#fed1

[zaboclicks]

[kaishirase]

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[sheriffof0]

Old World, Old Skool #fed1 (at Città Alta e Colli di Bergamo) https://www.instagram.com/p/CUsBf60IkXr/?utm_medium=tumblr

[mampfyundodergegenshnuffy]

I went out with my #fed1 #sovietcamera last weekend but forgot to shoot a picture. So here it is with my #industar50 and loaded with #fujifilm #fujic200 at 100 ISO #📷 #analogcamera #filmphotography #muogs https://www.instagram.com/p/CIne4SanoYb/?igshid=8pr799duhkke

[gradienty]

Pink Lace Wild Watermelon (#fed1ed to #fc4575)

[lacharniere-blog]

#rugby #fed1 #roagde #france (at Mâcon, France)

[zaboclicks]

[sheriffof0]

FED 1b 1935-1937 - 35mm / coupled-rangefinder / Leica II copy. Lens: FED - 50mm f3.5 Factory: FED Labour Commune / Kharkov, USSR Engraving: ФЭД Трудкоммуна НКВД-YССР им. ФЭДзержинского Харьков (FED Trudkommuna NKVD-USSR im FEDzerzhinskogo Kharkov) (FED Labor Commune NKVD-Ukr.SSR named after F.E.Dzerzhinsky Kharkov) It is the first model of FED 1 to have the "NKVD" engraving on the rangefinder housing as the F.E. Dzerjinskij Work Commune is now under the control of the "Ministry of the Interior". This is no. 21024 #fed1 (at Hanworth, Hounslow, United Kingdom) https://www.instagram.com/p/CQA7RH7jpKZ/?utm_medium=tumblr

[jimmelcher]

meeting of the ravens . . . . #filmphotographyproject #ishootfilm #believeinfilm #buyfilmnotpixels #filmforever #filmisnotdead #analogphotography #grainisgood #darkroom #diyanalog #analogue #Leicaiiif #Fed1 #canonlens #serenar #50mmf1.9 #aristaEDUultra200 (at Scottsdale, Arizona)

[zaboclicks]

[kiwitrader24]

The Fed Meeting We Trade Around - A Quick Guide

The Fed is short for The Federal Reserve System, consisting of the Board of Governors and the 12 Federal Reserve Banks

What we trade around are the 8 scheduled meetings of the Federal Open Market Committee (FOMC),  which is the policy making branch of the Federal Reserve system. The FOMC consists of 7 governors, one of which is the Chairperson and another is the Vice Chairperson. You will hear this committee & meeting referred to in the media and on Twitter as The Fed, The Fed Meeting and the FOMC.

Here is a great link to a more detailed, but easy to understand & quick read explaining he history of the Fed, it’s makeup and it’s duties:

https://www.investopedia.com/university/thefed/fed1.asp

What matters to us as traders during the FOMC:

The FOMC meets 8 times per year, but can meet at anytime necessary to address issues in the system. That means, the Fed can meet anytime with no warning and raise or lower interest rates or adjust policy. But for the most part, we anticipate these 8 regularly scheduled meetings.

In the 13 years I have been trading on a full-time basis (an investor for 27 years, but trading full-time is different from investing) only in an emergency like we witnessed in 2008 or if there is a small and inconsequential piece of business to address, have I ever seen the Fed meet other than on the regularly scheduled dates. The Fed has become so transparent, it is virtually impossible for them to surprise markets, the way Paul Volker did in the 1970′s. 

Of the 8 meetings that are regularly scheduled, 4 are followed by a press conference given by the Fed Chairperson (right now that is Jerome Powell).

Fed meetings are always scheduled over 2 days, with the 2nd day concluding on a Wed and the Fed Statement on policy is released at 2:00 p.m. ET. Very rarely does this schedule ever change, one time in 13 years have I seen this schedule change. In December of 2017,  the Fed meeting chaired by Janet Yellen, was on Wed-Thurs with statement released on Thurs 12.14.17.

The Fed Statement accompanies the Fed Decision on interest rates (whether they raise, lower or make no change). The statement is what moves markets more so than the decision which is anticipated by the market and rarely a surprise. The statement is scrutinized and scoured for nuance in language and the market trades based on what it perceives as positive or negative messages it gleans from the language in the statement. A trader should always know when the regularly scheduled Fed meeting is and should anticipate how it may affect their positions. Many professionals on Twitter claim they take the day off. I bet they also claim to never slow down on the highway to look at an accident either. IF you “take the day off,” that means you are FLAT or hold no risk of consequence that can damage your trading base. 

Here is a link to the schedule of the meetings and the ones with a press conference are followed by an asterisk:

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

The Fed minutes are released 3 weeks from the date of the statement, also on a Wed. at 2:00 p.m. ET. 

The Fed minutes gives the market a look inside the meeting for more details to who votes which way, if they are leaning towards changing language, and if members are working with a unified opinion on policy. Even though in the statement we are informed of who voted which way, this gives the market greater details. That is why days the Fed Minutes are to be released can often be as volatile as the day of the statement. These are not necessarily  days to take off, but see the comments below for tips on how to prepared for them.

What I like to do as a trader going into the Fed/FOMC/Minutes:

Since I trade mostly SPX I refer to that here. But if you trade another index or individual names that often move on the Fed (like banks and homebuilders), the same things apply…

Look at the way SPX traded during the last meeting, note actual levels the index was traded at, sometimes they revisit

Look at how many points in total SPX moved on the day of the last statement and anticipate a similar move for the upcoming one 

Look back to where the SPX was trading when the statement came out, and use that to compare on the days the minutes are released

Anticipate if levels the market traded on the day of the statement will be traded again on the day of the minutes Mark your calendar and set a reminder mid-week before the STATEMENT and the MINUTES to anticipate the calls or puts you buy for the following week’s expiration 

Fed Drift

This is a phenomenon where the market drifts higher on the 1st day of the meeting (Tues) as the market anticipates the decision and statement. There can be many explanations for this. The easiest one, is that shorts simple cover ahead of the event. A more sinister explanation is distribution by Funds that are off loading excess supply by driving up the market by way of the Futures and tricking people into FOMO along with forcing shorts to cover. Then they take the high and juicy short entry to play after the release of the statement. Whatever the explanation, watch for Fed Drift on Tues ahead of the Wed release  of the Fed (or FOMC) statement. There is not usually Fed Drift ahead of the minutes, but it never hurts to be prepared. Here’s hoping this gave you some actionable ideas to help be prepared for what the market does around the time of the FOMC.

[jimmelcher]

men's group at the beach . . fogged in the bulk loader . . #filmphotographyproject #ishootfilm #believeinfilm #buyfilmnotpixels #filmforever #filmisnotdead #analogphotography #grainisgood #darkroom #diyanalog #analogue #Russiancamera #Fed1 #leicacopy #industar #50mmf3.5 #aristaEDUultra200 (at Beachwalk - Vanderbilt Beach Naples)