The ECB now out of the way, this coming week we have six of the bigger Central Banks reporting. The highlight will obviously be the FED on the 20th. As always, the FED statement is always eagerly awaited, and this will be no different. The ECB raised albeit a dovish hike, I am expecting a hawkish hold from the FED.
Last week, my inbox was jammed from all sorts of originators, banks, institutions, and solo analysts with opinions on not just what the FED should do but also the BOE, RIKSBANK and the BOJ. I tried spreadsheets and all sorts of presentation support material to try and obtain a reasonable handle on the overall opinions, eventually I gave up with the conclusion, the 30 or so reports I received offered me no better guidance than my own opinions.
What the tens of thousands words that I read and tried as much to digest did tell me though is that no-one has a real clue what happens into Q4. Which is rather disappointing as this was a key goal of mine after next week’s round of Central Bank announcements were completed, I had hoped Q4 would be clearer.
The ECB was clear last week. Let’s hope that this week’s “turns” are as clear because the banks and other financial institutions seem to be all at sea. There are very few consistencies at the moment. This year has been the year of bank opinion changing as often as the direction of the wind, so into the month end I expect a full inbox of Q4 opinions to be largely opposite to what I received last week!
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SEPTEMBER 2023 so far...
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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: #516 FREE NEWSLETTER
DATE: 17th September 2023