Traders Insight Magazine [October 20 Edition]

BRINGING YOU MARKET ANALYSIS FROM OUR TRADERS

ASIAN EQUITIES SHOW STRONG RECOVERY Read more, p. 4

EXCLUSIVE: DO MARKETS FACE A “MINSKY MOMENT” COLLAPSE?

TRADER OF THE MONTH

NOITIDE 0202 REBOTCO

TRADER'S INSIGHT

FEATURED ARTICLES PAGES 4-5: Market Overview PAGES 10-12: Cross market technical and fundamental analysis PAGES 14-18: Are Cryptocurrencies Investment Bubbles?

PAGES 20-22: A look to Historical US Presidential Elections PAGES 24-28: Do Markets Face a “Minsky moment” collapse?

THIS MONTHS CONTRIBUTORS GAVIN PANNU: HEAD OF TRADING ACADEMY

Gavin is an experienced trader of a multi strategy fund. He is a certified market technician with both the STA and IFTA organisation and has worked with trading companies and brokers as a Senior Market Analyst and Mentor. He has been a regular contributor to financial publications.

DESMOND: TRADER & MENTOR

Junior FX Trader at Alphachain Capital with a Mathematics and Economics (BSc) degree. Possesses a strong focus in technical analysis and prefers to trade in line with the fundamental theme.

ASTERIOS: TRADER & MARKET ANALYST

Junior FX Trader at Alphachain Capital with a Banking, Finance and Fintech (MSc) degree. Day trader who gives a lot of emphasis in the collaborative learning. As a trader he puts a great deal of importance both in the technical and fundamental analysis.

RON WILLIAM: MARKET STRATEGIST

Ron is a Market Strategist, with +20-years of experience, working for leading economic Research & Institutional firms; producing macro research and trading strategies. He specializes in blended, top-down, semi-discretionary analysis, driven by cycles and proprietary timing models.

PATRICK: TRADER & MARKET ANALYST

Junior Cryptocurrency Trader and Market Analyst at Alphachain Capital with an Aerospace (BEng) degree. Patrick focuses mainly on the cryptocurrency market using technical analysis with a topdown approach. He is keen to help newcomers learn about trading with an honest and realistic approach.

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MARKET OVERVIEW: ASIAN EQUITIES SHOW STRONG RECOVERY GAVIN PANNU As we approach a new month and complete another quarter, we have seen some countries recover while others remain lacklustre. Asian equities showed a strong recovery with a gain of over 10%. Meanwhile, UK equities fell 3% and are down 20% year to date. European equities also lagged the rest of the world, with returns of 2% and -7% for the quarter and year to date respectively. The US equities has surprisingly delivered nearly 9% over the quarter and 5% since year to date even with Covid-19 still maintaining a stronghold with on-going political and racial tensions.

Asia’s strong performance has been helped by China’s positive sentiment in successfully containing the virus. This has allowed subway usage in China’s major cities to recover to only 10% below 2019 levels, compared with tube use in London, which remained down more than 60%. In Europe and the UK, hospitalisations have been very low in the third quarter, but have started to rise, with Spain, France and the UK seeing a rise in cases. This has led to fear of a second and possibly larger wave this winter. Vaccine trials have made progress, with the Oxford trial recommencing quickly after a brief pause from an unknown illness from a patient in the trial. If a vaccine becomes confirmed in the upcoming winter months, this could potentially lead to a significant rally in some of the stocks that have lagged this year. The US growth stocks have benefited from the shift from consumers now shopping more online since the Covid-19 outbreak. The valuations remain high by historical standards, a vaccine-driven rotation could potentially lead growth stocks to underperform lagging sectors.

