FOMC at 2 pm -- so get an early lunch.
europe weak o/n
China up on extremely weak trade data.
/cl almost 105....
huge IBD names pushing yesterday.
PCLN, AWAY, YY, XONE, LGF,
PERI gapping up after heavy vol. yesterday.
a lot of weak stuff jumped ystdy -- xhb, cat, de -- cf, mos... are these buys? Easy to get sucked into buying strong moves off weak charts. don't.
$namo - 45 again... not much room for error -- in a squeeze.
symmetrical triple touches -- these nearly always form before a clear trend... could be same direction or could be a reversal. Depends on context but this is the main entry that provides an edge.
11:28 -- double bottom with 5 am low -- rangebound strategy is on -- had to be willing to take the lows -- knowing signals were weak but not heavy -- bounced 25 ticks with no heat on the db pattern that is so common on Fed days -- no conviction so take the test area.
now we're back to yesterday's close / value = nothing to do near noon time -- chop and drop but no big moves.
Only trades that paid well were double tops and bottoms -- there were THREE good trades.