In just a few minutes, the FOMC will be releasing a statement summarizing the results of this week’s meeting. One of the techniques that Todd teaches, “The First Half-Hour Breakout” can often be employed when an important economic release or Fed announcement is issued, taking advantage of the resulting volatility.
In this case, people will probably spend a fair amount of time analyzing the text of the announcement, and there may well be differing opinions as to what the Fed is up to, and what the impact is likely to be. Under the circumstances, I’m not really tempted to stick buy-stop and sell-stop orders in, even with stops losses attached, as I am concerned about the possibility of a quick breakout that reverses before reaching my profit objective and then moving back into the range.
Best of luck with it, come what may.