The Daily View
Returning on a Fed day doesn’t make for exciting trading. As you might expect, I marked off the first hour range and then joined a lot of other traders waiting for a good breakout that never happened. I think perhaps summer trading is finally here.
With the lack of action, I’m just posting a daily chart showing the limits of recent movements. April and May formed a rectangle, and now at the end of June we have another. However, as yesterday’s trend day demonstrates, you can still get a good move even when the larger pattern is basically sideways. It just takes a lot more patience during slow trading periods.
With the market closed next Wednesday for the Forth of July holiday there may be a lack of activity for the next several days. Because of this my posts, as today, may be a little short. If you are trading, be sure to wait for clear setups.
