High Stakes Deal Or No Deal – July 10th 2015
Only Days Left on the New Greece Deal Deadline
At the end of the day does it really matter if Greece gets a deal. I highly doubt a single person reading this feels that any deal would be sustainable. The bottom line is they can’t repay the debt. It is simply impossible for Greece to pay back the money they are said to owe. With that being said all a deal would do is simply kick the can down the road. Unfortunately the global economy is built and supported by confidence. There is nothing tangible supporting global “growth” at the present time. With that being said, if confidence is broken and people start to ‘look behind the curtain’ then the show is most likely over. For purely selfish reasons I hope they can convenience the lemming public to belief the depression will not be the result of the current world situation. The will however, be the inevitable result. At this point it cannot be avoided regardless of what is done.
Why do I stress this point so often. First, to illustrate the fact that you should not feel confident with anything you call an asset that you cannot hold in your hand. 10’s of millions of American still have full faith in the equity market and unfortunately they will again have to feel the wrath of another collapse, only this time I feel it will be much worse. At this stage in the game you have to start accepting that you, and you alone, are the only one that can protect yourself. I don’t want this to be all doom and gloom. So then, what are some actionable steps you can take right now.
1.) If you have exposure to the equity market I would urge you to talk to someone with the knowledge and ability to protect accounts during serious uncertainty. No one is going to hold your hand. YOU have to start taking responsibility for what is yours because know one else cares about your money like you do. Roughly a year ago I linked to a video that Tony Robbins did about his upcoming book. Here is the link to that article in the DTFL blog titled, Learning From Billionaires – 7 Secrets From Investment Superstars. Or if you would like to order the book here is the link to it directly on Amazon, MONEY Master The Game: 7 Simple Steps to Financial Freedom. I’ve personally listened to the book twice and would highly recommend it.
2.) Find another source of income outside of a job. Look at what happened in the previous crash as well as what has followed. To begin most of the jobs that were good have long since vanished. Second the jobs that do exist barely pay a livable wage. Obviously I favor learning to trade. The bottom line is the markets will be the last thing to go. If ever the markets cease to exist you will have bigger things to worry about….like food lol. If your serious about learning to trade and have yet to check out our forex bank trading course, why not? If day trading isn’t your thing, or you want to learn to trade stocks then go do it! The bottom line is take action now!
3.) I know some might think I wear a tin foil hat but the final actionable step is buying storable food. People always think “it can never happen here” and generally they are right. For less than $1000 a person could buy a 3 month supply of storable food that would last up to 25 years. Even in the US this was common practice until 25 years ago. We have become so complacent as a society that when anything does happen we have to rely on someone else to help us. Two great example are hurricane Sandy as well as hurricane Katrina. Countless people died because they didn’t have access to clean food and water. When/if a major economic down turn occurs this is added ‘insurance’. Simply put when there is no food left a wheel barrel full of gold won’t buy you the last loaf of bread. Two great places to buy storable food are Efoods Direct as well as My Patriot Supply. Ok, tin foil hat off….on to the current market in the Euro and Pound.
Euro Again Reject Lower Price
The line in the sand area of 1.1085 that I mentioned yesterday actually broke down before the trading day began. As a rule of thumb when a level begins to break down before the 2AM Eastern European open the level gets thrown out. We did have a beautiful setup from the highs. Unfortunately for me it missed my pullback point by half a pip. We had a secondary backside of the level trade. I was again waiting for a deeper pullback and missed the entry by 3 pips. For those taking the wider 25 pip stop it would have been a quick 50 pips. Unfortunately for me it was the day of missed opportunity on the Euro:( As always make sure to watch the daily market review video for a full breakdown and trade analysis.
Today on the Euro I’m still open on direction and would be happy to take a short from our upper listed level or a long from any lower level.
GBP/USD Fails To Continue Downside Move
The Pound did produce a beautiful trade from the highs last night at the same time the Euro was setting up short as well. I’m generally not around during this time but I fortunately for me I couldn’t sleep and I caught the first move to the downside. I did turn on the video for this trade so look out for that video early next week. Either way today I’m still open on direction. I especially like a long off the overall lows if it did get there and then provide an entry.
Forex News For July 10th 2015
CAD Employment Change – CAD employment change is the Canadian equivalent of the US Non-Farm Payroll. Unlike NFP however, CAD Employment Change has had a spotty history of making sizeable moves in the market over the last few years. It has however made a strong resergence over the last 3+ months and has come back to life as a big market mover. It is expected at -9K and any deviation over 30 +/- will create a lot of volatility. With the expected miss to the downside we may see the CAD weaken ahead of the news.
Janet “Piggy” Yellen Speech – That beautiful beast, Janet “Piggy” Yellen as I affectionately call her is due to speak/oink at 12:30PM Eastern. Like always expect market volatility. As this is getting towards the end of trading time, if your not in a trade when she begins, it would probably be a good time to call it a day.