My plan:
US first quarter GDP was 0.2 v.s 1%. Much less than expected. Indices futures went down. ES has been within CHVA of 2094-2011. The lower figure was blamed on weather, energy price and west coast port strike. Market opened lower as well but not in panic mode. All eyes are on Fed today. It's less likely that we will see a rate hike today but market may have a larger than normal exploratory move. I will not add any new indices positions before and the first hr after the FOMC.
Grains moved away from yesterday's low. The drop of US Dollar may be a helping factor. Wheat is forming a IHS on daily. My plan is still wait and see. I may sell conter-trend positions in corn and wheat.
My execution:
FOMC removed any mention of time to raise interest rate. The announcement didn't make a big shot gun effect. I guess market didn't expect much any way. I followed my plan not selling anything within the first hr of the announcement. I sold an ES and RUT in June 1 and 3 respectively. I could not tell which way the market is going from here. I will just play alone with my rules.
Grains gained ground today with dollar falling. Corn and wheat appears making rounded bottom. I placed couple of trades on both side but no fills. I will just wait to see.
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