Potential 1000 Pip Gold Move

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Here's what we have covered today:

☕ Key Economic Events to Watch This Week

☕ 14 Essential Trading Performance Metrics to Track

☕ Potential 1000 Pip Gold Move

Credit: marketmilk.babypips.com, (Data As of May 28, 2024 at 12:16 GMT +4:00)

🗞️Movers & Shakers🗞️

Let's break down the key financial events this week, focusing on what really matters for your trading strategies:

Global Inflation Updates:

  • BOJ Core CPI (May 28, Tues, 5:00 am GMT): Expected to maintain 2.2% annually. Watch Tokyo’s CPI on May 30 for signs of acceleration. Easing here could impact BOJ rate hike expectations.
  • Australia CPI (May 29, Wed, 1:30 am GMT): Forecasted to slow to 3.4% y/y. This will influence RBA's future rate decisions.
  • Euro Area Inflation (May 29-31): Key updates from Germany, France, Spain, and Italy. Germany and France are expected to slow down, while Spain and Italy may see slight increases. Euro Area’s flash CPI estimate on May 31 could rise to 2.5% y/y, affecting ECB rate cut expectations.
  • U.S. Core PCE Price Index (May 31, Fri, 12:30 pm GMT): Expected to slow to 0.2% m/m in April. A weaker reading could spark Fed rate cut bets, impacting USD.

Global GDP Updates:

  • Switzerland GDP (May 30, Thurs, 7:00 am GMT): Expected to maintain 0.3% quarterly growth for Q1 2024.
  • France GDP (May 31, Fri, 6:45 am GMT): Forecasted to hold at 0.2% quarterly growth for Q1 2024.
  • Canada Monthly GDP (May 31, Fri, 12:30 pm GMT): Expected to slow to 0.0% for March. A weaker reading could reinforce July BOC rate cut bets.
  • U.S. Preliminary GDP (May 30, Thurs, 12:30 pm GMT): Anticipated to be revised down to 1.3% q/q growth from 1.6%. Watch for any changes in the GDP price index.

China’s PMI Reports (May 31, Fri, 1:30 am GMT):
Expected to hold steady at 50.4 for manufacturing, with a slight improvement in services to 51.5. Watch for any signs of economic slowdown that might prompt stimulus.

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Keep these events on your radar, as they're likely to influence market sentiment and currency movements. Flag them HERE!

14 Essential Trading Performance Metrics to Track

No matter how long you’ve been trading, it’s important to monitor your performance to identify your strengths and weaknesses. To help you track your progress, we’ve compiled a list of fourteen key statistics that every trader should be monitoring. Trust us; knowing these numbers will give you a serious edge in the market!

  1. Net Profit: Your total earnings minus losses. Include costs like equipment, broker fees, and signal services for accuracy.
  2. Win Percentage: The percentage of profitable trades. Aim for at least a 60/40 win rate.
  3. Loss Percentage: The percentage of losing trades. Keep this number as low as possible.
  4. Largest Winning Trade: The highest profit from a single trade, excluded from average calculations to avoid skewing results.
  5. Largest Losing Trade: The highest loss from a single trade, also excluded from averages for accurate analysis.
  6. Average Winning Trade: The average profit per winning trade, calculated by dividing total gains by the number of winning trades.
  7. Average Losing Trade: The average loss per losing trade, calculated by dividing total losses by the number of losing trades.
  8. Profit Factor: Total gains divided by total losses. A higher number indicates a more profitable system.
  9. Average Holding Time per Trade: The average duration you hold trades, calculated by dividing total holding time by the number of trades.
  10. P/L of Long vs. Short Trades: Compare profitability between long and short trades by summing gains and losses for each type.
  11. Largest Consecutive Losses: The maximum number of consecutive losing trades. Strive to keep this number low.
  12. Average Consecutive Losses: The average number of consecutive losses, found by averaging the lengths of losing streaks.
  13. Maximum Drawdown: The largest decline from your peak balance, indicating the risk level of your trading strategy.
  14. Expectancy Score: A measure of your trading system's success. Calculated as (Win % * Average Win) - (Loss % * Average Loss).

Regularly tracking these metrics can refine your trading strategies and enhance your overall performance. Stay informed, stay disciplined, and watch your trading success grow.

SIP, LAUGH, TRADE 😁

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-Trade Setups 28/05/24

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Regards,

Husam Samy
Founder & CEO, SFX Global.