 of forgetting to record some of the meetings that we have, but yeah, so welcome everybody, warm welcome to you all and thank you for showing up today and I'm gonna be showing you how to really kind of forecast trends that last for months using fundamental analysis. And also as well, the second half of this webinar is going to be run by Mark Chapman who is going to show you how to... Sorry, can you guys please mute your mics, mute your mics please guys. Mark Chapman is going to show you really the business model of the market makers and it's not what you see typically online in terms of the theory about what market makers do. Noah's a market maker who has shown him the actual business model, right? These are concepts that you will not see anywhere else online. If you do see them anywhere else online, they've got them directly from Mark. I can promise you that. And so please stick around because ultimately what you're trying to do is combine fundamental analysis with the market makers business model to make the best trading decisions. And we're trying to help you guys to become better traders and get your record account growing. Anyways, guys, mute your mics, please mute your mics, mute your mics. Please mute your mics. All right, thank you guys, thank you. Right, so next slide. Right, so forecasting forex trends that last for months. And what you will learn today is how GDP inflation and interest rates affect medium to long-term price trends. And that's what I said to you what I'm focusing on, right? I'm gonna show you how to choose the best forex pairs most likely to trend, what is a dovish hike and what are its effects on price? And I'm gonna show you examples of forecasting and how we used GDP inflation and interest rates to have a long bias on the dollar yen and the euro dollar fundamental currency pairs. And I'm gonna show you pretty much 2022. And for those of you guys who were in the Trading 180 room, we'll attest to this is that we've just had a short bias on the euro dollar all year, same thing with the dollar yen all year, no need to go long and short. And I'm gonna show you exactly what we were doing. So my name is Leon Rhodes, just a bit of an introduction. Been forex trading since 2013. I am a Mark Chapman Mentier student of Mark Chapman, brilliant man and really, you know, turned my trading around, changed my life. And many of you, so some of you may know him as well and be a part of his trading alliance group. But for those of you who aren't, yeah, you'll have a chance to really kinda hear what you have to say. And I have a Trading 180 YouTube channel and I've been showing videos since 2017, 2018 around that time. And so forex fundamental cheat code, right? So this webinar is not really gonna be about explaining the whys, yeah? What I'm gonna do is I'm gonna give you what you need to know the essentials, you know, YouTube and Instagram and TikTok or promote shorts, right? People want things in short format. So what I'm gonna do now is I'm gonna show you the short format, this is the cheat code, right? So I have to simplify very complex concepts and due to the limited time. So please watch my previous two hour webinar that I did earlier in the year and that will explain the whys. So when I talk about GDP, you know, and in facing the interest rates and sometimes you might be thinking to yourself, well, why, why, why, why? Just take what I'm saying as gospel, of course you can fact check it on Google or wherever you want to, right? But just take the answers that I'm giving you, the code that I'm giving you, the cheat the answers as gospel because then what you'd be able to do is really kind of cut through all the noise. You can understand the whys later, yeah? And the whys are in this video. So that's all my YouTube channel. You can just copy and paste, I say copy and paste, but you can, in fact, I'll do that for you right now. I'll just copy and paste the link and you can save this, right? To your, where is it now? Everyone, where's everyone? Have I got someone just highlighted? Everyone in me and there we go. Right, so here's the link to the webinar. What's that a bit later? Right, so I'm gonna give you just the answers that you need, yeah? So a couple of things I need to just go over, never confuse price with value. So fundamental analysis is the study of past, current, and future value, yeah? Price is often used to disguise value. An asset can remain expensive or cheap in price for days, weeks, and sometimes even months. And also short-term price is mostly driven by order flow liquidity providing and hunting and the avoidance of slippage by institutions and market makers, which Mark is gonna show you about when it comes to short-term price. But when it comes to, you know, people tend to look at value and pricing values being the same thing, they are not. Value, you know, if price and value were the same thing, then everything would all, there would be nothing that would be, you know, cheaper or bargain because it would be just fair value at all times, right? So yes, we look at price charts, but price chart isn't gonna tell you where value is fundamental analysis does. You need to know what gives an asset its value. And I'm gonna show you in this webinar and the effect of fundamental analysis on price