Tik Tok - Find Your Timeframe & Your Profits

GM. This is Currencies & Coffee. We're like your financial sous-chef – prepping the insights so you can cook up success.

Here's what we have covered today:

☕ US Central Bank Minutes, Canadian CPI & Global PMI's

☕ Tik Tok - Find Your Timeframe & Your Profits

☕ Gold Looks Set to Drop!

🗞️Movers & Shakers🗞️

Let's cut through the financial jargon and get straight to the point with this week's major market events:

• RBA Meeting Minutes (Feb. 20, 12:30 am GMT): The Reserve Bank of Australia's latest meeting transcript will be out, giving insights into their decision to hold rates at 4.35%. Any hints of future policy direction could sway the Aussie dollar, so keep your eyes peeled.
  
• People’s Bank of China Rate Decision (Feb. 20, 1:15 am GMT): As Chinese markets reopen, all eyes will be on the PBOC's loan rate settings. No big moves are expected, but any surprise could spark market reactions, especially in risk sentiment.
  
• Canada’s Inflation Data (Feb. 20, 1:30 pm GMT): Canada is set to release its latest inflation figures. A rebound in monthly inflation is anticipated, but the overall trend could influence the Bank of Canada's next steps and impact the Canadian dollar.
  
• Australia’s Wage Price Index (Feb. 21, 1:30 am GMT): Wage growth data from Down Under could affect RBA rate speculations. Slower growth might cool expectations for further tightening, potentially moving the AUD.
  
• FOMC Meeting Minutes (Feb. 21, 7:00 pm GMT): The Fed's recent meeting minutes will be scrutinized for any signs of future policy shifts. With a "higher for longer" stance so far, any dovish hints could surprise markets.
  
• Global PMI Reports (Feb. 22): Starting with France at 8:15 am GMT and followed by Germany, the U.K., and the U.S., these PMI reports will give a fresh look at global economic health. Watch for impacts on the EUR, GBP, and USD.
  
• Canada’s Retail Sales (Feb. 22, 1:30 pm GMT): Ending the week, Canada's retail sales could show a consumer spending rebound. Positive data might bolster the CAD, especially if it aligns with earlier inflation trends.

Tik Tok - Find Your Timeframe & Your Profits

Today, we're talking about a key factor in successful forex trading - knowing your time frame. Knowing whether you're a sprinter or a marathon runner helps you develop a plan that plays to your strengths and gives you the best chance for success.

As someone who's been around the forex block a few times, let me tell you - finding your time frame is crucial. Are you a scalper who likes to make quick trades and move on? A day trader who likes to capitalise on market movements throughout the day? A swing trader who holds onto positions for a few days to capture larger moves? Or a position trader who's in it for the long haul?

Knowing your time frame will help determine which strategies and approaches work best for you. It will also help you manage your risk and make informed trading decisions. And trust me, it's worth taking the time to figure it out.

When I first started trading, I was all over the place. I tried to do everything simultaneously - scalping, day trading, swing trading, and holding positions overnight. But I wasn't making consistent profits, and I was getting frustrated. It wasn't until I took a step back and evaluated the time frame that I realised I was a swing trader at heart. Once I focused my efforts on swing trading, my profits started to increase, and I was able to develop a more consistent and profitable trading plan.

The bottom line is this - knowing your time frame will help you find your niche in the forex market. It will help you understand the types of trades that will be best suited to your personality, lifestyle, and goals. So take the time to figure out your time frame and develop a plan that works for you. Your profits will thank you!

SIP,  LAUGH,  TRADE 😁

📈LATTE LINEUP📈

-CADCHF-

HTF (Daily): The price has made a higher and continues the upward trend. I'm currently waiting for a pullback to retest the previous resistance as support which also lines up nicely with the 50% Fibonacci level. Once we have some buying pressure from the zone in the form of bullish rejection or engulfing candles, let's take a look at the lower time frame to look for an entry.

The price still needs to develop so make sure to check out the Nexus Hub for all the updates.