Unbelievable: My Old Salary in Just 12 Hrs

GM. Currencies & Coffee here, brewing the latest market moves into easy sips of wisdom.

Here’s what we have covered today:

☕PMI's, CPI's, RBA and FOMC Minutes

☕ My Millionaire Mentor's Truths About Wealth (And Why Some Never Attain It)

☕My $75,000 GBPUSD Trade, AUDCAD & NZDJPY Setups

🗞️Movers & Shakers🗞️

As we delve into another week of financial developments, let's navigate the intricate world of global economics and its impact on markets. From central bank minutes to pivotal inflation data, each event holds the potential to sway the tides in currency and equity markets. Here's a recap of last week and what to watch in the week ahead:

The Week That Was:

➡️ US CPI and Market Response: US inflation data came in lower than expected, reinforcing the belief that the Federal Reserve might have reached its peak rate. This led to the US dollar index experiencing its worst day of the year. US bond yields also dropped significantly, suggesting that yields might have peaked for this cycle.

➡️ Wall Street's Surge: Following the CPI report, Wall Street indices soared to new cycle highs. The Nasdaq 100 neared its July peak, the Dow Jones hit a 3-month high, and the S&P 500 reached a 2-month high.

➡️ UK Inflation Rate Decline: The UK's headline inflation rate slowed to a 2-year low, increasing speculation that the Bank of England might be the first major central bank to cut rates.

➡️ BOJ's Potential Policy Shift: A Reuters report suggested that the Bank of Japan might be preparing markets for an end to negative interest rates, possibly as early as Q1 2024.

➡️ China's Economic Data: Retail sales and industrial production in China exceeded expectations, a positive sign after better-than-expected Q3 GDP. However, continued weakness in the property market led to a new round of stimulus from Beijing, injecting ¥1 trillion yuan into the sector.

➡️ Oil Prices Drop: Concerns over demand from the US and China pushed crude oil to a 4-month low, aligning with lower $70 targets.

The Week Ahead:

➡️ RBA Meeting Minutes (Nov 22, 12:30 am GMT): The Reserve Bank of Australia's recent decision to hike rates will be further illuminated in the upcoming meeting minutes. Market participants will scrutinize the details for any hints of future policy direction. A dovish tone could soften the Australian Dollar, while a more hawkish outlook might bolster it.

➡️ FOMC Meeting Minutes (Nov 23, 7:00 pm GMT): The Federal Reserve's discussion points and policy considerations will be in the spotlight. If the minutes suggest openness to further rate hikes, we could see a strengthening of the US Dollar. Conversely, a more cautious or 'peak rate' tone might weaken it, as traders adjust their expectations for future monetary policy.

➡️ Flash PMI Reports: A series of Purchasing Managers’ Index (PMI) reports will offer early insights into business activities across major economies. Starting with Australia (Nov 22, 10:00 pm GMT), the focus will then shift to France, Germany, the Eurozone, the UK, and the US (Nov 24, 2:45 pm GMT). These reports are crucial as they can indicate the direction of economic health. For instance, weaker-than-expected PMI data could signal slowing economic activity, potentially affecting local currencies and investor sentiment.

➡️ Japan's CPI (Nov 23, 11:30 pm GMT): Japan's inflation data will be closely watched. An uptick in inflation could hint at a shift in the Bank of Japan's long-standing stance on monetary policy, potentially strengthening the Japanese Yen. This release is particularly significant given the recent speculation about the BOJ moving away from negative interest rates.

My Millionaire Mentor's Truths About Wealth (And Why Some Never Attain It)

At 31, my mentor's story was one of struggle, frustration, and financial breakdown.

He had embarked on his entrepreneurial journey, fueled by ambition and a sense of invincibility. His lifestyle was extravagant, matching his high hopes.

But the year was 1986, and Australia was in the grip of a severe economic recession. His fortune dwindled to nothing.

This catastrophic loss, however, became his most profound learning experience.

Here's his wisdom.

No one is coming to save you!
He confronted his loss without excuses or blame. He understood that the only rescue would come from within.

In a world quick to blame external factors like politics, the economy and whatever else, he recognized the power of self-accountability. While others lamented their fate, he saw an opening for growth and progress.

"If your entire life can be turned upside down by a change in a few percentage points or a politician, you’ve built a life on a house of cards."

There is good news, though. The competition is extremely low. While most people are wasting energy complaining, you’re getting on with it.

See everything as an opportunity.
He dove into industry publications and networking events, identifying emerging trends ahead of the curve.

He said:

“As an entrepreneur, you have to take multiple shots, and you only need one of them to be right.”

