Powell and Yellen Testify on Economic Recovery
It was the first time both current Fed Chair and Ex Fed Chair, Powell and Janet Yellen testified before congress, addressing issues like Inflation and the current economic recovery.
23rd March 2021 Fed Chair Testimony
Today's trading however was pretty straight forward.
ES60min
Market action saw price consolidate within a tight triangle during much of the build up towards the event, before the eventual break of the triangle to the downside.
It was clear that the market was about to make a decision, and an impending market move is near.
ES 5min
Once it became evident that we have broken to the downside of the triangle, a retracement back to f3 would have given you a nice fill.
With XOP being the LPO.
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Not all FED days are easy - in fact most high impact events are really tricky to get right, both prior to the event and post event... but today was more straight forward.
430am over here... another day of trading, possibly looking to act of D F3 node tomorrow... hopefully price will be trading around there tomorrow near the market open.
Best
Joseph A
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Author
Joseph AuXano
Author
Joseph Auxano, is an active trader with more than 13 years of market trading experience. He obtained his degree in Finance from the University of Singapore. His passion for the markets started early. He was already actively involved with the stock markets before landing his first Job as a Trader at a Commodity Trading House in Singapore. His fascination for the markets continued to drive his search for the Holy Grail of Trading, and his research on Fibonacci Techniques. This led him to discovery of DiNapoli Levels in 2007. Since his training under the tutelage of Veteran Trader Joe DiNapoli, he has since developed as a Professional Trainer and a full-time trader. It was with DiNapoli techniques, that he discovered first hand the freedom that came with trading. He has traded the markets out from Toronto, Miami, Siesta Keys, Singapore, and is now trading the markets out of Bangkok Thailand. Joseph Auxano is an Authorized DiNapoli Expert, representing DiNapoli Levels Methodology in the USA, South America and around Asia. In 2019, with the help and approval of Joe DiNapoli, Joseph developed the DiNapoli Academy Online Course, with the goal of helping aspiring traders in their journey with Dinapoli Trading Techniques.
