US CPI did not disappoint.
Whilst the print was in line with expectations the market reaction was its now customary response of wild volatility taking out both longs and shorts from the market. Of the USD majors, possibly the best example being the cable, which, took a 140 pip round way trip in very rapid succession.
Has the market bottom been posted? This is the subject of the SOAPBOX in this week’s DRIVE THRU (ZOOM). Check out my thoughts in the YouTube presentation below: -
Then of course we have the USD/JPY. I tried on four occasions last week to enter short based upon small pullbacks. I could NOT get an entry. It does like that for me to trade this pair is going to be like catching a falling knife!
With the BOJ Monetary Policy Statement and Press Conference this week, JPY pairs will be under as much scrutiny as the comments made by Haruhiko Kuroda, the Bank of Japan Governor. I am taking a deeper look into the BOJ possibilities for WEEKLY FX PREMIUM subscribers in the subscriber only SUNDAY MORNING ZOOM.
Some nice trades in the early part of the year have given a really great start to 2023, all objectives are looking good.
WEEKLY FX PREMIUM PERFORMANCE – 2023 SO FAR...
“THE DOUBLE UP” SUBSCRIBER PROMOTION
If you visit my website, you will find lots of additional supporting information about the way I trade. The link below should be helpful.
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: #486 FREE NEWSLETTER & COFFEE SHOP
DATE: 15th January 2023