I waited until 3.32 p.m. to take a trade today, letting Powell finish speaking before entering the market.
The 90 minutes between 2 p.m. and 3.30 p.m. when he usually wraps up his press conference on Fed day is volatile choppy price action. You do not want to trade during this time. This is not trading, this is gambling, and you want to avoid it.
Today’s price action was completely driven by Powell. It seems the Fed is still looking to hike later this year. The economy remains strong, even with high interest rates and the Fed seems adamant it will do everything to bring inflation down to 2%.
I had a small winner in NQ today. I waited until Powell finished and when price arrowed through PDL - previous day low, I took a short in the NQ having a good feeling we were going much lower.
This hunch comes from experience. First from hearing what Powell was saying and most importantly the price action which was trending lower as he finished speaking.