The September FOMC 8 Hour candle and its 7 different price levels is what determines the support levels.
I made an indepth post about ALL FOMC's and how they relate to support and resistances.
The 7 prices of this candle are as follows:
1. The high of the candle
The high of the candle is being used as a mean reversion and price is trading back and forth around the high.
Friday's NFP day used this price as both support AND mean reversion.
Thursday used both the top 1/3 and the high price to form support and resistance zones
Wednesday used the high price all day as a mean reversion trading around this price with the last two hours of the day using it as support.
Tuesday also used it as mean reversion trading around this price and using it as support and resistance
Monday used it as support twice and also used the top 1/3 as major support.
2. The top 1/3 of the candle
The top 1/3 of the candle is being used as major support
3. The Open of the 8 hour candle
The open of a FOMC candle is of great significance. It offers the greatest support levels.
Notice on the day itself that the open of this 8 hour candle that the FOMC spike candle DID NOT break the opening price? It did eventually at the end of the day but swiftly recovered.
The July FOMC's open price was used as major support and resistance here as well.
4. The close of the 8 hour candle
The close of the candle was also used as support the following day for the rip higher.
I made an indepth post about ALL FOMC's and how they relate to support and resistances.
The 7 prices of this candle are as follows:
1. The high of the candle
The high of the candle is being used as a mean reversion and price is trading back and forth around the high.
Friday's NFP day used this price as both support AND mean reversion.
Thursday used both the top 1/3 and the high price to form support and resistance zones
Wednesday used the high price all day as a mean reversion trading around this price with the last two hours of the day using it as support.
Tuesday also used it as mean reversion trading around this price and using it as support and resistance
Monday used it as support twice and also used the top 1/3 as major support.
2. The top 1/3 of the candle
The top 1/3 of the candle is being used as major support
3. The Open of the 8 hour candle
The open of a FOMC candle is of great significance. It offers the greatest support levels.
Notice on the day itself that the open of this 8 hour candle that the FOMC spike candle DID NOT break the opening price? It did eventually at the end of the day but swiftly recovered.
The July FOMC's open price was used as major support and resistance here as well.
4. The close of the 8 hour candle
The close of the candle was also used as support the following day for the rip higher.
Not
Not
Tuesday October 8th, price is mean reverting around the top 1/3 price of 42,225. Therefore today, I will try to be a buyer below the mean for the Long back above the mean. Somewhere down in the 100'sNot
Bought at the top 1/3 of the FOMC used as support. I used 2.2R as a target.Not
Using these levels have yielded me some easy trades the past couple of weeks. I will continue to monitor FOMC levels, specifically on the 8 Hour chart. Not
Next target price will reach is 43,080
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.