 So, what we were talking about, what I was talking about was, is basically doing a quick introduction to those who are new to the group about fundamental analysis and the way that I approach fundamental analysis and why all roads lead to interest rates and really the importance of looking at interest rates, interest rate divergences between central banks, right? So there are really two things that I believe that really drive the market over the medium to long term. In the short term, it's all about, you know, mainly about liquidity, market making, etc. But overall, when we see overall trends or auctions or what is known as ranges, sideways moving markets, typically, that's, you know, I guess, providing liquidity for institutions and market making, right? And so from the perspective of interest rates, so let's look at this in terms of, oh, they've done a new annotation tool, right? Can you guys see my drawing tool, right? I'm gonna write something. Can you see that? Can you guys see that on the screen? Yep. All right, brilliant. So this is interest rates. So the world revolves around interest rates in the financial market. This is my belief, right? And as well, by the way, and as well in tandem with ROWROW. So risk on, risk off, sentiment, right? So these are the main things that drive markets. So a lot of times what you'll see is traders will try to derive future, I guess, future price from looking at the price of other assets. So they will look at, for example, bonds, right? They will look at government treasury bonds and yields, or they will look at, you know, the stock market, right? So stocks, yeah? And even look towards, you know, what we trade forex, right? And, you know, commodities, for example. Yeah, comms, right? But all of these, in some way, shape, or form, have an influence or are influenced by interest rates, right? Now, the main thing that interest rates, what moves interest rates are, is GDP and inflation, right? Inflation, INF, meant to be INF, right? So these two things, right, want to have the direct influence upon interest rates. And I'm not going to go over, you know, the whole thing, but most, we should know why, right? So just basic on a basic understanding. If GDP is contracting, yeah, meaning it's going into a recession, potentially on the bustle-slump phase of the economic cycle, central banks will typically cut rates to stimulate the economy, cause cheaper borrowing, for example, for businesses, and borrowing and lending, right? So they will cut interest rates in a recession, yeah? Now, and if they're not in a recession, and we have growth, what typically then tends to happen is that central banks will likely hike rates because as we grow, in the economy, it can cause inflation to rise, right? And so inflation rising, meaning the currency is devaluing, then central banks will typically tend to hike rates if inflation is not at the 2% target, right? So 2% is the target, yeah? So overall interest rates are directly controlled by what is happening with GDP, yeah, and interest rates, yeah? Now, bonds, right? Bond yields, treasury bonds, prices and yields, right? These guys, a lot of people will say, oh, well, look at bonds and then bonds will tell you what's going on, yeah? Which is half true, but bonds, right, take their cues from what is happening either in the economy, right? Inflation, which is basically, and what's going on with interest rates, yeah? So not to get into bond yields and bond prices, but we know that, for example, when inflation rises, bond yields rise, yeah? Two-year, 10-year treasury yields, right? And so bonds are highly sensitive to central bank interest rates. So if we know what's going on with monetary policy, yeah? We, that should be reflected in bond prices and bond yields, yeah? There's no point in looking at bond yields to tell you, you know, I mean, you could, to be fair, right? But you could skip bonds and just look directly at what the central bank is saying and what the market believes, you know, with regards to GDP and inflation, and then that will be, you know, that will reflect in bonds, yeah? So as I say, you know, we use, if we're looking at bond yields, it's just really a confirmation of what we already know, yeah? You're getting it from the source and then bonds are going to either agree, yeah? Or even going to agree, yeah? Bonds are debt, basically, yeah? Absolutely expensive. Bonds are debt, right? But I don't want to get into the, you know, you can go to the bonds channel and look up, if anyone isn't too sure what bond, treasury bonds and yields are, you can go to the bonds channel. But for those of you who do know the relationship between, you know, bonds and forex, for example, when bonds and interest rates, yeah, and yields, then you understand that bonds, right, are looking at interest rates. So when we know that, for example, a central bank is hiking rates, all you do, all you're doing is, and whether, you know, the smart money is likely to, to, to hike rates or not, yeah, whether the economy is doing good or whether it's doing bad, yeah? Then bonds are just confirming that depending on the yields, right? Whether the yields are going, you know, higher or lower, right? But you don't necessarily need to, to, to, to, to, to look at bond prices and look at support and resistance in order to understand what's going on with interest rates. It's the other way around, right? So again, the center of the universe is interest rates, right? And risk on, risk off. We look at forex. Forex, we know this, yeah, is driven by interest rates, right, over the medium to long term. Reason being is because we know that, you know, a interest rate hikes are basically appreciating a currency, right? You're raising the