I took his advice to heart. Amidst high-interest rates, rapid inflation, and the 9-5 grind becoming a nightmare, I ventured into forex trading. I gave myself a five-year horizon to master this skill, aiming to live the life of my dreams.

While others retreated into financial conservatism, I invested every dollar in myself. My bravery and determination have now paid off tenfold in both skillset and income.

Make yourself financially invincible.
Despite losing everything, my mentor's skills and experiences were his safety net.

Money can be stolen, lost or taken.

Your skills and knowledge are the real wealth that no one can take away. They are the tools that can rebuild fortunes.

“Don’t just invest in your financial security, invest in your financial ability to make money.”

Today, everyone has a university education, but the traditional safety nets of degrees and stable careers are not as infallible as they once seemed. The COVID-19 pandemic starkly illustrated this, with thousands of jobs vanishing overnight. It's a sobering reminder: a doctor without a practice, a lawyer without a firm, an engineer without a project - their specialized skills, though valuable, hinge heavily on the availability of employment. Without it, these skills can become redundant.

Sales, marketing, networking, trading - these are the pillars of self-sufficiency in the modern economy.

People: The Cornerstone of Success
Relationships are a necessity of life.

They are vital for your happiness, well-being, and, of course, your wealth.

"Surround yourself with people who have what you want, not the degenerates complaining all day! Most importantly, never listen to anyone giving you advice who isn't at a level in life you want to be. This may include your family and your closest friends"

"If I listened to my father I'd be sheering sheep on a cattle station, there's nothing wrong with that. But I'd much rather be sipping Dom Pérignon in Saint Tropez"

Summing Up His Wisdom
A mentor guides every hero's journey. Luke Skywalker had Yoda; Rocky had Mickey Goldmill.

While a personal multi-millionaire mentor might not be accessible, their wisdom is available online.

Millionaires and billionaires share their knowledge freely through various platforms. Absorb their content, learn from their experiences, and emulate their success paths.

I, for example, share with you this newsletter twice a week, giving you actionable advice to implement in your life. I also share with you insights into the one skill that has made me over 7-figures at the age of 28. Don't just read it. Put into action the knowledge you gain.

SIP,  LAUGH,  TRADE 😁

📈LATTE LINEUP📈

-GBPUSD- ($75,000 Buy position)

Last week, I made a phenomenal trade on GBPUSD thanks to some news events. As I always say, you need to be in it to win it. Let's take a look at why I entered the trade.

On the Higher Time Frame (HTF) of the 12-HR chart, we can see that GBPUSD was moving sideways. We then had a new higher high form followed by a retracement to retest the previous resistance as support. This area lined up with the 61.8% Fibonacci level, forming a strong area of confluence for the price reversal and continuation of the upward trend. The return of the buyers was evident through the strong rejection candle from this area.

Now, having all my confirmation for the HTF, I was ready to look for an entry on the Lower Time Frame (LTF).

On the LTF of the 30-minute chart, I was looking for the buying pressure of the HTF to lead to a shift in market structure from lower lows and lower highs to higher highs and higher lows to take an entry.

I observed the price breaking a previous resistance level and then retracing back to test it as a support level, which was confirmed by a bullish engulfing candle. I took an entry position at the candle closure, with my stop loss placed below the previous low. My target was the previous high of the HTF.

After I entered the trade, the price skyrocketed overnight thanks to the favourable US data that was released. As a result, I closed the trade well above my target and earned a profit of approximately $75,000 on the setup and over $60,000 for the month so far (over 10% ).

The craziest part is I made my old engineer's salary overnight while I slept.

I want to emphasise this doesn't occur all the time. However, I have positioned myself to exploit these moves through the years I have dedicated to crafting my skills. What I want you to focus on is my reasoning for entering the trade. It should come as no surprise it was the exact framework I shared with you week in and week out.

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-AUDCAD- (Counter-trend setup)

HTF (12-HR): The price has recently broken the previous high and resistance level, and it's continuing to move upward. However, the price never moves in a straight line, and as we look to the left, we can see that it's approaching a previous level of resistance. Hence, it's anticipated that some sellers will step in from that area, which could cause a correction, pushing the price back down to retest the previous resistance as support. Therefore, it's advisable to wait for the bearish rejection or engulfing candles to look for a counter-trend sell setup.

This setup is considered counter-trend because the primary trend is bullish, and we are merely looking to ride a correction before the primary buy setup at the previous resistance, which we want to act as support. Hence, this setup is slightly risky as we are trading against the momentum.

Once we have our higher time frame (HTF) confirmations, we can go to the lower time frame (LTF) to look for an entry.