FOMC Fibo Follies
Well, wasn’t that something?
Timing, like we have said many times before, is important in this business.
Do you remember the other things that we suggested are worth noting?
Breakout day, so bias long for a retracement. Price could go to any day high; it blew through the 900 magnet, then tested the 03 as expected. What we don’t know when momo is created is where the inertia ends. “Lemonade” called for squeezing into the chop zone for ….waiting…and waiting….and waiting.
T1 was called as 5.75, and the 61% weekly Fibo was the same area, 906.25.
Near enough for government work?
Any day hi was possible today, including the 12 area.
Markets could easily jam higher after the FOMC announcement.
When the Demon held and the range traded within the defined boundaries, no victor can be declared.
The breakout or breakdown becomes more obvious as we penetrate the lower boundary, and the downside targets open up after the 97 “support” gets violated.
The successive targets got hit, but fell short of the gap. The half gap play at 93.75 was a beauty, and the second leg got to the primary 92 target, but hidden pivot support at 91 held firm.
@Futures71 made a great trade going long there; I was happy having caught the down side rhythm after the morning ramp, but felt it was best to go sidelines and wait for clarity. When it gets late, I become more conservative, “accumulating profits” as I like to say.
These hidden pivots are covered in our system.
Those of you who have followed me may be getting the idea of targets and the system.
One of my “friends” told me he saw a guru who must be watching and is now trying to teach it to the chat room.
It’s possible, who cares, just give me credit please if it helps you, and I know who you are, LOL.
And obviously the system is intended for the benefit of the little guy; trying to help some people overcome hard times in the economy.
If you have been watching for the past few months and by now you haven’t grasped the value of my system, you never will.
We have identified, well in advance, the likely areas for testing, retesting, chopping etc.
I am grateful to all the followers on twitter who have said some kind things; if you wish to be in our study group I hope to begin shortly, please let me know.
There is a discount to get things going, and that first group will learn behind closed doors how to put this together in real time.
No calls will be made on twitter at that point, as I will focus on getting the traders of our system successful.
Email with me with $750 in the subject line before The end of the month if you have interest. All who are registered before then are eligible.
If you are getting the idea that there is a lot of work to this business, great. We need to be realistic about the focus and intensity we need for trading; that’s why I relieve stress with music.