Fort Worth, Texas
Posts: 49 since Jun 2013
Thanks Given: 2
Thanks Received: 15
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Bean, I assume you're with TST?
Anyway, don't be tough on yourself on the 11/20 trade - I have a love/hate relationship with fed days myself.
I almost engaged (from the short side) that range you got chopped up in, but 1) didn't trust that the upper ledge would hold, as the market didn't peek outside balance & fail in D, E, or F periods, at which point I looked at the clock and saw that 2) FOMC minutes were going to be released (as a matter of risk management I never hold positions into FOMC).
So actually, I didn't have a single trade yesterday. I saw only one good opportunity close to the end of the day when price bounced off of 74.50, which we know from Peter Davies's prep that day was the end of a buying tail. But alas, I chickened out, as I hate to initiate new positions so near to the close (also as a matter of risk management).
Once you get your stop whammied enough, you'll stop chasing - I know I did. Glad to see that mistake was made on sim, not live! And your observation re: how the market typically behaves on FOMC days is spot-on. Hang in there...
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