Short
US30 trade prior to FOMC
Updated
Trading journal entry #1
Today we took a short trade in anticipation of the interest rate decision from the fed.
Our confluences:
-Trade was taken during the New York session.
-Price started displaying bearish behaviour as it approached resistence.
-The resistence area was in the golden zone.
-Price displayed a change in character by breaking the upward supporting trend line prior to printing a double top pattern at a resistence zone.
-Fed interest rate was announced to be raised by 75bps as was expected.
Thank God for the Skill
Today we took a short trade in anticipation of the interest rate decision from the fed.
Our confluences:
-Trade was taken during the New York session.
-Price started displaying bearish behaviour as it approached resistence.
-The resistence area was in the golden zone.
-Price displayed a change in character by breaking the upward supporting trend line prior to printing a double top pattern at a resistence zone.
-Fed interest rate was announced to be raised by 75bps as was expected.
Thank God for the Skill
Note
Also, note the engulfing candle that was printed at the resistence area. Notice the momentum.Trade closed: target reached
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