NQ1!, Primed for a Directional Move

The market continue to balance in a narrow range for some days now. This is usually a sign for a bigger move to come. Today, the FOMC minutes brought some volatility without making any changes to the existing structure. Surprisingly, the VIX made a new low 13.99. NQ had a few nice swings to trade after the minutes announcement. They were short lived and required a precise execution. I usually take a few stabs with small stops. When a swing is caught and surfed it pays off and those small losses are history.

Today, the market tried to breakout out of the recent range but failed to follow up. It was related to a low volume and pre-FOMC period which usually just a choppy time waiting for the news. I don't look at it as a failed breakout yet.


02/20/2019