can also change, yeah? So the rules I'm about to show you are historical rules, right? They've been around since, you know, pretty much you're looking at the economics, right? But changes, right, in certain fundamentals don't change very often. So what I don't want you to do is throw the baby out with the bath water. So if you're not really understanding what I'm saying is basically there are certain principles that we, you know, that I'm gonna teach you that are, you know, historically work, but there are times in history where there is a bit of a disconnect, yeah? And so what you, but there's always a reason for it. So what you don't want to do is you don't wanna say, all right, then well, Leon said this and I'm looking at the market and it's not working. So pretty much fundamentals don't work. That's, you know, that's a terrible way to look at things. It's about understanding the reasons why, because fundamentally there's always a reason why there is a bit of a disconnect or maybe the narrative has changed. And so what we need to do is recognize when typical historical expected fundamentals are not being observed and learn and we have to learn to adapt, right? And like I said, it doesn't happen very often. And I'm gonna show you an example matter of fact on the US dollar that happened this year when it comes to disconnecting the fundamentals, typical fundamentals, but at Trading 180 we recognized it and still managed to continue buying the dollar even though we were in a technical recession. But anyways, Forex fundamental drivers of value historical, right? So this isn't Leon Rose saying this, making this up. This is, you know, what the rules to the game are. Yeah, this is the cheat code. And then really the three things or four things I've got here, but the three main things you wanna look towards, yeah, is GDP, gross domestic products, inflation and interest rates. This is what gives each currency and exchange rate its price and its value overall. And then we look at, you know, just quickly central bank balance sheets obviously do contribute to appreciation or depreciation of a currency's value too. Now, gross domestic product. Again, I'm not gonna get into the wise, I'm getting into what you need to know, yeah? So economic growth leads to currency appreciation, yeah? And economic contraction leads to currency depreciation or devaluation. I'll say that again. I'll repeat everything twice, right? Repetition to the mother of all learning. So economic growth, yeah? Economic growth leads, economic growth leads to currency appreciation. You must understand this and believe this. This is, you know, true. It leads to appreciation eventually. Economic contraction leads to currency devaluation or depreciation, yeah? Now inflation, inflation is prices. And central banks have a 2% inflation target, yeah? mute mics, mute mics please, right? They have a 2% inflation target and they try to control inflation by monetary policy. Monetary policy being hiking, holding, cutting interest rates and sometimes going into something called quantitative easing or quantitative tightening. And that's balance sheet, adjusting the balance sheet but inflation. So central banks want a 2% target, yeah? Now inflation, yeah? Above the 2% target and trending away, yeah? From that 2% target is currency devaluation, yeah? So on this chart, hopefully you guys can see my pen. Just say yes if you can see my pen drawing. Yeah, excellent. Inflation, right, is currency devaluation, yeah? And deflation is actually currency appreciation. There's a 2% target. If inflation is going away from that 2% target, meaning it's going to 3%, 4%, 5%, yeah? It means that the currency is devaluing, yeah? Currency devaluation. So the opposite must be true, yeah? And inflation, in fact, is going down to deflation below 0% and starts to get into the negative. In fact, the currency is appreciating, yeah? So when inflation is above 2% target and trending away, currency devaluation. When inflation is below the 2% target and trending away, in fact, the currency is appreciating. And if inflation is at 2% and not deemed to be trending away, so for example, inflation could hover around at 2%, not deemed to be trending away any kind of forecasts, all right, then it's currency value acceptance, yeah? Everybody following so far? Pepper, yes. If you're following, does everyone understand that? Yep, yep, yep, yep, yep, yep, yep, brilliant. Thank you, Teddy, Apex, Andreas. Anyone not understanding that? All right, brilliant, I'll move on. Excellent, guys, all right? Very simple and these are principles that you need to just hold in your mind. These are the rules to the game. And finally, interest rates, right? So interest rates, when central banks hike interest rates, yeah, it leads or should lead, typically leads to currency appreciation, yeah? But too much rate hikes will lead to an economic slowdown, contraction and potential recessions. Many of you may be seeing that with the pound today, and in fact, not just the pound, Europe and many other currencies and central banks have got that problem, yeah? So again, interest rate hikes are hiking interest rates. Interest rates are basically the cost of borrowing and lending money, yeah? In this case, for the central bank, they're lending