 So I'll try and recap a bit quickly what some of what was missed when the sound cuts out. So I think you probably saw from the economic calendar some of what was on offer here. But the main things were just, again, doing it a bit quickly than I did the first time around. But on Monday, the main thing is the PMIs. We've got personal spending from the US later. These are the big economic events to concentrate on. US factory orders on Tuesday. On Wednesday, it's about the services PMIs. So starting with China, then Europe and the UK. ADP and employment data that leads us, the first bit of an indication before the non-farm payrolls on Friday. Thursday is the big one for the UK for those FTSE and Pound traders, because we've got that triple event from the Bank of England. The interest rate decision, the minutes, and then the inflation report all taking place in the morning. So that'll be interesting. A few different things to look at there. We can cover that a bit more in detail when I look at the Pound and FTSE. As I just was, you saw a bit of the chart there, so I'm probably down to go over that too much. And then Friday is probably the big end to the week in terms of the general macro conditions, because we've got the non-farm payrolls. And the reason that's so big is just because we've only got two payrolls left until September. And September is a date that a lot of people are looking at as a potential first rate hike. So apologies again for that sound issue there. Now, I think a lot of you probably saw what was generally going on in the FTSE there. So I've closed out there. Let's move swiftly on to Germany. So here was, I think, where we were last week, in and around this sort of level, we were dipping down from the high. The first level for me to pay attention to was this area that we pulled back into the gap. And it was basically the Thursday, July 2nd, peak. And that corresponded with this declining trend line. So that was an area, but then I had this box highlighted as the next area below. That was just a gap that took place the week before. And that is where we ended up holding up right at the bottom of that gap. So we filled it. We've moved time. We've pushed back through this level as of today quite concretely. So I think maybe this decline was similar to the FTSE, what I was saying there, to the UK 100 is that we've made a lower low. And so it wasn't exactly a strong trend. So we saw this strong reaction attributed to what happened in Greece. But we weren't in a strong uptrend. We'd made a lower low followed by a higher high. So we still needed to make that higher low, which looks like we've put it in now. So now it looks like we're kind of reversing this downtrend, flushed a few people out with quite a deep correction. We're now pushing higher. And my default is that we're heading back towards these highs. But just something again to be wary of is that previous high. It's obvious enough. But also in a slightly shakier market, people may be tempted to get out in this kind of vicinity where the price broke down. So in and around here, the sort of 666D kind of level. So Germany-wise, there's not a whole host of European data this week. The only one is the German industrial production. So my feeling is that probably European markets are going to get largely pushed around by, well, I suppose there is the PMI data. That gives us a good indication as to the economy. But also how the Athens stock exchange fares out. Probably didn't hear me at the start, but I was just saying that today, you've probably seen already in the news that the Athens stock exchange opened down over 20%. Some of the Greek bank stocks opened down, limit down 30%. The maximum limit down you can have on the day. And, you know, I wouldn't be surprised at all to see them 30% down again tomorrow because those Greek banks as of now are insolvent. So there needs to be some sort of bailout restructuring package for them to have any sort of hope of existence. So good that the markets are open, but obviously they're getting pummeled and that's the source of worry for the rest of the European industries and there's Germany 30 being a big one. Switching gears to the US, it's just flickering over this weekly chart because I think it's important to realise the general context we're in. Strong, general, long-term uptrend means that any of these corrections have been buying opportunities with the benefit of hindsight. So look where we've been this year. This is basically kind of the base of this year. This is kind of the next level of base. And then this is the peak. So it's been uptrending, but rather sideways. And there's been plenty of times we've been up for the year, plenty of times we've been down for the year. That's largely meaningless. You know, something you hear in the press is all, we're up for the year, down for the year. I mentioned it in my notes. It's a sort of general gauge of sentiment, but it's not too significant. The general direction of travel is what we're interested in here. And it was kind of upwards, and then you could argue probably as of March it's been pretty much sideways. So we had a decent reaction last month. It raises the possibility of a break of the peaks, but it's certainly far from a foregone conclusion. You've just got to be aware that when you are trading on these lower time frames, this is sort of an interesting setup here where we don't seem to be able to go through 2-1-10 with a kind of big spike through and a false breakout and potentially rolling over. Just remember