The Federal Reserve announcements and Ben Bernanke’s 2:15pm EST press conference put a damper on trading today. The markets went into ‘Fed wait mode’ early and basically died while waiting for the 12:30pm EST Fed announcement. The initial announcement was received well as the Fed anncounced they would extend operation twist through the end of the year. The markets reacted positively and moved up significantly to wait on Ben’s press conference. The reations to the press conference form the markets where primarily negative and the ES worked it’s way back towards the lows of the day. The ES was retesting the DTG 41 level as the press conference ended and started exhibiting price action and order flow activity that started hinting of a bottom. This was today’s example trade.
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