In today’s session, Ashley and I answered the question what is a recession as well as the ‘usual suspects of supplementary charts (DXY, Gold, Oil, Bitcoin etc.) as well as loads of M2 and Earth and Sky setups. Ashley also explained how he uses support and resistance to stay ‘flexible’ when there aren’t any Earth and Sky setups that fit ALL the rules.
In the first half of the session, Thinus went through his M2 setups and showed the major levels he is focusing on.
Warning
He also cautioned traders to try not to get into trades on Wednesday as we have a very important event later in the evening. The FED will announce its rate statement and most people are expecting a 75 bps rate hike.
From past experience, it is always best to wait until Powell finishes his speech which mostly causes volatility in the market. Banks and other institutions analyze this data and then decide whether to sell or buy the dollar.
So what is a recession?
Ashley then went on to share a shocking post from treasury Yellen who claims that she doesn’t see a recession in the US.
According to Investopedia, “A recession is a significant, widespread, and prolonged downturn in economic activity. Because recessions often last six months or more, one popular rule of thumb is that two consecutive quarters of decline in a country’s Gross Domestic Product (GDP) constitute a recession.”
Treasury Secretary Janet Yellen: “A common definition of recession is two negative quarters of GDP growth” “Many economists expect second quarter GDP to be negative. First quarter GDP was negative.”
Yellen: “That’s not the technical definition…we have a very strong labor market. when you are creating almost 400,000 jobs a month, that is not a recession.”
They might be creating 400k jobs a month but how many of those jobs are actually being filled? That’s the question.
Now Bidens economic advisor has come out saying, “Two negative quarters of GDP growth is not the technical definition of recession.”
Most of us knew the definition of recession and probably some of you have been through one. But now the White House has officially changed the definition of a recession. It’s shocking that you can just change the definition of something that has been there for years…. just because of the current situation the US and all other countries are in.
I wouldn’t be surprised if they came out tomorrow and changed the definition again to try and save them selves from the mess they have created. It really is shocking to see all of this happening right now.
Powell will probably have a lot of questions to answer this evening.
Make sure to follow Marc on twitter as he is sharing a lot of insightful news that we don’t normally see on forex factory or other new pages. You can do with the link below.
You can also follow us on Youtube now, we are trying our best to upload more content in the coming months to give you’ll free content and share set ups that we take during the week.
None of the Forex Mentor Pro team nor its owners (expressly including but not limited to Marc Walton), officers, directors, employees, subsidiaries, affiliates, licensors, service providers, content providers and agents (all collectively hereinafter referred to as “Forex Mentor Pro ”) are financial advisers and nothing contained herein is intended to be or to be construed as financial advice
Forex Mentor Pro is not an investment advisory service, is not an investment adviser, and does not provide personalized financial advice or act as a financial advisor.
Forex Mentor Pro exists for educational purposes only, and the materials and information contained herein are for general informational purposes only. None of the information provided in the website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, recommendation or sponsorship of any company, security, or fund. The information on the website should not be relied upon for purposes of transacting securities or other investments.
You hereby understand and agree that Forex Mentor Pro, does not offer or provide tax, legal or investment advice and that you are responsible for consulting tax, legal, or financial professionals before acting on any information provided herein. “This report is not intended as a promotion of any particular products or investments and neither Forex Mentor Pro group nor any of its officers, directors, employees or representatives, in any way recommends or endorses any company, product, investment or opportunity which may be discussed herein.
The education and information presented herein is intended for a general audience and does not purport to be, nor should it be construed as, specific advice tailored to any individual. You are encouraged to discuss any opportunities with your attorney, accountant, financial professional or other advisor.
Your use of the information contained herein is at your own risk. The content is provided ‘as is’ and without warranties of any kind, either expressed or implied. Forex Mentor Pro disclaims all warranties, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Forex Mentor Pro does not promise or guarantee any income or particular result from your use of the information contained herein. Forex Mentor Pro.com assumes no liability or responsibility for errors or omissions in the information contained herein.
Under no circumstances will Forex Mentor Pro be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content contained herein. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Marc Walton, owner of Forex Mentor Pro, communicates content and editorials on this site. Statements regarding his, or other contributors’ “commitment” to share their personal investing strategies should not be construed or interpreted to require the disclosure of investments and strategies that are personal in nature, part of their estate or tax planning or immaterial to the scope and nature of the Forex Mentor Pro philosophy.
All reasonable care has been taken that information published on Forex Mentor Pro website is correct at the time of publishing. However, Forex Mentor Pro does not guarantee the accuracy of the information published on its website nor can it be held responsible for any errors or omissions.