FOMC News release and preparing trades
Update to this now that the news has come through. BTC ended up printing the swing pattern failure that we were watching for. So I am now preparing for shorts positions and this chart shows when I am anticipating to find my best entries on those. This chart also shows that I am not looking to take any long positions unless we see a strong move higher form the buyers.
So I am preparing for short positions now but waiting for the right signal from BTC. And when it’s time to enter, we need to have positions ready. This may happy overnight or when I’m not able to post so wanted to share some setups that I am watching. The idea here is NOT to enter all of them, but to choose the ones that look the best when BTC is in it’s rejection area or sell pressure is showing up. The best way to manage these is to set alerts on each one on TradingView so you are alerted when each is near our target zone.
I won’t be providing much detail on each of these setups as they are all very similar. Really just wanting to see price action come back and bearishly retest the recent resistance.
PEOPLE
EOS
CFX
FILICP
UNI
DYDX
ACH
1INCH
AUDIO
ETC
JST
Be sure to manage risk in case the buyer show up! And happy trading!
The FOMC new release just came out which means the markets will have some volatility for a couple hours. I don’t trade the news by front-running any trades. I prefer to let the dust settle a bit and then trade the trend after
The BTC chart posted is the primary setup that I am watching. After the news impulse settles, BTC will either confirm a bullish retest off of this trendline, which would signal us to enter some longs. On the other hand, if BTC falls back into the pattern this will indicate a swing failure pattern, which will signal us to enter short trades.
I have a few trades prepared that I am keeping an eye on, and will share them as add-ons to this post as the trades become more critical. Until then, avoid FOMOing into the news impulse moves, they are more anxiety-inducing than they are worth.