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hedge project - updates
Clssed in a hurry Wednesday 3/20/2024 05:22:00 PM GMT+03:00

Went long $mym micro dow mini futures on the breakout; but closed in a hurry at even as thought no enough momentum and seemed establishing a new point of control which to hold the price around its gravity there. 

Ahead today FED interest rate decision and consensus is that the rate will be held at its current level. 

Entry at breakout and fast close at even

New point of control established
Update_1: Indeed price action established a new point of control at around my initial entry in some 30-40 minutes afterwards. And now price gravitating around there and for now indecisive. Taking into account it's a FED day, no big moves or trendy patterns to appear before the press conf.

Update_2: After several hours, finally, we have Jerome Powell speaking at news conference. The FED keeps the interest rates unchanged; however hinting for beginning of easing rate policy at some time this year and there are expected probably 3 custs in 2024. The inflation data suggests and confirms FED previous policy decisions and it makes good progress in containing the inflation. It should be kept below 2% as to have confirmation for further rate cuts.



As for the market reaction, it rallied after the first minutes of FED meeting started. As always traded very violently but from first bar (candle) it had no pull back and traded all the way up. I had no guts for an entry to hold; had a few fast scalps and that would be all for the day.

Dow reacting to FED meeting decision to keep rates at same level


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