That was some week from an information perspective.
Focussing solely on the U.S., we heard from Jerome Powell who was basically “An Assassin of Hope” for the markets as he basically pulled the rug from under vis-à-vis a March 2024 interest rate cut.
In fairness to Powell, he has when you read back over prior statements and commentaries, been reasonably consistent (READ MY LIPS) with regards to the plan when it comes to moving FED policy. I think this position has grown from his memory of how bad he was vis-à-vis “TRANSITORY”. The bottom line from my viewpoint is that Powell and the FED are sh*t scared of another Fu*k up on policy.
Then to cap off the week we saw blowout NFP data. Market expectations were for c.+185,000 jobs and we saw +353,000 instead with prior months, for good measure being revised higher.
With regards to the FED interest rate policy, “Higher for longer” is here without question and the question remains when will the markets grab hold of this. Look at stocks, the S&P is in breakout territory and DXY looks like it is about to explode higher.
In this week’s DRIVE THRU (YouTube) I am going to put my spin on all of this news as we absorb it and take it all onboard.
I would say that there are many financial institutions doing lots of re-working their financial projections models this weekend. 2024 so far, is not what I expected and from a trading perspective I am so grateful that I have been very low key.
THE WEEKLY FX DRIVE THRU (YOUTUBE / ZOOM):
WEEKLY FX PREMIUM PERFORMANCE:
THE FINAL SHOT:
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.
Remember we trade for the following three critical success factors, that are your strategic goals: -
- Conserve Capital
- Generate Income
- Increase the Size of your Trading Account
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Finally, 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: #538 FREE NEWSLETTER
DATE: 4th February 2024