The John Elfed Forex Blog

Weekly review.

Week staring Monday 29 January was certainly a down and up roller coaster for the USD. The week started with all eyes on Wednesday's FOMC meeting. Where chair Jerome Powell effectively ruled out any chance of a match rate cut. Strongly indicating May would be the month. In

Putting a name to a trade. Part 1:

Trade closed before the weekend.

Huge NFP beat.

Stop moved to break even before NFP.

NFP day.

Live trade

The state of play.

I have some good news and some bad news. The good news is, following Mr Powell yesterday suggesting a US rate cut is likely in may, and because the US economy is still performing reasonably well despite the recent hiking cycle. It now appears that the 'soft landing'

Trade closed manually.

Live trade .

Wednesday 31 January.

Yesterday's trade hit it's stop loss as choppy trading continues in the run up to the FOMC meeting. The AUD is under pressure thanks to a soft CPI print, which brings into question when the RBA will consider cutting interest rates. On today's agenda,

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Photo of trade

Live trade.

Tuesday 30 January: European session.

Monday 29 January. FOMC,BOE,NFP & earnings on the agenda.

Weekly review.

I found the week starting Monday 22 January another difficult week in terms of desiphering the fundemental cause of the moves in the Forex market. On Monday it was a case of waiting for Tuesday's BOJ meeting. The meeting didn't surprise with no change in policy.

Live trade.

Thursday 25 January. Market close.

There was a lot of information to digest from today's market, and ultimately, I couldn't form a strong enough conviction to place a trade. US GDP was reported better than expected, which in theory is dollar positive and my initial thought was for the USD to

Trade closed manually before ECB decision and today's data.

Reasoning behind today's trade.

Live trade.

Wednesday 24 January.

Yesterday's JPY price action is a good example of how powerful 4hr support and resistance can be. The initial strength following the press conference couldn't close below support and the subsequent reversal couldn't close above resistance. (As I write this USD JPY is having

Assessing the BOJ.

BOJ meeting. What am I looking for?

The week ahead.