World Clocks

Thursday, August 10, 2006

Post FMC Session - Asian Market Supp/Res


  • FOMC Interest Rates unchaned at 5.25% expected a dive in the USD that didn't happen that session.
  • This is the 2nd FOMC rate release in the past few months that had this whipsaw effect, that would have taken out any reasonable stop.
  • The dive in the USD later happened during the Asian market session.
  • Nearly caught the bottom of this trade, but had 2 bad entries that were placed too far from support lines.
  • This was somewhat of a risky trade initially due to the solid bear signals of both price and CCI. The 1st clue that the bottom of the move was near is the S1 support line followed closely by the smooth up was trendline, you could also see the double bottom near support. Would have went short if this didn't bounce.
  • Weighing the fundamentals, a good move up for Non USD pairs shouldn't have been a major surprise. This was more of a Supp/Res Pivot Cam trade, but it's important to note what a good confirmation trigger the CCI was.

Posted by Seaducer67 at 12:46 AM

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