As expected the Federal Reserve bank held rates steady yet hinting at a rate hike later in the year. Many economists are pleading their case for the Federal Reserve NOT to raise rates. It will be an interesting battle of rhetoric from here to the end of the year. Initially the market moved higher then experienced some volatility before moving higher. Volume skyrocketed higher more than 18% across the board. A good sign for this market and for this uptrend. While it appeared on all accounts on our end we would move higher you just never know with this market. It all could end over the next few days. You must understand to be successful in this market you must be prudent and ignore the noise from pundits. There are opportunities in all time frames. It is a matter of whether or not you want to execute. Stick with Big Wave Trading and maximize your potential.
We will need to see this market continue to build upon these gains. Volume will be less important to us as we will be focused on price. We will not be acting on our emotions and where we think this market may head. It is important we take our signals and keep our position sizes in check. Exits will be just as important especially if a position goes against it. Protecting our capital is our number one priority. Cutting losses is our primary tool ensuring our capital stays safe giving us the opportunity to take advantage of this market.
Now we have the Fed out of the way we start earnings season in a few weeks. Earnings continue to weaken, but it hasn’t stopped this market from going higher. Whatever the reason we continue to push higher. No matter what earnings we get we want to focus in on how this market reacts.
It would be nice to see this market continue with these gains!