money. Interest rate hikes lead to currency appreciation and interest rate cuts lead to currency devaluation, yeah? And currency devaluation isn't always a bad thing, yeah? It can help boost economic growth, yeah? Too much rate hikes, if the currency is too expensive, then it can lead to an economic slowdown, contraction and currency devaluation actually helps with boosting economic growth. And interest rate, when central banks hold interest rates, then that is a sign that they are accepting the currency value, they are happy with the currency value or satisfied at least with the valuation of the currency and the overall exchange rate, yeah? Got it, excellent, brilliant, right? So central bank balancing act, yeah? Now, to prevent extreme currency devaluation, central banks must conduct measures to appreciate the currency, yeah? So they're always trying to counter extreme either devaluation by using measures, monetary policy to try to appreciate the currency and if they're trying to prevent extreme currency appreciation or that does happen, then central banks must conduct measures to devalue the currency, yeah? So we've looked at the tools as to what central banks will do to either appreciate, try to appreciate the currency in times of extreme devaluation and what central banks will do to interest rates when they are trying to control or stem extreme currency appreciation, yeah? So quick learning check, quick learning check. This is for everybody, right? If inflation, and this is by actually I say everybody, there's certain people in here who obviously know this, right? Those of you who are in a trading 180 group, you'll know this, right? So for you guys, you know, it's not for you, but anyone who's not in, this is a learning check to make sure you've been following what's been going on in the past five, 10 minutes, right? So this is a learning check, a couple of questions. And once you understand this, this is basically the keys, this is like the cheat code because this is all you pretty much need to know in terms of the answers. And if you go away from this, you know, when you read the news and you understand, you know, the rules to the game, when you start to read, you know, inflation is going higher and the central bank is hiking rates, then you understand what should happen or vice versa, right? So if inflation is above 2% and trending away, yeah, yeah, as we already spoke about before, yeah, so trending away, what are central banks likely to do with interest rates? And that's a question to everybody. Mark says hike Stanley says hike, Vlad says hike, Morris says increase hike, yep, yep, yep, yep, yep. In that case, they should hike rates, brilliant, excellent, excellent, excellent, simple, simple stuff, right? People go to university to learn this stuff, right? I'm giving you the cheat code, right? That's exactly it, right? The more that inflation goes above that 2% target, central banks have to counter devaluation by appreciation, right? I'm gonna spit it out, but you know what I'm gonna say, right, and what will the currency likely do, right? So what will the currency likely do, appreciate or devalue? What was, what happened to the currency? Macobus says appreciate, John says appreciate, Sivan says appreciate, trading MK, appreciate absolutely. That's it, yeah? So when you see these things happening, and you're reading, you know, whether it's Reuters, Bloomberg, you know, any kind of finance, you know, financial times, whatever it is that you read, and you start to see these things, this is what typically happens and historically has happened in the past. Of course there are caveats to this, which I'm gonna show you, but this is the rules to the game, right? And I'm gonna ask you pretty much the opposite, if inflation is below the 2%, their 2% target and trending away, yeah, this way, what will central banks likely do with interest rates? So deflation, currency, appreciation, what are they gonna do with interest rates? Hike, hold or cut, reduce, reduce, cut, cut, cut, cut, to the Teddy says cut, cut will lead to depreciation. Of course it does, yep. And America, yep, everyone, that's it, pretty much got it right. That's it, yeah? They will cut rates. And obviously if inflation is at 2% and not deemed to be trending away, yeah, central banks will hold is the last option, right? They'll, because they're happy with targets, yep. That is what you need to know, yeah? Over the medium to long-term, by the way, this isn't short-term, what's gonna happen today or tomorrow or even the next couple of days, this is gonna play out and I'm gonna show you again how the bias is that we had at trading 180. And those guys who are in here can vouch. So, right, there is a caveat, as I said, what is a dovish hike? This is to actually learn about this, I think maybe this year, I think it was dovish hike. So basically what is hawkish and dovish? What is meant by the term dovish and hawkish? So dovish is tends to be meek or conservative, hawkish is aggressive. And one definition, I guess, or one way to look at a dovish hike is when central banks come out and they hike less than expected, yeah? So that would be maybe considered or can be considered a dovish hike, yeah? That they're hiking, but it's less, it's a bit less aggressive, right? Than