October 24, 2020
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FOMC Trading Strategy; Beware the Traps!

By on October 10, 2020 0 8 Views
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We’re headed into the FOMC Announcement tomorrow afternoon, which means tomorrow morning will be one of the more challenging days of this Quad-Witching week…

You know me, I’m not going to let a little news event stop us from finding some reliable entries, but I’ll warn you, today’s charts are littered with traps, so we best be prepared for battle – are you with me? Let’s go!
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E-Mini S&P is bullish into a trading-range, which tells me to look for buy setups using failure patterns at key support levels below the range on Wednesday…

The challenge, however, is the strength of the last move lower, which throws us a curveball, and tells me to get creative to find the right entry setup tomorrow morning…

Crude Oil is bullish after a 123-breakout sent prices running higher, but we finish today’s session right on top of last week’s high, not a very good place to start buying…

Knowing this, I’m going to wait for a pullback to free up some space, and I have my eyes on the low of a new hidden channel to get long…

Gold is bearish and trading just above a trading-range, which would normally tell me to get short with a buyer failure pattern, but there’s one big problem…

The last move higher was very strong, leaving the “open-loop” for the bulls, and I need to wait for them to “close that loop” before I can get serious about getting short…
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Economic News:
Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
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Joseph James, SchoolOfTrade.com and United Business Servicing, Inc. are not registered investment or trading advisers. The services and content provided by SchoolOfTrade.com and United Business Servicing, Inc. are for educational purposes only, and should not be considered investment advice in any way. U.S. Government Required Disclaimer – Commodity Futures Trading Commission. Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. cftc 4.41 These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or-over-compensated for the impact, if any, of certain market factors, such as liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

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