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The US election is less than a month away, with polls now suggesting that Trump has gained ground in some key swing states, such as Florida and North Carolina, but still needs to make further gains in at least two of the other key swing states of Arizona, Michigan, Pennsylvania and Wisconsin if he is to retain the presidency. In the race for the senate, polls currently imply either a Democrat majority or a 50:50 split. If the senate is tied, the vice president would get the deciding vote. The Republicans’ best chance of retaining a Senate majority is to win the seat for North Carolina, whereas the Democrats could win an outright majority in the Senate by winning in Iowa or Montana. Donald Trump has tested positive for Covid-19 which will set further uncertainty to the presidential elections.

In the UK, the newly announced job support scheme will have less of an impact than the furlough scheme. The end of the furlough scheme at the end of October is therefore likely to lead to a higher unemployment. While the number of people on furlough has declined from about 30% of all jobs at the peak, around 10% of jobs remained on furlough at the start of September.

On the monetary policy front, the big news over the quarter was the Federal Reserve’s shift to average inflation targeting, allowing inflation to run above target for a while to compensate for periods of below-target inflation. The key implication is that rates are likely to remain lower for even longer. The prospect of no deal is also influencing expectations of Bank of England policy. The Bank is currently reluctant to fully endorse a shift to negative interest rates, but market pricing suggests negative interest rates may be introduced in 2021.

The final quarter of the year is likely to be eventful. With the third quarter earnings approaching, the US presidential elections, a potential no-deal Brexit and the on-going Covid-19 cases with markets looking towards the level of fiscal stimulus. Most importantly, there is a good chance that we will get news on a vaccine. For now, we continue to believe the focus should be on implementing shorter term trading strategies, around high impact news look to limit risk and to always remember as a trader your number one role is to preserve capital.

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Trader of the month Top 3 Performing Traders of september, 2020

1. Sami: 4.34% 2. chris: 0.43% 3. asterios: 0.29% 8

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MONTHLY OUTLOOK DESMOND

The month of September saw volatility resume after a dull August with the VIX whipsawing over 50% between 24.00 and 38.00. The seemingly never-ending tech rally grinded to a halt after the Nasdaq failed to make any progress above the 12,500 level. Currently prices are around 10% off the highs with the USD experiencing its largest surge in months. The DXY broke back above the 94.00 handle after an increase in Covid-19 cases and a resurgence in national restrictions and lockdowns spooked investors. The Japanese Yen also benefited from the sour risk mood as EUR/JPY broke below the 123.00 handle for the first time since July. This came after Abe’s Successor Yoshihide Suga took charge as the new prime minister for the nation reiterating his intention to maintain and advance the former PM’s approach titled “Abenomics”.

The FTSE100 continues to remain amongst the laggards within the indices space as it continues to trade below beneath pre pandemic levels. The index continued to trade tepidly around the 6,000 handle after the UK continue to hold talks with the EU over their future.

Sterling volatility soared within the month after earlier discussions of an Internal Market Bill threatened to violate the withdrawal agreement which led to GBP/USD trading to lows around 1.2750. PM Johnson’s approach to the handling of the talks was thrown into question as he faced rebellion from members of his own party. Initial plans to violate the withdrawal agreement would have resulted in the UK jeopardising any hopes of a deal with not only the EU but also the US where reports from officials stated that no free trade agreement would be made with the nation should the agreement be broken. Going into this week, signs of optimism between the EU and UK pushed EUR/GBP below the 0.9100 after UK Chief Brexit negotiator Frost hinted at progress in trade discussions last Friday. It appears that the UK have signalled a commitment to reaching a free trade deal with the EU though Brussels are reportedly set to subdue any heightened optimism regarding an imminent deal after growing concerns that PM Johnson has not obtained support from key advisers and his party for compromises required as talks near the final stages.

With the sun about to set on the current furlough scheme in the UK, Chancellor Sunak offered the labour market a lifeline after putting together a plan to protect jobs. Titled the Job Support Scheme; the program will replace the furlough system and ensure that workers get 75% of their normal salaries for the next six months. The plan aims to prevent mass job cuts after the government introduced new restrictions and guidelines to tackle a rise in Covid-19 cases. The new scheme which is set to support ‘viable jobs’ only has come under question as a definition for ‘viable’ remains the bone of contention. The chancellor who has outlined that he ‘cannot save every business (or)…job’ looks to implement the scheme from the 1st November and is set to cost the government an estimated £300mln each month.

