Friday, the day after FOMC. I anticipated a big move up or down as usually the case after FOMC and it being Friday. I jumped the gun at the open and it had a huge recovery during pre market with a continuation signal after the 1st 10 minutes.
It was approaching a S/R level and instead of waiting for confirmation of the breakout I jumped in.... Within the close of the next 5 minute candle it had rejected this S/R level at $599.43.
I sensed it was a liquidity sweep candle so I held position. It blew through the next support level and VWAP @ $597.50 and I was done. If I had waited for that 5 minute to close before entry it would have saved me from entering the wrong direction. Switching time frames before entry I have found I do this more lately.
The reversal would have been an epic 1000% win as that was the move I anticipated happening today. With work I couldn't watch the market and waited till the afternoon and saw a bounce opportunity. I entered into a small position call with it to just stay flat the rest of the day and got out with a small loss.
Monday might have a decent setup depending on news over the weekend.
Join now or log in to leave a comment