It's FOMC Showtime

As I was searching for images this morning, I found the one of money being lit on fire and that became absolutely the one I wanted to use. Why, you ask? If you think you can go into FOMC day with no plan and no experience and make a bunch of money, you're probably better served lighting some money on fire and saving yourself some time and stress. If you don't want to do any of that and you'd like to be smart, keep reading.

Our advice for FOMC is truly simple: maximum patience. Don't FOMO into any trades and you'll probably be fine. Levels still work--everything is going to be more volatile, of course, so it's always wise to size down and perhaps go with a slightly wider stop so that you don't get whipped out for a gnarly loss. Wait for confirmation and re-tests of levels, you don't need to try to get into a trade on the first test. It's all about watching the interaction at those levels--not trying to guess what's going to happen. When you take the first test, you have no idea what's actually going to happen. That is a guess and a gamble, and we aren't gamblers we are traders. Our final and best advice for FOMC: if you aren't comfortable, don't trade it. If it makes you nervous or sketchy, there's nothing wrong with saving your money and sitting out. No position is a position, and being breakeven is far better than having a red day.

One other key note for trying to trade after the FOMC rate decision is released: if you don't want to worry about headlines or what kind of questions Jerome Powell is going to be asked or what answers he is giving, wait until the press conference is done. Usually the market picks a direction and you can ride a little trend for a while. Again, there's nothing wrong with waiting.

Here are today's NQ levels:

Current Price: 14500

Upside Targets: 14536, 14610, 14680, 14740, 14782

Downside Targets: 14469, 14429, 14369, 14336, 14251

Stretch Targets: 14818, 14865, 14181, 14140