that we are in the middle of the range. So even though that pattern is kind of promising after a bit of a run up, you just don't know quite how far it's going to go if in fact it even does go because we're in that rain trading environment. And it's much the same in the US 30. One thing I was just noting that's something I mentioned last week I think is that you can obviously switch down to the lower time frames in search of trends when we are in a kind of longer-term sideways market. Obviously with the knowledge that these trends could turn around at different points and they're not going to be as reliable as if when you're trading a short-term uptrend in the context of a long-term uptrend, you've got both those factors in your favor. At the moment, the longer-term trend is kind of sideways. Medium trend you could say is sideways. Short-term trend is going to change around. You can see that. Nice short down trend but reverse pretty quickly into a low-uptrend here. Now we're stalling out. For the time being, this could be a kind of double-top formation, but it's quite a naturally defined range. So you're going to have to be careful. The trades that are most likely to work out are going to be the ones buying at the bottom of the range, selling at the top of the range, but probably the most profitable ones will be when there is actually a breakout. Everyone has their different definitions to how to trade these breakouts. You can trade certain percentages above and below at the bottom of the range. You can wait for a close above or below at the bottom of the range, but that's going to help you best. But again, we're in a kind of sideways market so you just don't quite know how far that breakout is going to go, but I think a fair estimation would just be one of these lines that are drawn above them. Here, given the general upturning market, I think a break higher could terribly take us to this top line. A bit lower, I just don't know if you can get much below this line before then probably chopping higher again. I don't, just as a by-the-by platform default is that RSI turns up on whatever time frame you're trading. I tend to really only watch on the daily timeframe. So you can see that we're still in this kind of range-bound environment. Again, if you're selling here, you're selling not only the middle of the price action, but you're selling in the middle of the RSI as well. So not the highest probability. So again, you just have to, it's not that you can't trade, but you probably have to be a bit more conservative on how much you're targeting as a profit. I hope that makes sense. By the way, to the start, you may not have heard any questions at all. Please just send them through this question and answer area. And any particular markets you would want me to have a look at, they think maybe I wouldn't be otherwise. Again, send it through. Okay, we've closed all those out. So let's switch over to what has been a much more interesting and volatile area of the market. So, you know, these webinars, you know, they try to be as broad-based as possible focusing on generally the most popular markets. So I can't dig down to the very sort of small time frames. But, you know, you notice that generally on sort of daily to the weekly four-hour time horizon, that you can see these commodity markets are being absolutely hammered just alongside a strengthening of the U.S. dollar as well as some well-talked about supply and demand issues in each one of these individual markets. But I think gold and silver really look pretty interesting at the moment. This, on the face of it, in gold at the moment, is a bare penance pattern. So you have a sharp decline down. This is the flagpole. Then this is the penant, which is just like a triangle instead of a horizontal range. But depending on how you draw your trans-line, you can drop a few lows off and make it horizontal as well. You can see it a bit better on the four-hour chart. Now these, you know, it looks all good here, but you'll know from the chart forum that you have to adjust your trend lines a bit sometimes because, for example, I had this. We had a false break. So if you traded right on the break, you wouldn't have got this. But if you'd waited for the high close, you wouldn't have got this. But if you'd waited for a move above that previous high, you'd have been safe. We then kind of chopped down again. So then after that high was made, a general good rule of thumb is to move that high up. We've got a bounce low here. Now we've made a new high, and we're bordering on almost making this horizontal. But probably the more conservative breakout now would be through here. And we obviously got this bottom trend line, which for now is actually working quite well. But again, this is based on the first low. To be more conservative, you could actually just adjust it slightly to the next low. So this is, you know, buying and selling in this range in the short term kind of optimum trading scenario. Anything in the middle is pretty risky. But based on this pattern, you'd expect a sharp break lower. Silver offers a slightly different picture. Now I think still the trend is obviously down until we've got this trend line here, we've got this false break here. This one still seems to be controlling the price action a bit better. But no doubt a few people have this one too. But what's interesting here is that we have some RSI bullish divergence. And that does for now seem to be supporting the price. But, you know, this could soon be undone if we get a break below