E-Mini Dow 5/1/2024

It's news release day! Today, the FOMC statement will release at 2pm EDT. Related, the market has been slow all morning (see below).

Today's blog post will follow the FOMC release accordingly. I am not placing any trades today, but we will follow the market as it moves. Here is a great setup on E-Mini Dow for a long position with a 1:3 RR, where the SL is 16 points (160 pips) and the TP is 51 points (510 pips).

This position would have hit SL within 10 minutes of 16 points.

FOMC has been released and out trendline was temporarily respected to the upside.

Until...

Now, we have some valid retests of our trendline taking place.

The market continued to retest our trendline before trending upward as we'd originally anticipated from the first screenshot. We were slightly too early in that forward test, but the direction played out accordingly.

I'm excited to see how the momentum from NY session today affects positions tomorrow! Until next time!

Chat soon,

Xoxo