FOMC.
See the chart above.
Will keep this brief as its only pertaining to intraday:
On CPI, data came in positive, we jumped beyond the trendline (Fakeout) and fell back in. Marking a 2nd failed breakout attempt and making me a bit more bearish overall.
Scenarios to watch:
Rally with FOMC:
The CPI rally brought us just shy of the 414 monthly high target. This was actually a high probability target for this month. Thus: If we are to rally with the news release, expect us to rally to that green shaded box. This would remove the 414 target and satisfy the probabilities for the month. Stopping short of 414 is possible, but I think they will push for a higher high which would bring us to that monthly target.
From there I would be reflexively bearish. Shorting the immediate pullback and likely fall back into the trendline.
IF IT HOLDS THE TRENDLINE TILL END OF DAY:
I would still be bearish, but conservatively so and would position accordingly.
In this case, we would need to see confirmation that this breakout held for at least a day or 2 before committing to full bullishness.
Tankage with FOMC:
Tankage with FOMC will likely bring us down to that white shaded box. This is our weekly high probability target area and would remove the high probability weekly targets. It is possible we don't immediately see this target today, but traversing towards this target is likely by end of week if the FOMC does not completely change market sentiment.
These are just my thoughts, trade your own plan and trade what you see!
Safe trades everyone and have fun!
See the chart above.
Will keep this brief as its only pertaining to intraday:
On CPI, data came in positive, we jumped beyond the trendline (Fakeout) and fell back in. Marking a 2nd failed breakout attempt and making me a bit more bearish overall.
Scenarios to watch:
Rally with FOMC:
The CPI rally brought us just shy of the 414 monthly high target. This was actually a high probability target for this month. Thus: If we are to rally with the news release, expect us to rally to that green shaded box. This would remove the 414 target and satisfy the probabilities for the month. Stopping short of 414 is possible, but I think they will push for a higher high which would bring us to that monthly target.
From there I would be reflexively bearish. Shorting the immediate pullback and likely fall back into the trendline.
IF IT HOLDS THE TRENDLINE TILL END OF DAY:
I would still be bearish, but conservatively so and would position accordingly.
In this case, we would need to see confirmation that this breakout held for at least a day or 2 before committing to full bullishness.
Tankage with FOMC:
Tankage with FOMC will likely bring us down to that white shaded box. This is our weekly high probability target area and would remove the high probability weekly targets. It is possible we don't immediately see this target today, but traversing towards this target is likely by end of week if the FOMC does not completely change market sentiment.
These are just my thoughts, trade your own plan and trade what you see!
Safe trades everyone and have fun!
Trade chiuso: obiettivo raggiunto
Shorts closed this am.
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- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
Now on X!
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Get:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
Now on X!
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
Now on X!
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.