Daily uptrend continues here in my view. Nice closing for the bull case. Not ready to to raise my reevaluation area yet.
How can you be so naive? Tomorrow is the Fed! THEY control the narrative! Powell is the ghoul this week! I didn't realize until today that Mickey Jackson was talking about Fed chiefs all along!
The markets are extremely news sensitive now compared to the last ten years where bad news was good news and good news was good news since nothing mattered with the world flowing over with money. If you were long into the prior CPI reports you wouldn’t be able to manage risk through an ordinary stop loss at least. I’m with @Overnight here. The sensible thing to do would be to close out all longs pre-release and re-initiate to the long side if there is no nosedive. The bulls will look like a genious if we rally of course and maybe say it all was signaled in advance, but in truth it will be luck. So, good luck.
If one can do both of the aforementioned (and get / keep their psych where it needs to be) - there is a lot of money to be made. That being said - Fed policy statement days i prefer to be flat a small window before and after 2:00 p.m. Otherwise the volatility on these days brings ample opportunity.
Topic sure has been quiet last few days ... as price goes down. Much like Globex last night. ES balanced VolPro and range of only 27 points vs 5day avg 81 points.
The key though is that I am not over-extended and so if my view is that the daily is currently in an uptrend, then I have to stay long.
Paying attention to news would just give me 1 more thing that I would have to analyze, and analyze correctly, so I skip it.
Yes. You're probably in a good position to hold long without much risk. You're risking unrealized profits, though. If you give back all those unrealized, but certain profits in search for more uncertain profits, that's still money lost/risked. In principle, there's no difference between liquidating your position with a profit and putting it back on with a new wider stop as your account then is X points larger having cashed in. I agree in general with regards to news. I'm a technical trader. But, today's release is a special one and one we know are likely to pivot the market for a greater move either up or down.