Awaiting for FOMC

My plan:

Indices parked in a waiting mode. All eyes are on Fed FOMC announcement today at 2pm. I will not place any new trades in this front except exiting risky positions. I must wait for indices to test both sides and establish a clear direction. Best trading opportunities may come in tomorrow.

Grains dropped overnight again. Wheat played out the BB bang squeeze in 120 min to the down side. It hit the $510 area as I expected but quicker. Corn is down to $377. Soybean is at $968 and ready to break to a new low. I will try to close my bear call positions and wait for a bounce to reverse under water positions. I want to add some bull puts so badly. I should wait for a confirmation of bottom turn before doing so.

My execution:

After FOMC announcement, indices didn't react strongly on either side. I waited both side tested in ES and thought it was a plain statement. I started placing orders mainly in RUT credit spreads. I had a IWM March 99 bull puts placed at top of the chart in the morning. I forgot about it on the sell off of closing. I moved out my order in Etrade after my personal IB got filled. I wasn't as disciplined as I liked to see today. Although I waited for a hour after Fed announcement. I didn't anticipate the sell off would be so severe. Luckily I only entered couple of RUT credit spreads due to constraint of margin concerns. I may have to take a stop for my Feb 2, bull call of 1880 traded yesterday.

Corn and wheat had big sell off too. Corn and wheat lost 1.5%, 2.1% respectively. I tried to close couple wheat bear calls and reverse bull puts but no fills. I am glad I followed my plan to wait for a sign of bottom out before selling any bull puts.