Maket quiet before FOMC announcement BUT still managed to earn $435.
5 minutes Emini Nasdaq 100
15 minutes Emini Nasdaq 100
Dear Traders,
Knowing the economic calendar is very important as certain economic events can hugely affect your bottom line. There is an impending FOMC policy statement tomorrow and the market is quiet ahead of this announcement. If you look at the 15 minutes chart, you will realize how narrow the range of price movement is compared to the previous days. For beginners, I suggest you stay out of the market. For more experienced traders, remember to tread carefully and try not to over trade in such market conditions. I had too be extremely patient in this market condition, basically I just waited throughout the morning without a single trade. Finally my chance came after lunch at around 13:35, when price is set up for a rebounce from the moving averages. I shorted 1 contract at 1507.75 and when it broke 1505, I shorted another 2 contracts at 1504. My profit target was at 1498, slightly above the low established yesterday. Market is not in good shape and I don't want to be too greedy in my profit taking. At 12:30, 1 hour later, my profit target was hit with $435 in profit. I am satisfied with this kind of profit in this difficult market condition.