My 2 cents: FED news will bring volatility but the next wave to X will be starting during or after news is released. Market expected 4 hikes since December and has received none. I think this hike if it occurs is priced in already. Sell the news. Doubtful that oil will tank again before election, likely $40 to $50 range. After election oil rises USDCAD falls completing wave 4 first Qtr. of 2017.
Early shorters need to obviously expect volatile moves. Stops should be closely monitored. My plan is SHORT to "A" of "X" 1/2 position before FED announcement and then 1/2 after announcement. Look for 5 wave impulse to form "A" and take profit. If "A" is 3 waves then hold to X. Will Buy the end of "C" "X", at 50% and 61.8% re-trace area taking profit after (Y) formation can be determined.
Early shorters need to obviously expect volatile moves. Stops should be closely monitored. My plan is SHORT to "A" of "X" 1/2 position before FED announcement and then 1/2 after announcement. Look for 5 wave impulse to form "A" and take profit. If "A" is 3 waves then hold to X. Will Buy the end of "C" "X", at 50% and 61.8% re-trace area taking profit after (Y) formation can be determined.
Comment:
Trade is active
Comment:
Not convinced that top is in. However if you shorted a trailing stop to lock in profits is a wise idea (anytime). OPEC news is just noise. Price would be much lower if it were taken seriously I.M.O. Upside clue will be a bull flag.