Spy H&S FOMC
Updated
That head and shoulder pattern I drew last week was perfect I hope you guys and gals made money on it. We bounced off the 50% retracement next is the 61.8% pullback possibly Thursday. If we hit the 78.6 pullback I will be looking to go long on a small position. I believe a short squeeze is setting up for next week. The month of August is a slow month the feds take a break, congress and the senate also slack off more than normal in August so that let’s the dust settle and things get back to normal. I played 394 and 393 put. Tomorrow don’t buy options until ten minutes before the fed talk here on west coast it starts at 11a.m 2 est,it will go crazy at 11 then pullback by 11:30 Powell starts answering questions and it will rally look back at FOMC days this is not for amateur traders don’t go heavy the Implied volatility will crush. It’s quick in and out set your take profit and enjoy, please be safe sometimes doing nothing is a good thing. As always trade what’s in front of you thanks for all the likes and comments I’m here to help if I can no ego here
Note
Small account please use the fibs for pullbacks don’t go chasing break outs or average down losers cut them quick, 20% loss to make 40 to 50% return. Set your stop and take profit. Everyone should have there own personal profit margins meaning a percentage that is realistic and you are happy with. Base hits all day sometimes those grand slams come in when you leave a runner on baseNote
The 30 minute high is support a 395.50 pullback would be nice for 396 calls
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