$18,000 Profits - Insider Insights Await!

GM. This is Currencies & Coffee; we dive into the forex pool with more grace than an Olympic diver.

Here's what we have covered today:

☕US Inflation Reports, ECB Rate Decision, GBP and AUD Data

☕Thriving as a Beginner Trader Alongside Your 9-5 Job

☕+$18,000 Profit Breakdown, GBPUSD & USDCAD Opportunities

🗞️Movers & Shakers🗞️

The past week was nothing short of eventful, from the US dollar's dominance to the British pound's rollercoaster ride. And as we set our sights on the horizon of the new week, a fresh batch of stories awaits.

The Week That Was:

➡️ US Dollar's Stellar Performance: The US Dollar had a fantastic week against its major counterparts, with the Euro confirming its 8th weekly loss against it. If the Euro disappoints for the 9th time, it'll be the longest monthly losing streak since 1997!

➡️ Market Sentiment: The Nasdaq Composite, S&P 500, and Dow Jones had a bit of a rough week, with declines of -1.95%, -1.11%, and -0.42%, respectively. European markets didn't fare much better.

➡️ The British Pound's Rollercoaster: The pound had a bit of a wobbly week. First, BOE's Andrew Bailey hinted that inflation might soften. Then, the BOE's chief economist hinted that interest rates might just plateau. And if that wasn't enough, a BOE survey suggested corporate prices might drop further.

➡️ Bank of Canada's Warning: The BOC decided to keep rates steady at 5%. But they did drop a hint: if inflation doesn't cool down soon, they might just have to hike rates. Governor Macklem echoed this sentiment in his comments.

➡️ RBA's Decision: The Reserve Bank of Australia kept interest rates unchanged in Dr. Lowe's final meeting as governor. But they did leave the door ajar for "further tightening." However, money markets seem to think the rate will stay at 4.1%.

The Week Ahead:

➡️US Inflation Report (Wednesday & Thursday): All eyes are on the upcoming US inflation report. While core inflation might weaken, the headline rate could see a rise, possibly due to recent crude oil price hikes.

➡️Outside the US: The week begins with the release of UK employment data (Monday) which is important for traders of the British Pound. On Tuesday, GDP figures will also be announced for the UK. Traders of the Australian Dollar will be paying close attention to Australian employment data which will be released on Thursday. Furthermore, the European Central Bank (ECB) rate decision on Thursday is eagerly awaited by all.

Thriving as a Beginner Trader Alongside Your 9-5 Job

Balancing your burgeoning trading career with a full-time job is challenging and rewarding. To help beginners like you navigate this dual journey effectively, here are five actionable tips tailored for your 9-5 life:

1. Create a Solid Trading Schedule:
Establishing a consistent trading routine is the foundation of success. Analyze your work hours, commute time, and daily commitments to identify pockets of availability. Dedicate specific time slots for your trading activities during evenings, early mornings, or weekends.

Maintaining a structured schedule ensures you don't neglect your job responsibilities and fosters discipline in your trading routine. Discipline is the bedrock of trading success.

2. Start with Longer Timeframes:
Simplicity is key for beginners juggling trading with a 9-5 job. Begin your trading journey by focusing on longer timeframes like daily or weekly charts. These charts are less demanding in terms of constant monitoring and decision-making.

Longer timeframes allow you to make informed decisions without the stress of minute-to-minute price fluctuations. As a novice trader, this approach provides a comfortable learning curve.

3. Learn to Set Realistic Goals:
In your early trading days, it's vital to set achievable goals. Avoid aiming for quick riches. Instead, focus on learning the ropes, honing your skills, and gradually growing your trading account.

Setting realistic goals also involves acknowledging that you won't be able to trade during work hours. Embrace this constraint and use it to develop patience and discipline, which are invaluable traits in trading.

4. Build a Robust Trading Plan:
A well-defined trading plan is your roadmap to success. Begin by outlining your trading goals, risk tolerance, and preferred trading style. Document your strategies, including entry and exit criteria, and set clear risk management rules.

For beginners, risk management is paramount. Determine how much of your capital you're willing to risk on each trade, and stick to this limit religiously. A conservative risk approach can help safeguard your capital as you learn the ropes.

5. Leverage Technology and Educational Resources:

In today's digital age, technology is your ally. Utilize trading apps and platforms that offer mobile access, allowing you to keep tabs on your trades during breaks or commutes. Stay connected with the markets through news alerts and educational podcasts.

Remember, subscribing to our Forex Mastermind newsletter is a great way to stay informed. Each week, you'll receive updates on potential trading opportunities, important news, and helpful tips for personal growth. It's the perfect companion for your trading journey.

Action Steps:

1️⃣ Establish a structured trading schedule that aligns with your work hours.

2️⃣ Begin your trading journey with longer timeframes for a less demanding approach.

3️⃣ Set achievable goals focused on learning and gradual account growth.

4️⃣ Create a robust trading plan with defined strategies and risk management rules.

5️⃣ Embrace technology for remote monitoring.

SIP, LAUGH, TRADE 😁

📈LATTE LINEUP📈

-EURAUD- (+$18,000 profit from last week)

This setup was shared with our Forex Mastermind newsletter subscribers. We anticipated a bearish move on the 4-hour time frame and looked to capitalize on it with a short-term trade on the 30-minute time frame.

After confirming all our Higher Time Frame (HTF) indicators, we searched for a change in market structure on the Lower Time Frame (LTF) displayed on the 30-minute chart.

As expected, the price action formed a double-top bearish reversal pattern on the LTF before breaking and retesting the support. This was confirmed by a bearish engulfing candle, which signalled my entry point. I placed my stop loss above the previous highs and targeted the previous HTF low.

The price action maintained its bearish nature all the way to the target, resulting in over $18,000 profit on this setup. The whole game plan was shared with our members before it happened, and well done to everyone who cashed in.

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-GBPCAD-

HTF (8-HR): The price action on GBPCAD has kicked off a bearish trend. This started when the price broke through previous lows and a key support level, thus forming a fresh lower low.  After establishing the lower low, we anticipate a pullback. This means the price retracing to retest the previously broken support, which now acts as resistance. We rely on bearish rejection or engulfing candles within this resistance zone to confirm this.

Once we spot the selling pressure at the resistance zone, it's time to shift our focus to the lower time frame (LTF) to monitor any changes in market structure.

It's important to note that while the higher time frame (HTF) provides valuable insights, this setup still needs to develop further. As such, remember to stay updated through the Nexus Hub for the latest entry game plan as market conditions evolve in the coming days.