Wednesday, June 19th, 2013 – FOMC Minutes
With FOMC minutes report today, nothing expected but chop until 2 PM EST. As a rule of thumb, I will sit out of the FOMC minutes until the market has settled and drives price action to the close in a trend.
Internals will drive the force after FOMC minutes have been ingested and following trend will enter based on the direction.
Daily S1/Weekly R1/CAM L3 and L4 were the key lines of defense today. Basing the entries on under the 25m Open Range with EMA crossover….
….three potential setups for today.
As recapped in the video, price action broke under the 25m Open range/daily pivot and with a target at the Weekly R1 on EMA crossover.
Price action bounced up hitting the 25m OR low and preceding
…to the Weekly R1 and holding the line until FOMC minutes report. Up to 30 tick move.
After the FOMC minutes report, huge buying and selling until market direction found a trend to the downside on decreasing internals. Several entry points on this under the 25m Open Range, EMA crossover entry. Last entry would have been under CAM L4. – Review in video.
Price action chopped a bit within the last 45 minutes until 15m to the close and post market action on EMA crossover with significant selling and drop in Russell Internals. Lining up both the 5/34 EMA charts and 5/13/21/80 charts there are only several opportunities where both were in sync and price action was in trend.