Congrats! You just made $5,700.00 Profit.

GM. Currencies & Coffee checking in – where we don't predict the market, we jam with it.

Here’s what we have covered today:

☕RBA's Pause, ECB's Hawkish Hint & What's Next?

☕5-Step Game Plan to 6-Figure Trading Capital

☕$5,700 Trade Breakdown

🗞️Movers & Shakers🗞️

As the world spins, so do the tales of currencies. Last week was a rollercoaster from unexpected twists in Australia to the chatter from European banks. As we peek into the week ahead, there's no slowing down. Grab your coffee, and let's dive into the currency stories that made headlines and those that are about to.

The Week That Was:

➡️ Australia's Inflation Rate: The land down under saw its inflation rate cool down to a 16-month low of 4.9% in July. With this and some not-so-great job numbers earlier in the month, it's looking like the Reserve Bank of Australia (RBA) might keep things steady at 4.1% in September.

➡️ US JOLTS Report: This report, which isn't usually the talk of the town, made some waves this time. It came in weaker than expected, hinting at a not-so-rosy job market, with the number of job openings decreasing from June to July. This got people thinking that maybe, just maybe, the U.S. Federal Reserve might not rush to raise rates in September.

➡️ US Dollar & Yields: Following the JOLTS report, both the US dollar and yields took a bit of a tumble on Tuesday. But it wasn't all bad news - this dip boosted risk appetite.

➡️ US Q2 GDP: The U.S. economy's report card for the second quarter came in, and it was a tad lower than expected. This has fueled some chatter that the U.S. might be in for a soft landing and that the Federal Reserve might be done with rate hikes for now.

➡️ ECB's Isabel Schnabel Speaks: Isabel Schnabel, a prominent voice from the European Central Bank, made some hawkish remarks. While she hinted at another rate hike in September due to growth not meeting expectations, her comments boosted the euro.

The Week Ahead :

➡️ RBA's Policy Decision (Aug 5, 4:30 am GMT): With the recent inflation and job numbers, the RBA is expected to play it safe and keep rates steady at 4.10%.

➡️ U.S. ISM Services PMI (Sept 6, 2:00 pm GMT): After the recent job report surprises, the ISM services PMI is in the spotlight. A slight slowdown is expected, but any surprises could shake things up for the dollar.

➡️ BOC's Policy Decision (Sept 5, 2:00 pm GMT): After a whirlwind of rate changes, the Bank of Canada is expected to hit pause. But keep an ear out for any hints about their next moves.

➡️ China's Inflation Data (Sept 9, 1:30 am GMT): China's set to release its latest inflation numbers. Expectations point to a slowdown in consumer prices and a slight uptick on the producer side.

So, there you have it! A whirlwind week in the world of currencies, with all the ups, downs, and in-betweens. Remember, in trading, it's all about the stories these numbers tell. So, keep your charts close, and let's navigate these currency currents together!

5-Step Game Plan to 6-Figure Capital

Breaking into the trading world can seem daunting, especially when starting capital is a concern. But what if I told you there's a way to leverage significant capital even if you're starting from scratch? Proprietary (or "prop") trading firms offer a unique avenue for traders to access larger funds, and with the right approach, you can tap into this opportunity. Here's how:

1. 🎯 Grasp Prop Trading Dynamics:
Prop trading firms allocate a portion of their capital to individual traders. In return, traders share a percentage of their profits with the firm. It's a symbiotic relationship: you access more substantial capital, and the firm benefits from your trading acumen.

2. 📚 Skill Up & Stand Out:
Before diving in, it's crucial to sharpen your trading skills. This means understanding risk management – the backbone of successful trading. Every trade carries potential rewards and risks. Your goal? Maximize the former and minimize the latter.

Backtesting – the practice of testing trading strategies on historical data – is also invaluable. It allows you to refine your approach, ensuring you're ready for real-time trading. Prop firms value traders who demonstrate both knowledge and practical skills.

3. 💼 Choose the Right Firm (And Stay Tuned for Ours!):
Research is key. Seek prop trading firms with transparent fee structures, stellar reputations, and supportive training programs.

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4. 🤝 Ace the Challenge:
Most prop firms have an evaluation phase. This is your moment to shine. Trade successfully, showcase your risk management prowess, and earn the firm's trust. Remember, it's as much about consistency as it is about profits.

5. 🚀 Scale with Caution:
Once onboarded, tread wisely. With more capital comes greater responsibility. Prioritize consistent gains and always have a risk management strategy in place. As you prove your mettle, many firms (including ours in the future) will reward you with increased capital, propelling you closer to that coveted 7-figure under management.

Currency trading stands out as a prime side hustle. Why? Because it's not about pouring in vast sums of money; it's about investing time to master a skill. Once you've got the knowledge, prop trading firms offer the chance to leverage other people's capital. This means you can start generating returns without tying up your own funds. Imagine a side hustle where knowledge is your ticket to financial growth. Currency trading could be your next big move if you're seeking an intellectually and financially rewarding challenge.

SIP, LAUGH, TRADE 😁

📈LATTE LINEUP📈

-GBPCAD- ($5,700 profit from last week 👉🏾HERE)

I recently shared my trading setup for GBPCAD last week. After receiving confirmation from the higher time frame (HTF), I was looking for a change in the market structure that would support my bullish stance. This involved a break and retest of the lower time frame (LTF) highs.

Things went pretty much as planned, with the price behaving as we had expected. I entered the market when the bullish candle closed, setting my stops just below the recent lows. The price continued to rise, and I decided to take some profits by closing half of my position at an intermediate level. I also moved my stop loss up to my entry point to secure some gains.

Unfortunately, we didn't quite reach our target, and the price eventually came back down to our initial entry point. I closed the second half of my position at breakeven, resulting in a profit of $5,700 for this trade. Well done to everyone else who followed the game plan and made money on this setup.

-XAGUSD-

HTF (12-HR): The recent trend for Silver has been bearish. On the higher time frame, the price has formed a new lower low, breaking the previous level of support. Currently, the price has retraced up to the 100% Fibonacci level and the previous high, where the sellers have entered with strong volume. This area was the last point for selling pressure to enter, and the market has responded. Let's examine the lower time frame to determine a suitable entry point.

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LTF (1-HR): Based on the 1-hour time frame, it is evident that the price action has transitioned from higher highs and higher lows to lower lows and lower highs. This indicates that the high time frame selling pressure has now translated to the lower time frame. To take advantage of the bearish bias and execute a sell setup, I am looking for the price to retrace and test the previously broken 1-hour support as resistance, which should be confirmed with bearish rejection or engulfing candles. As for risk management, I will place my stop loss above the previous high and aim to target the high time frame low.