Jackson Hole event-driven strategy: The Fed chair resets rate expectations during a non-decision meeting. Traders aren’t watching a single rate; they’re betting on what the speech will set the tone for. The core window of this strategy is to position before the speech and realize the expectation gap after it. Current ENA price is 0.1775, up 23.0% in 24h—already pricing in a “dovish” scenario. Following the logic of the original text, the current price corresponds to the expectation front-running phase. If the speech wording is not even more dovish than expected, there may be downside pressure as the market unwinds “good news already priced in”; if it delivers a stronger signal, momentum can continue. The strategy’s effectiveness depends on the deviation between the speech and the rate expectations implied by the current price, not the absolute direction.