FOMC minutes release at 14:00 EQUALS $360 profits
Market was choppy and range bound before the release of the FOMC minutes at 14:00. It was trading within a narrow range of 8 to 10 points. I bet you know what I did, I took a break, went for a swim in the morning and forgot about the market altogether. It was not worth risking my capital for such choppy conditions. By the time I had lunch and went back to the monitor, it was already 13:00. Seems like market will not bulge until the FOMC minutes release. At 14:00 the news were released,,, fears of future rate hikes,, etc... doesnt really matter, the market was telling me the same thing, it was telling me to short it... I entered the market at 1582 with 1 contract and shorted another 2 at 1579, my profit target was at 1574 which coincided with a previous support level. Stop loss was at 1587. Usually its the FOMC meetings that produces the greatest movements. FOMC minutes although also having an effect, are less potent in terms of market moving power. My trade lasted only 15 minutes... Market zoomed down and I was out with $360 profits... That's enough for me in this choppy market... I decided to call it a day...