what the market is expecting. Now, rate hikes, yeah? Sorry, so another definition, yeah? Of a dovish hike is when a rate hike is not supported by GDP growth. Now, one of the things that you must have when for a currency to appreciate is when inflation is going higher, you need GDP and growth to support the rate hike, yeah? That's one thing you need to happen. So if central banks are hiking rates because inflation is trending away from the 2%, the third thing you need for that currency to appreciate is for GDP to also grow, yeah? You need GDP to grow. So remember the first slide I showed you, we go back, what happens with growing GDP is that the currency should appreciate, yeah? So that was one of the first slides I showed you, yeah? Now, if you don't have GDP growing, yeah? Then what that leads to is something called stagflation, right? So you have GDP is contracting and potentially heading into a recession plus high inflation, yeah? Is stagflation is a definition of stagflation? And what that leads to is a dovish rate hike, yeah? And this can have the opposite effect of a usual rate hike. Usual rate hike being you have economic growth, yeah? To support the rate hike. And this is because increasing rates too much leads to economic contraction or and potential recession. Remember I said at the beginning, all right? I'll go back and show you GDP, economic growth leads to appreciation, yeah? But also interest rates, yeah? Too much hiking of interest rates can lead to economic slowdown or contraction. So what happens is if central banks are hiking too much but GDP is already heading into a recession and it's going to push, going to push the economy into a recession quicker which then, again, going back to what appreciates and depreciates currency, economic contraction leads to what? Currency depreciation, devaluation, right? Everybody following? Everybody following, by the way? Quick learning check, is everyone following? Yeah, yeah, yeah, yeah. Of course trading, okay, yeah. We have a problem. Yeah, excellent, okay, brilliant. So hiking rates into economic weakness to summarize is unlikely to appreciate a currency over the medium to long term. And I'm going to show you an example of the euro dollar in 2022, yeah? So hiking into economic weakness is unlikely to appreciate currency. So a lot of traders out there, including yourselves, you may have been thinking this year, well, the European Central Bank are hiking rates. The Bank of England have hike rates to date. Why is the pound going down? Why is the euro going lower and lower even though they keep hiking, yeah? It's because of this, yeah? It's because they're hiking into economic weakness and potential recessions, yeah? So if you understand this and you're aware of this and you're aware of the caveats to the rules, then you'll always have a game plan. You'll always have an understanding of where you should be placed. Your buyer should be over the medium to long term, which is basically what we were at trading 180 pretty much all year, right? And just a couple of quick things. Central Bank balance sheet, this also helps in appreciating and depreciating a currency. So an increase in balance sheet, yeah? When you start to hear an increase in balance sheet, normally referred to as quantitative easing, right? Leads to currency devaluation and an increase, yeah? In balance sheet, right, sorry. A decrease, sorry, I should say in balance, in a balance sheet, which is quantitative tightening, yeah? Leads to currency appreciation. So I'll say that again. An increase in balance sheet, which is QE leads to currency devaluation and a decrease in balance sheet, quantitative tightening leads to currency appreciation. Again, not gonna get into the wise, just understand that to be true. Also just a bit of a caveat as well. Risk sentiment, currency valuations are also based on risk sentiment. Investors look for safe havens, stores of value and the currency, safe haven currencies are considered to be the dollar, the yen and the Swiss franc are all historical currency safe havens. And so when choosing the pairs most likely to trend, the questions you always have to ask yourself if you're trading the pound dollar, if you're trading the euro dollar, if you're trading the dollar yen, whatever pair you're trading, there are questions, fundamental questions you have to ask yourself. And these are just some of them, right? So who or which currency pair is leading or lagging when it comes to things like GDP, growth, rates, interest rate hikes, interest rate cuts, inflation, right? Because inflation really is the trigger and GDP will be the trigger for what the central bank does with the valuation of currencies or try to attempt to do, which is basically hiking, holding or cutting rates, right? They're looking at GDP, they're looking at inflation and then they're gonna try to use monetary policy if they're not happy with the valuation to either hike or cut, right? So who is leading or lagging, yeah? Who is best place to avoid a recession, right? So at the moment, we've got pretty much the world going into a global recession, right? Now there are some countries that are gonna go into a recession sooner than others, yeah, sooner than others. The one you want to buy is the one, the currency