"Darn it," you say to yourself when you miss an opportunity and have to wait another "who knows" for it present itself again. Immediately post-FOMC, FXE
(the Euro/USD proxy) edged up to the "sweet spot" between 112 and 113, only to quickly retreat again toward 110 -- an opportunity missed to milk the instrument one more time before the end of 2015, by the end of which Janet Yellen indicated today that a rate hike would occur ("Mmmm," you say? "How many times have we heard that
Like Barney says on "How I Met Your Mother": "It's going to be ... wait for it ... legendary ... ."
As indicated in previous posts on this subject, look to enter a short call vertical with an ideal expiry about 45 days out, with the short strike of the spread above the 112 1/2 or 113 strike ... . Tread carefully around expiries that will closely coincide with the next FOMC, however.