borrowing and lending costs, right, which affects forex, yeah, and the value of forex. So for example, you know, if you're raising interest rates, the, the idea of raising interest rates is to make is to give the borrower, I guess, a higher yield, right, which creates demand for that currency. And if you're cutting rates, then instinctively, forex traders or buyers or holders, right, are going to end up coming out of that currency because you're getting less of a yield to hold the currency and maybe try to look for another currency with a higher yield. It's like going to, you know, two different banks, right? So you go to Bank A, Bank B, right? I know this is a house, but I don't know what, you know, to draw a bank, but yeah, just Bank A and Bank B, right, on a high street. And if one is giving you, let's say, for example, I mean, this is a very basic term, by the way, just, just on the surface level, if one is offering you 1% and one is offering you 5%, yeah, then most people are going to go with the 5% because you're going to get more yield, right? So that's going to have more demand, right? It's going to be stronger, right? And appreciate, whereas this one is going to be less strong, right? There are situations, by the way, where you may want to buy one over five, but I don't want to necessarily cover it in this. I'm just trying to get the basics out of the way, right? And then we look at, for example, stocks, right? So we know before we look at stocks, just to, again, just to reiterate, remember that forex, you're looking directly really at interest rates and I guess more risk sentiment as well, yeah, in order to decide whether you want to be a buyer or seller over the medium to long term, right, in terms of forex. Stocks is pretty much similar in terms of just the borrowing side of things, right? So when you have an environment where you have low borrowing costs, let's say, for example, you can borrow money at 1%, yeah, because stocks are basically seen as a risky asset, right? Risky. Right, risky. Right, so in the risk on environment, meaning that you want to put risk on the table, yeah, more risky than bonds, by the way, because stocks and bonds, that's why they say you have a, you know, 60-40 portfolio, you know, historically of stocks and bonds, where you're looking at in a risk off environment, you put your money in bonds and if you're in a risk on environment, you're typically putting your money into stocks, right, so risky. So stocks, indices, et cetera, are typically driven or can be driven, right, by again, the economy, right, and inflation, which is basically drives interest rates, right, which means that if you think that you want to, you can make basically more money than, you know, what you're basically borrowing for, let's say 5%, let's say also let's say 1%, yeah, then you're going to, you know, want to try to get more money than what you're borrowing for, right? So let's say, for example, you think the stock market typically, you know, does, you know, an average of return of maybe something like, you know, 7%, let's say, right, let's say 7% a year, right, it's a no-brainer to borrow at 1% and see if you can make 7% in stocks due to the volatility, right? But if, for example, yeah, let's say, you know, you want to borrow, borrowing in your country is, let's say, for example, 8%, yeah, it doesn't make sense to try to put it into stocks because you may not, you borrow at 8%, but you might not get necessarily the yield, you know, that you're looking for in stocks. So what typically tends to happen in an environment where you have low borrowing, yeah, in terms of a low borrowing rate or low interest rates, yeah, stocks typically tend to rise, yeah. Also as well, another way around that is that a country might have, for example, a higher interest rate, yeah, but they may want to borrow in another currency, yeah, which is, for example, this be maybe like the yen, right? And the yen is basically negative interest rates, right? This is also known as the carry trade and basically borrow the yen and invest in another currency with a higher yielding interest rate, for example, USD. This is the reason why we've seen over the past year, or the main reason why we've seen over the past year, the dollar yen, you know, go to the upside, do this massive run simply because it's known as the carry trade where you're borrowing the yen for a cheaper interest rate and you're buying the dollar or you're investing in the dollar or holding the dollar at 5% and you're getting the difference between the two, right? And so, but going back to stocks, right, that again is directly interest affected, right? I'll say directly, but directly or sometimes indirectly affected by what happens from a monetary policy perspective, yeah? So, interest rates, again, be in the center of the universe, right? Or at least close to it. Now, commodities slightly different. They are governed really more by supply and demand, global supply and demand. And apart from, you know, commodities are obviously different. You've got agriculture, you've got precious metals, etc. Now, with commodities, let's say, for example, like gold and silver, right? Again, it's really affected by interest rates. Why? Because gold, right, does not offer a yield, right? If you're holding gold, pretty much, you've got to wait for the price to go up in order for you to realize some gains, right? Whereas, if I'm holding the US dollar, for example, which is giving me, let's say, for example, 5%, yeah? A 5% yield for just holding the dollar and I'm not getting nothing by holding gold, then guess what you're going to do? Most traders are going to want to hold gold. Same thing with bond and bond yields, right? So, bond yields, if bond