Wednesday, December 16, 2009

2009-12-16 waiting for FOMC

Today market is waiting for FOMC. While ES is up 4.5

1. What is daily 3 hourly hourly 15 s/r and trend.
daily is down and officially 5 < 13 < 62. 1.4613 is EMA5 sep support at 1.4480
3hour down on all 3, support 1.4504, 1.4511, 1.4535
hourly down on all 3, but 5 is between 13 and 62.resist 1.4584, currently at 1.4545
15 is side way,
resist 1.4665, 1.4685, 1.4775
support 1.4617, 1.4600, 1.4585
2. Is there any news coming out in 30 minutes, what's trade. There is no news in the coming time. nothing major
3. today's spread:0.9
4. What's the size of today, and what's the max risk. normal size, will risk 20 pips.

I traded little bit in the morning and got about 22 pips. Now waiting for FOMC, the plan is to
1: follow the 1 minute chart move, short on pop and buy on dip.
2: watch 4500 as support and 4600 as resist, see if they break or not.
3: No trade when Oanda is widing spread to 10 pips.
4: Trade with half size as market move much more.

The goal for today is to follow the plan, even there is loser.








Today total +44 pips.

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