rate cut is imminent...25 to 50 points move either way though.. but would be bad for the US market if theres not enough of a cut..
Mood is very cheary on wall street. I went long on a break of friday's high. Scalped the first 10 and holding the last. Stop is currently just above friday's high. There is a divergence forming with price and momentum, however, internals are strong. A/D lines are trending up strongly. We'll see if the market consolidates above R1 or becomes volatile and retraces aggressively below friday's high.
Stop moved to 723 and I got stopped out; pay very close attention to internals and price action (tape reading) around R1 and Friday's high. Given the first trade was a winning one; I will focus on protecting todays gains and wait for a high probable setup; it may, or may not occur. I'll post a chart at the end of today with a summary of today's action! Good luck!
Hey Fish, Yeah, the Fed is kind of in a pickle. With that said, historically the Fed always raises rates too far and then is too late when they decide to adjust their policy and start cutting. We'll have to see what happens. Odds are we won't see a bear market during an a presidential election year ;-)
Didn't see anything worth chasing in the pm. There was consolidation above R1, but, the market just chopped around for the rest of the afternoon. Probably to be expected with FOMC announcement tomorrow. Couple of things to point out: a) a premature exit on my part. For some reason I moved it up into the channel instead of just below it. Chalk it up to user error; b) Notice after consolidating for a couple of hours the Trend indicator didn't break above 0 after price surged through R2! c) A/D and A/D Volume diverged as the day went on. Trade 1: ====== Went with the early morning momentum. No confluence in the pm so I sat out. (2) +10 (1) +31
FOMC day. A/D and A/D Volume is dead flat. Market radar screen is mixed. Be careful not to get caught up in the chop! Looks like gap fillers made some $$$ today though. I'm long with healthy gains in my swing and position accounts so I don't feel the need to risk any $$$ intraday trading on FOMC day. I don't think there is any harm, or shame, taking the day off today. ie Market will open again tomorrow Good luck!
Tried to play the bounce off the pivot, but, didn't get any follow through. It was a slow bleed through the a.m. Got a little frustrated and broke for a nice long lunch. (2) +10 (1) -8 Net +12 ================ I wanted to play the trendline break from 12:30pm to 2pm but AD lines started to sync up so I was a bit weary of a break out to the upside. When price nibbled at the pivot and then dropped violently I put in a short on a break of the swing high. LOTS OF SLIPPAGE!!! approx. 11pts! (2) +10 (1) +82 Net +102 Total for the day +114
I;'ve enjoyed reading this journal, and it's great to see you've been able to keep up fairly steady results. You've only had one week with a drawdown. keep it up! It's nice to see that you're not "Gambling" that much either going for the big winners.
Enjoyed this thread so far and just subscribed. I wanted to ask you if you work full time and just happen to be able to look at your account from time to time or do you derive your income from something else passive which allows you to focus completely on your trading.