MAY 1ST 2024 US30 FOMC Trade Idea/LiveTrade
I approached the charts fresh out of the shower. I got in at 9:20 AM NY Time and got to the computer around 9:40 AM NY time. But anyway,
I saw on the weekly that we were slowly rejecting lows. So, that means if I saw either a shift in structure or a change in the state of delivery, aka a break above an OB that has taken liquidity to go higher on the 4H or 1H, then price could slightly be trading back higher just to raid above a high, then proceed lower. But in order for me to keep that bias, I must see if a daily key level was being respected and if price has recently raided a low while also rebalancing within an FVG. If so, then price is more likely bullish. And that's exactly what happened.
I saw on the weekly that we were slowly rejecting lows. So, that means if I saw either a shift in structure or a change in the state of delivery, aka a break above an OB that has taken liquidity to go higher on the 4H or 1H, then price could slightly be trading back higher just to raid above a high, then proceed lower. But in order for me to keep that bias, I must see if a daily key level was being respected and if price has recently raided a low while also rebalancing within an FVG. If so, then price is more likely bullish. And that's exactly what happened.