Trade Idea for FOMC

1 May

Looking at NQ futures chart, we seem to be in a clean bear flag. If at the time of FOMC announcement and J. Powell talking (2-3pm est), if the market is relatively at the bottom of the channel, I'd be looking for the Bear Flag follow through. The risk/reward on this pretty huge considering the trade accounts for a 400 point drop if it plays out as the charts show that it has the chance of doing. Either way, I will not hold a bias into the meeting, I will react accordingly.