that you wanna buy is the currency that is least likely to go into a recession first versus the currency that is probably likely or already in a recession, yeah? So who is likely to go into a deep or shallow recession, right? Because not all recessions are the same. Some countries will come out of their recession sooner than others, some will remain or likely to remain there and you can look for forecasts and look for analysts' opinions as to how deep or shallow those recessions are. Who is likely to recover from their recession first? Is the interest rate hike that they're doing currently on a dovish one, meaning they're hiking rates, what's happening with the economy, you know? And is it likely to be a dovish one in comparison? Remember, you're always comparing to another one. Who is the dog with the least fleas, as Mark Chapman would always say to me, you know, who is the best of the worst when it comes to, or the best of the best, yeah? And of course, what is the risk sentiment because some currencies will strengthen in a risk-off environment and some will strengthen in a risk-on environment, yeah? And so when there is a clear winner, yeah? Over the medium to long-term, yeah? You will see a price trend. There is no, you know, nonsense, Elliott Wave. Elliott Wave is not gonna tell you where price is gonna go, yeah? Bollinger Bands are not gonna tell you where price is gonna go. There's no indicator that's gonna tell you where price is gonna go. Not even supply and demand technical levels are gonna tell you where price is gonna go over the medium to long-term, yeah? It's the central banks who are trying to control the valuation of currencies, yeah? Attempting to, sometimes successfully, sometimes unsuccessfully, but either way, they are the ones that are controlling valuations of currencies over the medium to long-term, yeah? As well as obviously, you know, investment banks' institutions because they're the ones obviously betting as well, right? But they're taking their cues from what central banks are doing, right? And if it's an even fight, if you're scratching your head and going, which one is the stronger one or which one is the weaker one and you're struggling to determine then price is likely to range of what is known as actually an auction, right? Going sideways is what is commonly known, yeah? So you can choose, if you can, I guess the word I'm looking for is if you can clearly see who is the winner, who is the stronger rat of the two, who is likely to, you know, GDP, grow interest rates, hike, then, you know, versus a currency that isn't likely to do that, that's the one you wanna buy versus the one you wanna sell. And so this year, right, 2022, this is the dollar yen, yeah? And again, the guys in the group come back to this, if you've been in the group this year or at least this year, you will see, right? You would have seen what we were pretty much trading and our bias. And also as well, you can fact check this, if you're not in the group, if you wanna go on my YouTube channel and look at my weekly videos, right? Every week, every Sunday, I produce a video pretty much and I tell you what my bias is. If you go back to January, you know, you'll see that I was talking about buying the dollar and I wasn't buying the yen, maybe buying the yen potentially against other currencies based off of risk off but not against the dollar, right? So the dollar, I'll just zoom in a little bit, right? The beginning of the year, the Fed balance sheet reduction, right? Which was called tapering at the time and that leads to currency appreciation, yeah? The Bank of Japan was dovish. There was no hike in sight. There's no reduction in their balance sheet whatsoever, yeah? And then in around March, we had the Fed rate hike cycle starts. They started trying to appreciate their currency, yeah? To help with devaluation, to help with inflation, whereas the Bank of Japan were not hiking at all, yeah? This is what you saw throughout the whole year. What we were saying was buy dollars against the yen, buy a dollar against the yen. And where we are now is the Fed continue to hike rates. They've hiked rates, you know, over the year to 4%. Ooh, what's happened here? Sorry guys, one second, what's happened here? Typical, all right, let me go back. Yeah, here we are, yeah? So the Fed have continued to hike rates and currently at around 4%, I think I'm guessing that one. I think I must have anticipated. Is it 3.75 or was it 4%? I think it's something like 4%, anyway. The Bank of Japan though have not hiked rates in 2022. So you can look back and you might have some hindsight bias. Might say, oh, this is hindsight bias, but it's not. It really isn't because we knew, you know, that the central banks, what the central banks were doing and what the likely effects of this would have been. Right, and this is what we were doing in, this is bias we had in trading 180, just buying one way. Eurodollar sells, I've been selling Eurodollar for probably nearly two years now. Coming up to two years, I've had a short bias and this is, you know, the beginning of 2022, this is what we've seen, right? The money was made to the downside, right? There could have been some money made to the upside. Ultimately, you know, prices moved pretty much. What's that? Over