this, what has become a rising trend line in the RSI. If we get a break down below there, then that could happen before the price makes a new low, in which case that would actually be more of a bearish signal. But for now it's a slight bullish indication. And you'll notice that this, where we put this first low, we've not been able to close below it. We did a false break out there, only closed at it there. And I've been trading pretty much sideways with quite a few sellers, understand that we're coming in at the 15 level because the market is looking so bearish. But, you know, if we could more decisively break through this declining trend line corresponding with this bullish divergence, there's a chance of a good snapback up to 16 again. Keep it, well, keep it where, you know, we're below the 200 day moving average. So, you know, there's only so bullish you can get here, but there's chance of a snapback, I think, based on this RSI. Excuse me. Okay. Now, obviously oil has been the other big one that's been moving. Got Brent up on the screen here, but Brent and W2I have pretty much moving in sync. Arguably W2I is a bit weaker at the moment. Today, Brent is actually weaker, but W2I, just because it's got the additional factor that there's actually been new oil rigs put back into production in the U.S., so extra U.S. oil production is a kind of fundamental driver here. Just couple with that rising dollar that's been hitting oil commodities. And the Iran have announced that in actually perhaps a shorter period of time than some people expected, they're going to be ramping up their production levels to what was seen a few years ago before these sanctions came in. Obviously, these sanctions look like being pulled out now only gradually, but it looks like the sanctions are going to be such that this nuclear deal is going to allow them pretty much to get straight into producing at full whack. So that's an extra supply issue for oil. You can see the trend here. Nile even reached the 200-day and just rolled straight down. Last month was the worst month for oil since the 2008 financial crisis, so a pretty bearish situation here. We've broken this low. And so the next area for consideration is where we've got this strong breakout. So that would basically be... You can be more conservative up here, but we're already at that level, so for me it's going to be more about this kind of little box area. There's something along these lines. A lot of people are going to be aware that we've broken that low, but not so many people are going to be aware of this box. So just be aware as we drip down right down to the kind of key 50 level. You know, obviously that's a big psychological level as well. That could find a bit of demand. So clear down trend, but if you're short already or thinking about getting short, be aware of that box and the key psychological level. And we've got this RSI downtrend line. That would be something to watch out for. If you get a break above there, even a possibility of a cheeky long trade, but obviously keep in mind it's against that long-term trend. Okay, now we're done with the time. Obviously we've got a bit of a delay from the old sound issue. Excuse me. Let's have a look at the currency tier. Let's have a look at the euro. Difficult market to trade at the moment. Definitely not much in the way of strong direction. Then we've got to bounce off the low here. We made it up to basically the round number 111, but rolled off from there, came down to the next round number 109, up to the 111 again, almost down to 109 again. So as you can see, not much in the way of a trend. If your stops are wide enough on your trade, then it's certainly been a good idea to pay attention to these round numbers because you can just go through these charts and just highlight where the round numbers are pretty much acted as the turning point for the price action. People aren't quite sure where to take the euro. Again, it all probably relates back to exactly where the Fed are going in terms of the monetary policy there, but just keep going. Obviously it's not a perfect art, and if you put it right on the round number, you might get a few narrow misses like the one I just highlighted there on this low. But equally, if you put it above, obviously you can push through below it as well, and we'll push a bit above it in the case of a market moving higher into it. So then, again, it's not a perfect art. There isn't much else pin-pointing these turning points here because it's not like a defined trend where you're looking back to previous peaks or previous lows for reversal points. It's all quite range bound. Dolly Yen looks one of the better opportunities for actually turning into a resuming its long-term trend. But my feeling is that we haven't quite gone far enough to the downside yet, and we may actually still roll over to the 122 vicinity. Maybe there's lower box before pushing higher again. I mean, this shallow correction was encouraging. And last week when we had the webinar, we highlighted this low, which did end up working, and we had this box area. So the fact that we haven't gotten straight down there is a sign that maybe we never will, but I think it's still on the cards. Sterling. Basically, we're in a tight range because we're just waiting for this, we're waiting for this Thursday. Obviously, the US dollar element plays its part, but some of the dollar pairs have been really trading strongly for some of the emerging currencies that I'm not going to bring up here. But if you have some