Welcome to the video update for Wednesday’s trading. FOMC announcement is released at 2:15pm est. Trader Rick takes a look at the bond, euro and S&P markets to prepare for fed day. Bonds have a potential ab=cd pattern or a two step. Note where overheard resistance lies and where the D target is IF price rallies.
In the euro currency market, Tuesday was a big up day but see if we are in the buy or sell zone on the daily chart. Follow thru will be important to watch. Support comes in at 1.3737. Do you know what a ‘jaws of death’ is? 60 minute euro chart shows currently a slingshot pattern.
In the S&P cash daily chart, Trader Rick shows where important support is. In Tuesday’s trading in the ES, the range was narrow…only a 10 point range. Trader Rick covers what to look for when the FOMC announcement is released. Stand aside if the volatility is too excessive for your trading account. Protect your account at all times!
Good trading!
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