a thousand pips, you know, maybe about nearly 2,000 pips, in fact, down to 94s would be somewhere around there. Anyways, beginning of the year, again, we understand that, we understand that the Fed were reducing their balance sheet, yeah, tapering, right? Which leads to currency appreciation. The European central bank were dovish. There was no hike in sight. Yeah, then the Fed rate hike cycle starts, they started hiking rates just like on the Dolly Yen, yeah. Now the ECB rate hike cycle starts somewhere around July, I think it was mid-July, and the ECB dovishness though, right? So they were doing dovish hikes and this is due to the economy, the war between Russia and Ukraine, the energy crisis and their geographic, I guess their location geographically to the war, which was basically affecting their economy and is affecting their economy and us as well in the UK, more than it is in other parts of the world, right? And so, although the central bank ECB were hiking rates or started their hiking cycle, the dog with the least fleece was still the US dollar because these were considered dovish hikes, yeah, and we see prices going to the downside. Yeah, so dovish hikes, as I said, are not always appreciative and many traders just assume that because a central bank is hiking that you should buy. And so the eagle eye amongst you, many of you who advanced in fundamentals would also remember this. And this goes back to understanding when fundamentals, typical fundamental analysis that we've learned sometimes disconnects, yeah? Sometimes disconnects. And you have to be aware of these things. One second, I'm just gonna, yeah. Sorry, guys, just make sure you're mic's and muted as well when your cameras are off, yeah? So remember if I go back to a couple of slides, yeah, where I talk about, you know, the effect of fundamentals, right, on price can change. It's not very often, yeah? And don't throw the baby out with the bathwater. Recognize when typical historical executed fundamentals are not being observed and learned to adapt, yeah? So what I've just shown you in this webinar, yeah, is that recessions, yeah, typically lead to currency devaluation. And this year, the US were in our actual technical recession, right? But, but, but, but, but, but, let's go into what actually happened, what we were aware of, right? So topic of the week, right? This is from a report from Wells Fargo in July when the recession, technical recession was released, yeah? And so not yet a recession way down in sight. So real GDP posted back to back declines in the first two quarters of 2022, while two consecutive quarters of negative GDP growth is one working definition of recession. It is not the official one. We found this out as well this year. I think a whole load of people found this out this year and maybe they didn't, right? Because I know a lot of people went short on the dollar, right? But in trading 180, we were still long, right? Even though they announced technical recession and I'll show you as improved of that. In a recent report, we unpacked the right variables to watch and introduced a new at-a-glance tool to get the next recession call right, yeah? And it was this, just quickly a summary, right? So they said, even if GDP posts back to back declines, the economy is still not yet in recession. Though we suspect it will be within next six months because defining something as important as a recession is more than mere semantics, yeah? This report impacts the right variables to watch and introduces a new at-a-glance tool to get the next recession call right. We expect the economy to expand, da, da, da. Two consecutive quarters of negative GDP growth is one working definition of recession, but it's not the official one. The definitive US recession call is up to the National Bureau of Economic Research, whose business cycle dating committee determines the start and end dates for each economic cycle. The committee considers a recession to involve a significant decline in economic activity that is spread across the economy and lost more than a few months. The committee relies on six variables, da, da, da, da. In short, we do not think the economy is in recession at present and neither did the National Bureau of Economic Research, even though, again, we understood that, you know, two negative quarters is a working definition, right? Now, a lot of traders, if you weren't aware of this, would have been going short. I wonder how many of you were going short on the dollar, right, at the time, yeah? But I'm gonna show you some of the messages or a couple of messages that I sent in the group, right? At the time, this was a 28 for the seventh. So this was on the day of the announced technical recession. I said, hi, everyone. I have a feeling that the market will look past current technical recession and hope for third quarter growth, but now, for now in the short term, there will be a lot of uncertainty in positioning around dollar. Then the next day, I say, good morning, everyone. After reading this morning's reports of how the banks are interpreting yesterday's US GDP numbers, I think the dollar is still a buyer, but in the short term, the market is repricing the US dollar, obviously, as expectations for a 75 basis point hike and now off the table. The