Wedge Re-entered in Premarket. Pullback likely this week.
(sorry - ignore the strategy noise on the right and indicators- I'm working on some ideas)
We saw the FOMC hawk pause shake the price down to test the trend twice, before ejecting up and out of an ascending wedge. This euphoria is unusual - historically these setups play out on a breakdown 80% of the time - to see the markets rally on a hawkish fed stance was startling for me. But we must respect the market - it's gonna do whatever it wants.
In premarket futures, sunday evening, the S&P fell back into the ascending wedge. There is a high probability of pullback this week from this perspective. High confidence 44500 will be the ceiling for the week, but nobody can predict the future.
I blew my first attempt at an FTMO challenge on this. 16/18 days were green. I had virtually no draw down from initial balance. I got close to the time limit, and I expected the structure to break down after the news. Learn from my mistake:
Respect the market. I had $2k profit and it ran against me. Respect the market. Respect the market. Respect the market.
We saw the FOMC hawk pause shake the price down to test the trend twice, before ejecting up and out of an ascending wedge. This euphoria is unusual - historically these setups play out on a breakdown 80% of the time - to see the markets rally on a hawkish fed stance was startling for me. But we must respect the market - it's gonna do whatever it wants.
In premarket futures, sunday evening, the S&P fell back into the ascending wedge. There is a high probability of pullback this week from this perspective. High confidence 44500 will be the ceiling for the week, but nobody can predict the future.
I blew my first attempt at an FTMO challenge on this. 16/18 days were green. I had virtually no draw down from initial balance. I got close to the time limit, and I expected the structure to break down after the news. Learn from my mistake:
Respect the market. I had $2k profit and it ran against me. Respect the market. Respect the market. Respect the market.
I got hung up on this idea for some reason. Throw it away, start the chart over.
We don't predict the price, we trade the price.
This chart is but one idea.