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FOMC Manana
- Thread starter duard
- Start date
Quote from duard:
Profit taking after early strength following overnight rally in the European market.
FOMC minutes was a dud. Summation index shows a pause.
Initial targets 1173 and 1300, below and above respectively.
It looks similiar to a cup and handle. Lets see if we can get a BO of the handle.
Quote from tradingbug:
It looks similiar to a cup and handle. Lets see if we can get a BO of the handle.
It does look like a cup and handle.
Although I've never really studied that formation with regards to the SIF's, I suppose the psychology and structure behind the theory--- 2nd time through makes cent$.
Quote from duard:
Initial targets 1173 and 1300, below and above respectively.
Well the market showed strength although not on big volume. Target 1300 within reach.
Today I got spanked like a bad dog as I tried to fade the top and gave back all my profits as the market closed strong.
Even when you have a good feel for the markets without solid execution and MM you can lose ( + $200 for the day--- ouch)
Quote from duard:
Initial targets 1173 and 1300, below and above respectively.
Ooops 1273 and 1300, now revised to 1184 and 1301 but as mentioned earlier the markets stepping higher incrementally.
So we're loaded and ready to make a stab at 1300 tommorrow. The market held today's low and ping-ponged after retesting yesterday's high.