The UK which recorded its largest monthly figure for borrowing last month faces growing budget concerns as debt increased to over 100% of the nation’s GDP. The ‘Winter economy plan’ is also set to offer VAT cuts and provide additional loans for struggling businesses.

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Discussions regarding the current monetary policy for the UK continue to resurface after the BoE maintained the OBR at 0.1% whilst deciding to keep asset purchases steady at the current rate. The committee reiterated their plan to continue to monitor the economy closely and remain ready to deploy further tools and actions in order to meet the objectives.

Tightening of monetary policy was refuted until evidence suggests that progress has been made in achieving the 2% inflation target, though more recently BoE’s Tenreyro outlined that evidence on recent negative rate testing has been encouraging. Going into Q4 financiers and investors will continue to keep a close eye on the pound; the outlook for the UK still remains uncertain and whilst the recovery since May has been sharp, the nation still has a few hurdles to overcome.

Technical overview Tools used: 21/50EMA, 200SMA, Fibonacci.

GBP/USD Cable is currently trading between its moving averages and most recently found resistance at the 21/50EMA whilst retreating from the 78.6% retracement level.

A hold below this level could potentially signal a move lower for the asset to support levels around previous lows with extension levels at 1.25870 (127.2%) & 1.2475 (161.8%). A break back above the 1.3000 handle is likely to trigger a bullish move up to at least 1.3250 for the asset with 200SMA acting as nearby dynamic support.

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EUR/GBP Â EUR/GBP currently trades around the 0.9150 level with nearby resistance being at 0.9200.

Price has most recently found support at 0.9075 whilst holding above the 50EMA and 61.8% level. A violation of the bearish trendline is likely to signal a run up to at least 0.9200 with 0.9300 being the next key area to watch out for. To the downside, a break and close below the prior low may reignite sterling strength and lead to a push lower to key levels of support with the first initial target level being around 0.8950.

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ARE CRYPTOCURRENCIES INVESTMENT BUBBLES? PATRICK Ever since Bitcoin climbed to almost $20,000 in 2017, the investment environment has changed. We have seen an overwhelming increase in volatility not only for the cryptocurrency sector but also for traditional equities and commodities. Within this article I will focus on explaining more about the different “bubbles” in the cryptocurrency market while laying the foundations for a potential analysis on how this affected traditional markets.

The Bitcoin Bubble 2017 was a very interesting year in terms of alternative markets gaining more momentum and attention from the media. When looking at Bitcoin, if we measure the price difference from January 1st 2017, all the way to the peak it achieved at approximately $20,000 on December 16th an increase of almost 2000% is visible. This is better shown in the image below.

An important question to be asked is whether this had any impact on other financial markets and the way people invest in new technology and traditional equities. During 2017, Bitcoin started gaining more momentum and spotlight from the media. In fact, it wasn’t until late 2017 that Bitcoin really burst to the upside as the continuous hype, leveraged by the media, skyrocketed it to what is known as a blow-off top. With the introduction of Futures Contracts and the overly exuberant market, the investment conditions for this asset changed because there was more incentive to start shorting or selling due to the low liquidity of the market.

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As seen in the image above, the first big correction created a huge wick to the downside with almost 50% losses from its previous peak. Subsequently, at the end of 2018, Bitcoin saw a depreciation of almost 85% relative to its all-time high. This can be better seen in the image below.

Even though it is not uncommon for Bitcoin to see such drastic changes in valuation, it is clear that after this first bubble the investing environment changed for this industry and for others. If we consider the term “bubble” as an exuberant increase in valuation ending in a blow-off top formation and further depreciation, we can say that there have been multiple bubbles not only in the cryptocurrency environment but potentially in traditional equities.