US dollar should be supported by risk off sentiment. So I'd expect price to make gradual lower highs, right? So I'm expecting price to pull back. I said, regarding Europe, it looks like their GDP has outperformed. So there was a divergence, but the risk with Europe is still rushing gas supply. If the euro dollar moves to the upside, which is most likely in the short term, I still think the upside will be capped. I'll switch my bias to buy the euro once the gas supply issue is resolved, but for now, I'm neutral on the euro dollar, but with a slight bias to buy the dollar at cheaper prices, which is basically what we ended up doing, right? And the likes of, I think Ken is here can attest to that, right? And any of the other guys that I've been in here, I think maybe, who else is in here from trading 180 years, so many names. Oh, you said he got booted, Teddy. Oh, Teddy as well. Teddy's trying to get back in the room. Oh, man. Unfortunately, I can't get him in right now. You're in the room. Oh, man, they have to try and tick on the link. Ken was booted, I wonder why, how? Not too sure how. Anyways, I'll have to, well, I'm coming to the end anyway. I'll get him back in in a sec. So again, don't throw the baby out with the bath water, right? Don't think that because, you know, the dollar started rallying during a recession that fundamentals don't work. There is always a reason why, and sometimes you have to recognize when those fundamentals disconnect. So tips, listen to central banks, yeah? They will tell you how they are interpreting GDP data and inflation data. One negative, another thing as well is that one negative data release does not mean a change in medium to long-term fundamental bias and price direction. Yeah, because many traders, many traders will just take one data point and say, well, that's it. You know what I mean? The job's data is low, so I'm gonna sell the dollar. But that's not really how it works. You have to take the data as a whole and also as well look for trends because there are reasons why there might be, you know, maybe high unemployment or low employment that month or that, you know, that release, but it might just be an anomaly. Yeah? And so it doesn't mean that you're gonna get, you know, a thousand-pit move, right? Because of one data point, you're looking for the bigger picture, gross domestic product, yeah? When it comes to certain things and also as well, you're looking for actual trends to develop before trying to switch your bias and also as well, value, right? Which is cheap bargain prices, yeah? It's not present every day or even every single week, yeah? I really advise you guys to take a value stillness approach. Yeah, I made that up, by the way, to forex trading rather than a price action one. Price action, you know, is getting you into FOMOing in and, you know, and things like that. And what you really wanna do is take more of a Zen approach. Look, read, you know, kick back, actually, look at what's happening from a macro perspective, yeah? Because then it gives you time to think, time to breathe, time to relax, clear your mind, trade with a neutral mind, not being emotional about your perspective, seeing where the medium to long-term trends and prices are likely to go and then understanding where you want to buy and where you don't want to buy. So quickly, as I round this off, Forex Fundamental Data Resources, I highly advise you guys to definitely check out TradingEconomics.com if you're not already. It's probably one of my go-to sites that I use for data and some news as well, not necessarily the news, but definitely for the data side of things, it is definitely the most comprehensive side that I know. And also as well, just to round this up, Trading 180 mentorship, it opens, many people have been asking me, when is it opening? 28th of November until Friday, the 2nd of December, is gonna be the window and it's gonna be the final opening of 2022. And next enrollment is gonna be late January, early February, 2023. So ended a month pretty much is when I'm gonna open up the mentorship in case you want to join. And so yeah, guys, I really do hope, I really do hope that you found the cheat code, the cheat sheet useful, right? Because outside of this, there really isn't anything else. If you can understand this and what typically happens, I'm not saying it happens 100% of the time, but if you can understand this and have a trade idea and then capitalize on that trade idea over the medium to long-term, that's what counts, right? You manage your risk when you're wrong and try to make as much as you can when you're right. And many of the guys in Trading 180 have been doing really well. I think Ken, who was booted, he would tell you that, I think he got in a, I think a thousand-pip trade on that, I think it was like the New Zealand Yen intervention trade that we had a trade idea a couple of weeks ago, about a month ago as well. So yeah, guys, next is Mr. Mark Chapman and he's going to blow your mind with the information he's about to show you again. You won't see this information on YouTube. Not in the way that he describes it, it's the actual market maker business model. So yeah, I'm going to hand over to Mark now. He's going to stop sharing the screen and Mark is going to take over.