A terrific session which saw the US indices soaring higher and recovering all of yesterday’s losses following the FOMC decision and 25bps rate cut. But we started with forex and the follow through from the morning session where it was the British pound in focus on inflation data, monthly rate meeting and a statement from governor Carney on the likely impact of Brexit on the British economy. The pair in focus was the GBP/JPY and the development of the trend as it broke away from the volume point of control.
For index futures traders, this was one of those days about getting in and staying in to maximise profits with the YM, the NQ and the ES emini futures all rising strongly and developing trends with momentum in all timeframes. The trading session focused on the NQ emini futures contract and the faster timeframes from 15 second to 5 minute and for both time and tick based charts, along with the renko.