And from a technical standpoint technical standpoint what I know is that we've been watching the Dollar Index all week in the Syndicate as it began to test a major level of support that I like to call a decision point. With our "IF/THEN" thought process loaded we were ready to react no matter what the market did at that level. Yesterday we ended up putting in a Lower Low, Lower Close (LLLC) which tells me we should continue to see some movement. IF we continue THEN where is our next most likely stopping point? Well we have 2 potential advanced patterns setting up. A in blue and a pattern in yellow.
It's going to be a busy day with both the GDP release at 8:30am and the FOMC statement/ funds rate at 2pm, but if we pre-program our mind on what to look for, then when the dust settles we'll know exactly what our next move it. There will be no panic in our bones because we’ll know exactly what do look for and whether or not we should execute the trade.
Check Out The Trading Coach Podcast
Available on all Music/Podcasting Apps