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I bought the breakout above the swing high. Why? I just thinik the market is going up ahead of FOMC meeting / interest rate announcement. No other reason. I'll make this a swing trade and only sell it on a signal on the daily chart/end of day.
Exited on a divergence between price and cumulative volume.
I had not decided ahead of time to use such a signal as a reason to exit and my hesitation cost me 4 ticks over just a few seconds.
I should also point out that I failed to maintain the position in accordance with the original plan: to hold this as a swing trade. In that regard this is a failure.
cash close. My "out of band" trade today worked out pretty well. This was a gut trade based on the events of the week ( FOMC Thursday ). I had been thinking that the market would sell off ahead of the announcement due to fear and then get back in no matter what they do... as long as it's over. But then I started to think that everyone will start thinking that way and try and front run the sell off by starting to accumulate. Buying begets buying and I was one of the begotten ones today.
Late start today. No matter. Two days of FOMC meetings with rate hike decision tomorrow. This event trhows off all technical analysis and I'm wary of any trading decisions. With that said, I DO have a resting order to go long on my real accounts near yesterday"s lows
markets mixed now>>>
Looking for a breakdown on heavy volume after retracement to VPOC. Hole in the volume ladder below. Some correlated markets not supportive of the ES. Profit taking. FOMC fear.