Today’s OPEN was 3858.50 with overnight trading flat. We are opened in value and in range. Since we are in balance an opening trade is not making much sense unless the opening candle is very small and risk limited.
Opening candle was only 4 points and would have been a good entry for a short. Trading is limited so far as of 9:38.
The IB was only 20 points. Trend for the day is down with 3850.50 as resistance. B, C, D and E period tried to peek above this level but were rejected.
Most likely trading will stay in range and come back to this high.
Point of control is currently as of 10:30 at 3844.25
Recap Day and trade recap
https://vimeo.com/766656305/ce8b69101c
Exciting day:
It turned out to start out as a nontrend day and transferred into a trend day after the FOMC Announcement at 11. Staying patient would have been the best bet. Most trades would have been impossible to enter as the candles were super long with the 11 am candle
My trade at 9:16 am was hoping to get a long at the extreme of the low, which it bounced off already a couple of times at 3840.25, but I got stopped out in the same candle. This fading was and is not a good idea, I should always wait for the retracement! See middle of below chart.
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