We play in a Risky Business.
Yet again evidence that white men can’t dance.
Or can they?
Some guys were dancin’ up a storm today.
One of our goals this morning was to git ‘er done early.
Oh yeah, and outta here.
FOMC has a tendency to be volatile, and we wanted the primary trade. We assumed MATD, and had first idea as long side testing for resistance. We felt as per last night’s post that 98 was first, then the 02 level.
When 98 held, 93.75 was the immediate suspect, and no clue if it could hold. The half gap play was underway, and we suspected that we were now testing for gap fill and support.
The Bear jumps, just like that bare guy trying to play rock and roll.
Anyways, conservative traders waiting for the deeper pullback are often disappointed, as I may have mentioned before.
T1 was 87.25, and T2 today was 83.75. Anything beyond that was pure gravy.
@Carlfutia revised his forecast, but until broken, we felt the 80.25 (his original estimate) was good enough, and assumed 78 as support.
Scalps prevailed until the News, and then, characteristically, the market dumped to catch some shorts, and ran with them from the Angel.
There was a trend line that made sense; the burst propelled the price nearly to the demon in an institutional move, then abruptly ended at the 3 minute rain line. 15 minute RTH chart was also good.
The subsequent pb started as a scalp, then traveled with its weight to test the Angel one more time.
“Off by 3:30 if the 83 can’t break; potential to run to the 89 to 92.”
Our big magnet was 91.75. and the Demon was now 91.5
Back then, mellow yellow was today’s version of Speed.
Evaluating the market one day at a time.
No way around that, is there?
Speaking of goals… how ’bout this one?