Here we are once again at the end of another week.
Looking back, despite all the airtime on CNBC, FOX BUSINESS and BLOOMBERG devoted to “FED PIVOTS” and the like, since the Jerome Powell speech in Jackson Hole in late August nothing from the FED has changed. That short speech from Powell is largely ignored as many of the pundits, I no longer call them analysts want to be first to say, “I saw it first”, when referring to market bottoms and declaring the FED PIVOT level.
Good Lord, I have my own level when I think about it with the S&P. I do NOT want to be in that herd of pundits... please set me free of that herd!!
As a position (long-term) trader my fundamentals have NOT really changed for months. At the beginning of August, I announced to my FX PREMIUM subscribers that I felt a BLACK SWAN event was on its way emanating in Europe on the back of the energy crisis in Q4 this year. I have NOT changed that view regarding a BLACK SWAN, but it could be Q1 2023... who knows. The simple facts are clear to me that Europe is down the crapper and the leaders are floundering... they are simply out of their depth, sinking ever faster.
My blog title stolen from a comment I heard from Johnathan Ferro on BLOOMBERG, I think, fits the bill for so many traders in search of bottoms at the moment. I elaborate more in my SOAPBOX in the WEKLY FX DRIVE THRU (ZOOM) below.
THE WEEKLY FX DRIVE THRU BLOG (ZOOM EDITION):
Finally, always remember longevity in Forex trading can only be achieved through trading with a good MINDSET, RISK, TRADE and HEAD MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility. Trade with a TRADE PLAN, basically, plan your trades and Trade your Plan.
Be grateful for your wins and count them. Keep a POSITIVE MINDSET in play at all times, regardless of the market conditions.
The Pip Accumulator
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BLOG VERSION: #471 FREE NEWSLETTER and COFFEE SHOPS
DATE: 9th October 2022