BTC- On Support but looking Thinner
Powel's HAWKISH statements did the job and here we are at support looking for an end to this dip.
Updated chart with scenarios.
Last posts worked ok, to be honest it was a great trading day for me until i lost half my profits trying to buy the dip at support and risking the rest of my profit trying to buy the dip a second time..Too good i had some short psoitions on today:
For those not familiar with the nes today:
Fed's Powell sees pain ahead as interest rates to rise
JACKSON HOLE, Wyo., Aug 26 (Reuters) - Americans are headed for a painful period of slow economic growth and possibly rising joblessness as the Federal Reserve raises interest rates to beat 40-year high inflation, Fed Chair Jerome Powell warned Friday in his bluntest language yet about what is in store for the world's biggest economy.
In a speech kicking off the Jackson Hole central banking conference in Wyoming on Friday, Powell said the Fed will raise borrowing costs as high as needed to restrict growth, and would keep them there "for some time" to bring down inflation that's running at more than three times the Fed's 2% goal.
"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions," Powell said. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."
One Love and a lot of pain,
The FXPROFESSOR
OH..AND MTGOX STILL INBOUND! That sucks...
Updated chart with scenarios.
Last posts worked ok, to be honest it was a great trading day for me until i lost half my profits trying to buy the dip at support and risking the rest of my profit trying to buy the dip a second time..Too good i had some short psoitions on today:
For those not familiar with the nes today:
Fed's Powell sees pain ahead as interest rates to rise
JACKSON HOLE, Wyo., Aug 26 (Reuters) - Americans are headed for a painful period of slow economic growth and possibly rising joblessness as the Federal Reserve raises interest rates to beat 40-year high inflation, Fed Chair Jerome Powell warned Friday in his bluntest language yet about what is in store for the world's biggest economy.
In a speech kicking off the Jackson Hole central banking conference in Wyoming on Friday, Powell said the Fed will raise borrowing costs as high as needed to restrict growth, and would keep them there "for some time" to bring down inflation that's running at more than three times the Fed's 2% goal.
"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions," Powell said. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."
One Love and a lot of pain,
The FXPROFESSOR
OH..AND MTGOX STILL INBOUND! That sucks...
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