Hello Everyone,
Quick Note: The major indices all continued higher today led by the small caps (IWM). As I stated on Tuesday, it felt to me like the market wanted to rally. The FOMC decision was in line with expectations and after some wild gyrations post announcement, the bulls managed to hold serve with a strong close. With that said, the market has no moved up big the past 3 days so the risk reward has diminished for longs as it approaches levels where shorts will start to nibble (see SPY/ES trades tonight). We will need to see ow the market absorbs this move. We have had quite a few longs setups this week play out nicely. Best advice is to refrain from chasing and focus on objective setups.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