facility for checking out strengths of trends, so a number of currencies above 21-day moving averages and things like that, you'll notice a lot of these dollar pairs are really rallying where the dollar is the top currency inside the currency pair. The dollar is really rallying strongly, but not against some of these major pairs and a pound that makes some sense that it's not just because, well, the Bank of England are looking to raise rates at a similar sort of period of time as the US is. So we're in a tight range, the breakout of which I would imagine will take place on Thursday. But here's the top of it, which we're pushing into. Obviously, the next logical level being the Form 59. You know, I think if we do break out to the top side here, there's a good chance of a new high, but it's not a super strong uptrend, and so you've got to be probably prepared for some sort of pullback from that high. And just down to the euro pound here, you can see this is the kind of general pattern we're looking at. This is actually a declining wedge thereabouts. So this is actually a bullish formation which would suggest to kind of push out a breakout here, but we're not quite there yet. Some signs of it, as of Friday and today, that maybe this lower area will hold, but I suspect we'll probably get a kind of false break to the lows and then a push higher if this were to actually happen, if we were actually to get a breakout of this area. At the moment, you know, generally the way these kind of, you know, the box works with a kind of break lower in a downtrend, it comes off the bottom of the box, but in a kind of range-bound environment that will come up and test the top, we've pushed through it a bit before rolling over. So, you know, we are in a downtrend. So until we get a higher high made, that hasn't changed. So the bias to me would still be to the downside, but you've just got to be aware that this pattern potentially is bullish. Yeah, we'll certainly just have a little look at the old euro yen here if I can go back to my... So when you're referring to the... Yeah, I can see where you're coming from there. Scrap some of these. I mean, when you're talking about the head and shoulders pattern, you know, you're talking about something along those lines, I assume. And yeah, and I think, you know, even if you don't believe it's necessarily head and shoulders, which, yeah, it's messy, but they always are. This is a clear level of support that's been tested three times, arguably four or five. The break of that, to me, yeah, would be pushing us down to the lows. And I have measured it here, but the height of that head looks like it would pretty much nicely project us down to that low. So a couple of things in favor there. And as of Friday, we did have a nice little shooting star pattern here into that resistance. So, yeah, it's looking decent as a pattern. I think if I just got rid of it, but if I just add it in again. Yeah, and it's right at the 200-day moving average as well. So, yeah, a lot of things are going for this area as a resistance. So, you know, you could either glue a kind of an aggressive entry into this pattern, whereby you're just treating this areas of resistance through the moving average and with a very low risk. You know, if you get back above that high, you can argue the pattern's failed. And, you know, you could wait for it to kind of resume itself again. Maybe if it rolls over again at the high, it wouldn't be the head and shoulders anymore, but it would be, you know, another opportunity. But I think you know your risk here. Much above here. You could get in based on this. What is a good little failure break at the high there. Or you could wait for a, just to push through here or close below this support. And I think this is the kind of scenario where, you know, you always want to control your risk. Obviously, you could get a break below it and it could push up again. So, up here it's a nice controlled risk above here. I mean, if you were looking for the break below the neckline, I'm never a fan of putting it right above the shoulder, even though that's technically what you should do, just because it leaves a lot of risk on the table here. We're talking about, what's that, 400 points. You know, you're going to have to trade a pretty small, you know, much smaller lot size probably than you normally would to be able to sort of ride out that kind of loss. And you've got to ask yourself, if you did sell on the break here and you were down 200 pips back into the range, would you realistically follow through on your trading plan to wait for a 400-pip loss before getting out? You know, you've also got to question whether you'd actually do your trading plan. You've got to have that discipline to actually carry it out. So, in that case, if you were going for a break at the neckline, you could maybe just have something in the region of 100 pips and if it's pushing up that high or it hasn't worked straight away, you can get out and wait for another opportunity if it breaks down again. It probably would be something more along the lines of my preference. Get out if it's not looking good straight away and you can always get back in again rather than waiting and sitting on some big loss hoping for it to eventually go in your favor. So, yeah, we're pretty much all about five minutes over now, so apologies again for that sound issue at the start. Hope it was still worthwhile. Good luck with trading this week. I'm going to call it a day there. Thanks a lot, everyone. We'll be right back.