7 Golden Rules Of Side Hustling

GM. Currencies & Coffee on the beat – where we turn market murmurs into melodies you can bank on.

Here’s what we have covered today:

☕4 Major Central Bank Decisions, CPI's and PMI's

☕7 Golden Rules Of Side Hustling

☕GOLD, EURAUD and GBPUSD Setups

🗞️Movers & Shakers🗞️

Every week brings its own set of tales in the ever-shifting world of currencies. From central bank decisions to economic data releases, each event can sway a currency's strength, impacting traders and economies alike. Let's decode last week's stories and prep for the upcoming chapters in the world of forex!

The Week That Was:

➡️ ECB's Rate Decision: The European Central Bank (ECB) nudged up its interest rate. They hinted it might be their last hike for a bit, though their leader, Lagarde, played coy during her chat. This can influence the Euro, as rate hikes often signal a strong economy, making the currency more attractive.

➡️ US Economic Updates: The US saw prices rise more than anticipated, but the market's reaction was muted. However, when combined with strong retail sales and fewer folks claiming jobless benefits, the US dollar got a boost. Such data often reflects economic health, and a robust economy can strengthen its currency.

➡️ Oil's Ascent: WTI crude oil prices soared, crossing the $90 mark. This indicates concerns about supply, which can impact the currencies of oil-exporting nations such as the CAD.

➡️Japan's Rate Rumblings: The Bank of Japan's Ueda hinted at a potential rate hike, though not for this year. Rate hike discussions can sway a currency, as they often indicate economic optimism.

The Week Ahead:

➡️ Canadian CPI (Tuesday, 12:30 pm GMT): We'll peek at Canada's price changes. If inflation rises, the Canadian dollar might strengthen, as it could hint at future rate hikes by the central bank.

➡️ UK CPI (Wednesday, 11:00 am GMT): We'll see if UK prices have climbed. A rise might boost the British pound, as it could signal potential rate hikes by the Bank of England.

➡️ US FOMC Statement (Wednesday, 6:00 pm GMT): All eyes will be on the US central bank's rate outlook. Any hints of future moves can sway the US dollar.

➡️ SNB Rate Decision (Thursday, 7:30 am GMT): We'll learn if Switzerland's central bank will up their rates. A hike can bolster the Swiss franc, signalling economic confidence.

➡️Bank of England Rate Decision: Traders are eager to see if the Bank of England will tweak their rates. Such decisions can impact the British pound's strength.

➡️ Bank of Japan's Rate Decision: While no changes are expected, the Bank of Japan's insights could influence the yen.

➡️ Global PMIs: We'll get a pulse on business activities worldwide throughout the week. These insights can offer clues on economic health, influencing various currencies.

Make sure to flag these events in your trading week by checking out the economic calendar 👉🏾HERE.

7 Golden Rules Of Side Hustling

Have you ever noticed how the traditional 9-to-5 isn't the only way folks are making their mark (and money) these days? Welcome to the era of side hustles, where 35% of Americans, according to Upwork, are diving into passion projects, turning hobbies into income, and redefining what it means to work.

Why Side Hustle?

It's not just about the money, although let's be real—that's a nice perk. Side hustles offer you the chance to flex your creative muscles, explore new ventures, and even fund that bucket-list vacation. Plus, there's something incredibly satisfying about being the captain of your own ship, even if it's just for a few hours a week.

The Golden Rules of Side Hustling

1. Find Your Unique Path: Your neighbour's dog-walking gig might be booming, but what lights your fire? Your side hustle should be a reflection of your skills and what you genuinely enjoy doing.
2. It's Not Just About You: The most rewarding side hustles are the ones that add value to other people's lives. So think bigger—how can your venture make a positive impact?
3. Leverage Your Day Job: Don't underestimate the skills you've honed in your day job. They can be a springboard for your side hustle, offering you a unique edge.
4. Time Management is Key: Time is money, especially when you're juggling multiple commitments. Use those spare moments wisely—skip the endless scrolling and opt for a quick productivity burst.
5. You Don't Need to Know Everything: You're not a Swiss Army knife, and that's okay. Focus on your strengths and consider outsourcing the rest.
6. Keep It Simple: Business doesn't have to be a labyrinth. You're on the right track if your side hustle brings you joy and some extra cash.
7. Be Ready to Pivot: Flexibility is the name of the game. If something's not clicking, don't be afraid to switch gears.

Why Not Try Currency Trading?

Looking for a side hustle that packs a financial punch? Consider currency trading. But here's the twist—it's not just about the money. It's about empowering yourself with a skill that lets you live life on your terms. Imagine a world where you're not clocking in endless hours for someone else's dream but building your own. Think about the freedom to take impromptu vacations, enjoy more family time, or even just the simple pleasure of reading a book on a Tuesday afternoon. It's about crafting a life where you call the shots, where experiences matter more than endless to-dos.

Take the Next Step!

Ready to level up your side hustle game? Join our Forex Mastermind Newsletter. We'll walk you through the ins and outs of currency trading, offering you the strategies and game plan you've been searching for. Don't just hustle—master it. Join Now!

SIP,  LAUGH,  TRADE 😁

📈LATTE LINEUP📈

-XAUUSD-

HTF (8-HR): Gold (XAU) recently descended to form a lower low, only to stage an impressive rally back to its previous peak. At this juncture, it's pivotal for sellers to assert their influence and uphold the bearish bias on the Higher Time Frame (HTF).

This week, we scrutinize the charts for subtle yet telling signs of seller activity. Our quest involves seeking the emergence of small indecision candles, bearish rejection candles, or decisive engulfing candles. These price patterns will offer critical insights into the evolving market sentiment prior to examining the Lower Time Frame (LTF) for potential entries.

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LTF (1-HR): Once we have our HTF confirmations, I would like to observe the selling pressure leading to a change in market structure on the LTF. We should see a shift from higher highs and higher lows to lower lows and lower highs. I plan to take a short position when an LTF support level is breached with a new low and retested, confirmed by bearish rejection or engulfing candles. I will place my stop loss above the highs and aim for the previous HTF low.