Building value …
FOMC meeting begins today, markets are slow awaiting tomorrow’s FOMC decision.
We opened close to yesterday’s halfback signaling balance and trading patience. The first four periods confirmed POC prominency increasing the odds of rotation.
No real opportunities came in and my trading range starting in “D” period was set to 53.74 ( POC two days ago ) on the low side and 54.46 ( yesterday’s high ) on the high side and I kept on monitoring the POC migration.
Intraday POC started migrating higher in “E” period.
In “I” period I stayed away from selling at yesterday’s high because POC was migrating up and developing value was now building overlapping to higher. That was greatly increasing the odds of breakout. I turned my focus on buying around the 54.18 level.
Unfortunately we never traded there and we left a poor high.
That was a very difficult and quiet day with no real good opportunities for trading. FOMC meeting and Oil inventory number tomorrow won’t make it much easier. Sometimes you just have to sit on your hands and wait for better conditions.
Good Trading !