Currencies:
This week we have seen further downside on the USDOLLAR as anticipated. We are looking for this to continue for now, but we do need to be careful due to fundamentals out today and tomorrow for the dollar.
Although the dollar has been moving down, the JPYBasket has been ranging for the last few days. Its difficult to tell which way we are going to go. With the technicals showing the higher timeframe is still bearish, but the lower timeframe is looking bullish right now. The best thing to do is sit and wait to see which way we break out. Hopefully, we see some more clarity on this soon, as the JPY pairs are some of the main pairs we trade.
Upcoming fundamental releases we have are:
THURSDAY, MAY 26
- USD, Core Personal Consumption Expenditures (QoQ)(Q1)
- USD, Gross Domestic Product Annualized(Q1)
- USD, Gross Domestic Product Price Index(Q1)
- USD, Initial Jobless Claims(May 20)
- USD, Initial Jobless Claims 4-week average
- USD, Personal Consumption Expenditures Prices
- CAD, Retail Sales (MoM)(Mar)
- CAD, Retail Sales ex Autos (MoM)(Mar)
- USD, Pending Home Sales (MoM)(Apr)
- NZD, ANZ – Roy Morgan Consumer Confidence(May)
FRIDAY, MAY 27
- JPY, Tokyo Consumer Price Index (YoY)(May)
- JPY, Tokyo CPI ex Food, Energy (YoY)(May)
- JPY, Tokyo CPI ex Fresh Food (YoY)(May)
- AUD, Retail Sales s.a. (MoM)(Apr)
- EUR, ECB’s Lane speech
- USD, Core Personal Consumption Expenditures – Price Index (MoM)(Apr)
- USD, Core Personal Consumption Expenditures – Price Index (YoY)(Apr)
- USD, Personal Income (MoM)(Apr)
- USD, Personal Spending(Apr)
- USD, Michigan Consumer Sentiment Index(May)
USDollar Daily
JPYBasket – 4HR
TRADER’S TIPS
I wanted to repost a trader’s tips section I wrote up a few months ago. I believe it’s good to refresh on previous thoughts we may have, in case it has been forgotten. This is probably my favourite one I have written and is one I like to keep reminding myself of.
Over the last week I have been reading a book by Steven Bartlett called ‘Happy Sexy Millionaire: Unexpected Truths about Fulfilment, Love and Success’ And from it there have been a lot of things that have heavily resonated with me. I recommend this book, and his podcast ‘The diary of a CEO’.
A quote from the book is:
‘An accomplished goal brings with it a loss of orientation and the risk of being swayed towards the chaos of purposelessness and psychological destabilisation. There is often discomfort in the act of striving for something – such as hard work, failure, rejection and fatigue – and we confuse this for chaos, but it’s ironically the act of striving that keeps us stable. Paradoxically, our chaos is our order, and the happiness we’re pursuing is the pursuit of happiness itself.’
(When Steven talks about happiness, he is talking more about fulfilment than the actual emotion of happiness)
The reason why this resonated so much is because when I think about the journey we are on, we often say to ourselves things like ‘Once I get this funding then I will be happy’ or ‘Once I make 5 figures then I will feel good’ and the list goes on and is never ending. But how often do we stop and appreciate the journey itself? We often beat ourselves up when we fail, like losing a trade or losing a funding challenge, but the act of this ‘chaos’ on the journey is a necessity and in those hard times we should try to appreciate the fact that this is not easy and that is what makes it fulfilling. How boring would it be if everything was easy? This concept is a paradox, seeking fulfilment in chaos but I believe it is a concept we should seek to implement within our lives.
Now I am not saying that when you take a loss, you should feel happy and content – that’s absurd. All I am saying is that if we can shift our perspective and take the approach of something like ‘This is part of the journey, how can improve myself to overcome this obstacle, then we can learn to be happy (fulfilled) on the journey itself.
Expecting to be happy once you reach a goal is crazy when you think about it because goalposts are always moving further away, and you will be chasing something which cannot be caught.
This all sounds good in theory and makes a lot of sense. In practical terms, though it is very difficult. This is why it is okay to get emotional when you hit a bump in the road and have a setback – we are all human at the end of the day. As long as you put it into perspective afterwards, make the necessary adjustments and continue moving forward.
This journey is a very difficult one, especially in trading where it seems like there is a constant battle within. However, perspective is needed always and seeking fulfilment on the journey itself is the key.
One of the goals I have this year is to start enjoying the journey itself. Enjoy the trials and tribulations that will come my way. Last year I found myself feeling lost after hitting a goal, like more funding or a monthly income target. By adopting this concept, I hope to combat that.
Advanced Group Wins
Our students have been smashing it over the last few weeks, with some amazing trades.
