Week of FOMC Bullish Continuation of Range Running Highs
Updated
I anticipate next week of July FOMC to be a bullish week to run the highs inside this range.
I will be Day trading off of the 15-minute chart using the 4 hours as my structure. I will only be looking for buys.
Of course, seeing how this is a range, it could also just as easily sell back down into the bottom of the range. I will see how my support zone holds up.
There is a setup of buying a pullback up to the highs but I am not quite fond of being a buyer at the middle of the range. They call the middle the slaughter house for a reason. If you do want to take it, then I would go light as it is a bit more risky.
I will be Day trading off of the 15-minute chart using the 4 hours as my structure. I will only be looking for buys.
Of course, seeing how this is a range, it could also just as easily sell back down into the bottom of the range. I will see how my support zone holds up.
There is a setup of buying a pullback up to the highs but I am not quite fond of being a buyer at the middle of the range. They call the middle the slaughter house for a reason. If you do want to take it, then I would go light as it is a bit more risky.
Trade closed: target reached
Both of my trades this week. Tuesday and Wednesday for 3R each. 150 ticks risking 50 ticks. Was bullish as expected AND the support box I had held. Note
My short trade on August 1st. Thursday. Another 3 to 1 winner. This trade ended up going 12R, holy cow. Oh well, I executed on my 3 to 1 system and got a small piece.I am happy that price is pulling back down into the bottom of the range as I want to buy more contracts for my wealth trade.
I have a daytrading system on the 15 minute chart and position trading on the Weekly.
Note
My final trade of the week on Friday, NFP. I am surprised that it too was a 3R winner. I was thinking it would stop out. I went Long after a huge dump because I saw price action turning bullish.
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