{"id":19412,"date":"2024-01-30T13:23:03","date_gmt":"2024-01-30T21:23:03","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19412"},"modified":"2024-01-30T13:23:03","modified_gmt":"2024-01-30T21:23:03","slug":"fomc-tomorrow-levels-for-01-31-24","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/fomc-tomorrow-levels-for-01-31-24\/","title":{"rendered":"FOMC Tomorrow + Levels for 01.31.24"},"content":{"rendered":"
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March is front month for stock indices.<\/p>\n

Symbol for March is H, so example ESH24<\/p>\n

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FOMC Rate decision tomorrow.<\/h3>\n

The last few FOMC meetings I looked for trades until around 930 AM Central time and then somewhat “took a step back”.<\/p>\n

I would then follow closely around 1 PM Central when the announcement comes out but try to not pull the trigger until 1:15\/ 1:30 when the smoke clears.<\/p>\n

This is of course just my personal preferences and every trader is different.<\/p>\n

Take notes after the trading session so you can look back and refer the next FOMC meeting….<\/p>\n

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Below are some additional tips\/observations I have taken notes of for myself:<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0\u00b7Reduce trading size<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Be extra picky = no trade is better than a bad trade<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP<\/a> at 4425.00 with a stop at 4419.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 4419.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Expect the higher volatility during and right after the announcement<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Expect to see some “vacuum” ( low volume, big zigzags) right before the number.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Consider using automated stops and limits attached to your entry order as the market can move very fast at times.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Know what the market was expecting, learn what came out and observe market reaction for clues<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0The rate announcement comes out exactly at 1 PM central. As of this morning there is a 98% chance of no change in rates.<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Traders will pay EXTRA attention to the language and the Q&A which starts at 1:30 PM Central<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Be patient and be disciplined<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0If in doubt, stay out!!<\/p>\n

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Daily Levels for January 31st 2024<\/h3>\n

\"#ES,<\/p>\n

Economic Reports<\/strong><\/div>\n
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All times are Eastern Time ( New York)<\/div>\n
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel     March is front month for stock indices. Symbol for March is H, so example ESH24 FOMC Rate decision tomorrow. The last few FOMC meetings I looked for trades until around 930 AM Central time and then somewhat […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,231,76,230,1491,30,61,358,234],"tags":[1481,1480,1475,1471,1469,1467,1468,1474,1472,1477,1478,1476,1479,1470,1473,1172,1239,40,627,1277,36],"class_list":["post-19412","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-e-mini-futures","category-futures-broker-2","category-futures-trading-2","category-futures-trading-education","category-trading-guide","tag-cbot","tag-comex","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-futuresmarket","tag-futurestrader","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader","tag-cme","tag-commodities","tag-daytrading","tag-futures","tag-globex","tag-gold"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=19412"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19412\/revisions"}],"predecessor-version":[{"id":19414,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19412\/revisions\/19414"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}