Today is Fed Day with new Fed Chair Janet Yellen at the helm. Expectation is for continued scale back of QE by another $10B with possible adjustment to the 6.5% unemployment threshold. Investors and traders reacted positively to her first congressional testimony last month, so it will be interesting how markets will react to today’s announcement and press conference. Stay Tuned!
Yesterday’s trade strategy could not have been better as price hit our projected price targets at 1865…If you did not get a chance to read..Here’s the link: http://polaristradinggroup.com/trade-strategy-03-18-14/
Bullish momentum remains strong as price closed in the upper quartile of yesterday’s range, which could continue into today’s session. IF price penetrates Prior Day High (PDH) and converts, THEN further upside price targets measure 1870 – 1876 followed by extreme extensions 1881.50 – 1887.00.
Key support at 1859 – 62 zone becomes the “key marker” to hold for continued upside potential. IF violated and converted, THEN downside price targets project 1845 – 48 zone with extended levels 1835 – 37.
Remain Disciplined and ALWAYS USE STOPS!
Good Trading, David
I am detached from the results. I think in terms of the process and the validity of the process. I understand that I am more than the trading. I do not tie a fragile ego to any day’s trading results. I have faith that over time I will make money. The results of any one trade are statistically unimportant. I think in term of probability. A single trade says nothing about me as a person.