FOMC hikes rate by another 25 basis points! = $300
The Federal Open Market Committee raised the main U.S. interest rate by a quarter percentage point to 5%. The increase in the federal funds rate was largely expected by economists on Wall Street.
Market plunged by 7 points at 2:15, I managed to short 2 contracts at 1707, However upon reaching 1701, pice immediately bounced back to 1710, my stop loss was at 1712. If it went further, I would have been stopped with a loss of $200. The rebound was pretty abnormal for FOMC annoucement, usually price just shoots in a particular direction. I got uneasy and decided to take my profit fast. I shifted my profit target up from 1696 to 1700, a $160 difference. Within the next 15 minutes, my profit target was hit and I am in by $300.