Slow day so far but early session gave us the move we wanted into the lower box and then the bounce upside. We'll hold for now with support 3633 and resistance 3645 which needs to break to go higher

Please take some time to hit the boost button on the Tradingview ideas. It's give and take, if the support isn't there, there is no point posting such detailed analysis and especially the weekly red box targets. KOG

Nice. Now we need to wait and see what price is going attempt to do here. With it being so close to the 3700 level, we can't long even if there are targets up there. A reversal would be ideal so let's be patient now

FOMC TODAY:

Pre-event price action:

Trend within trends on the smaller timeframes

Patterns that conflict each other - You may get a H&S but with that is a double bottom for example. They do this intentionally to get traders committed to the wrong direction

Ranging price staying close to short term MA's

Swings and spikes all of a sudden - This is a stop loss hunter activation taking liquidity from the high and low of a potential range

Ask yourself these questions:

Do I understand intra-day levels?
Do I understand pre-event price action?
Do I understand trading with ranges and price accumulation?
Do I have a risk model that protects me and my account no matter where the price goes?

The most amount of money is lost and accounts are blown during FOMC and NFP because traders are trying to capture the volume driven candles with large lots. They also get stuck in pre-event price action during the ranging and chop without using SL's. This is a recipe for disaster, large lots, small accounts, it only take s a small spike to blow your account. This is not trading, this is gambling!

Tonight the casino is open, the drinks are free to entice you, only you can have that discipline to sit and wait patiently for the right moment.

With the spikes it's difficult, but every other day you can see how powerful these boxes and hot spots are