yields are, you know, a two-year or a 10-year or five-year is somewhere around that 5%, 4% mark, right? I'm going to hold, I'd rather hold treasury bonds, yeah? Over gold. So, money will end up flying out of gold into higher yielding assets because I'm pretty much just holding and doing nothing and getting a return on, you know, my couple millions or whatever it is I've got invested. So, from that perspective, interest rates, yeah? And again, bonds will be affected by interest rates. Gold affected by interest rates because gold is obviously interest rates on the, for example, the US dollar is higher, right? So, gold, whether you think about it directly or indirectly, is still affected by what happens with central bank monetary policy and interest rates, yeah? Other currencies, I mean other commodities, sorry, like let's say oil or natural gas or copper, right? It's not necessarily, it's not necessarily interest rate affected or affects directly interest rates but it kind of, you know, rising oil, for example, will affect inflation or higher commodity prices are a contributing factor to inflation and if rising inflation, if you've got rising oil prices due to, you know, more demand and supply, then that puts pressure on inflation, right? And then inflation, inflation is high, then eventually you're going to have higher interest rates because, you know, central banks are mandated to get their central, their inflation target down to two percent. So, if it's above two percent and you've got rising oil prices, rising commodity prices, inflation, you know, that contributes to rising inflation and then interest rates are going to be affected, you know, etc, right? And the same thing if you've got, you know, prices falling with commodities. So, interest rates and commodities, a different type of relationship but overall, overall, it's my belief and many of you guys who have been here for a while and trading 180 will understand, see the effects. Now, you won't see the effects of interest rates over a day, you know, or over a week. It's very difficult to, to trade any kind of interest rate differentials over a short period of time. There are times where obviously things have to be priced in, of course, you know, where the market needs to price in rate hikes or rate cuts, for example, you know, there are events that will surprise the market and, you know, the market is always, you know, as far as the news may not necessarily come out as expected, it could be positive or negative. But the point being is that in the short term, it's very, very, very, very difficult to look at interest rates, yeah, and then be guided by that as to, you know, which way you want to buy or sell. But you'll see that manifest as far as, you know, interest rate differentials over the medium to long term. Medium to long term, we're looking at time frames, you're looking at, you know, a month or two to, you know, maybe six months to over a year. And so I just wanted to really kind of go over my philosophy of my, I guess, my approach and looking at interest rates also as well, risk on, risk off is, you know, more of the emotional side. If we do have risk events, for example, COVID, you know, there's the Ukraine war, government shutdowns, for example, anything where there's fear, uncertainty and doubt in the market, you know, traders will then go into defensive mode, right, and safe haven assets. And safe haven assets typically tend to be bonds, typically historically was gold, for example, and, you know, currencies like the yen, the dollar, as well as the Swiss franc, right, in a risk, in a risk off environment. And so it doesn't necessarily matter fundamentally, right, whether you want to be a buyer, whether a, let's say, for example, a central bank, let's say, I don't know, the Australian dollar is the only central bank, yeah, is the only central bank that is hiking rates. In a risk off environment, yeah, that goes out of the window temporarily. Until the risk off sentiment or that risk off event gets resolved, you shouldn't really be buying the Australian dollar in a risk off environment, yeah, when there's fear, uncertainty and doubt. It's just something that you, that, you know, risk off is going to override what we would typically trade in terms of our fundamental bias, yeah. When the coast is clear, when everything is fine again, and when things have gone back to some sort of normality, or when that risk off event has been priced in, then we can start to look to buy, you know, risk on assets, typically, for example, you know, stocks, etc., you know, certain forex pairs and the likes. So with that being said, that is the general overview of how interest rates is the center of the financial universe. Well, that's my, that's my case for it. You may or may not, um, yeah, it's exactly the circle of life. You may or may not agree with it, but that is my approach and, um, and if you have any comments, I just read out some of the comments that Igor says, remember for the new people here, there will always be pullbacks that don't get discouraged even, oh, sorry, if for example, now EuroCAD is bearish, but you will see pullbacks, sorry, one second, but you see pullbacks, um, up like you see now, but we know overall fundamental trend for EuroCAD is down bearish. Um, same goes with other currencies or any trading assets on equity markets and this is a, this is a great point that you make as well, right? This is a great point that you make as well, Igor, and I'm going to get to some of the other comments as well, but I just want to touch on Igor's, um, Igor's comments and then we just delete clear all drawings, right? So I know some of you have come in, um, and are looking at definitely day trading strategies. Now