With this in mind and for the purpose of this article, I will refer to the above described price action as the “Bitcoin Bubble”.

The ICO Bubble We can use the previously described “bubble” term to analyse other parts of the cryptocurrency industry. If we look at altcoins (or alternative coins), we can see that the dominance of Bitcoin valuation vs other coins hit record lows. This can be seen on the image below where the Bitcoin dominance went from almost 100% to a low of 36%. It is important to highlight that this data is not 100% accurate as there were thousands of altcoin projects underway during that time and not all of them were legitimate or big enough to be considered in this ticker.

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The chart above best describes the price action of altcoins in comparison to Bitcoin. What we can see is that around the beginning of 2018, altcoins peaked in terms of their Bitcoin pairs. Although this was a result of the Bitcoin bubble, it is important to differentiate it as several projects increased from 10X valuation to almost 100X. In terms of percentage this corresponds to 1000% - 10000% which is way more than what Bitcoin obtained during the entire year.

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Similar to Bitcoin, the altcoin market saw huge losses in valuation after its blow-off top. In terms of losses, the valuation of altcoins saw a decrease of almost 92% in comparison to Bitcoin’s almost 85%. The chart above better represents this percentage. It is important to consider that altcoins tend to be more volatile than Bitcoin in general and that a lot of projects either went bankrupt or executed exit scams as more regulatory constraints came into play due to the new Initial Coin Offering (ICO) model to fund projects.

On the bright side, thanks to the attraction ICOs and Bitcoin received, governments started to implement ICO regulation, which reduced the number of fraudulent projects and saved a lot of future investors.

The DeFi Bubble DeFi or Decentralised Finance is a term that has surrounded the cryptocurrency industry in recent months. Although explaining DeFi and how it works is not within the scope of this article, in basic terms, DeFi refers to the use of smart contracts to automate enforceable agreements with the use of blockchain technology. Effectively there is no need for intermediaries like banks or lawyers as blockchain technology can be used to skip them and thus lowering commissions and real fees.

It is an undisputed fact that DeFi is a disruptive technology for the financial sector and even more so now that quantitative easing is at its peak due to the recent pandemic. However, a lot of the DeFi projects that are in the market are not yet ready for mass adoption. The image below shows how this particular sector gained a lot of attraction but displayed similar properties to the aforementioned bubbles. We can see a strong rise in valuation, followed by a blow-off top, resulting in a further decrease in price.

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Although this might be one of the most mature and interesting sectors in the cryptocurrency industry, the price action is still fuelled by emotional decision making and Fear of Missing Out (FOMO). There is a strong potential for this sector to grow but it is necessary to be in touch with reality and analyse what is currently happening with these projects. A good example of this is Cardano. The project seems to have a very professional team and a lot of potential but its valuation increased almost 800% from its lowest low after the pandemic crisis despite it not having any real developers or projects in comparison to other chains like Ethereum. This does not mean that the project will not deliver in the future but there is a huge discrepancy between the use cases readily available and the valuation of the projects. It is worth noting that Cardano is not the only cryptocurrency project to see this cycle. Cardano has seen a decrease of almost 50% in its valuation as of the time of writing.

It is imperative for investors and traders to be more cautious when investing in cryptocurrencies as they follow a very volatile and unforgiving boom and bust cycle.

Analysing the different bubbles within the cryptocurrency market lays the groundwork to potentially analyse how this also affected traditional markets, more specifically equities and commodities, which will be covered in future articles.

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A LOOK TO HISTORICAL US PRESIDENTIAL ELECTIONS ASTERIOS Undoubtfully, since the beginning of 2020 the world has faced several unique circumstances, with many of them to prior have been seen only in Hollywood movies. More precisely, on 11th of March the World Health Organization (WHO) recognized COVID-19 as a pandemic, exactly 100 years after the Spanish Flu, and soon enough, countries took the decision to lockdown their economies in order to limit the outbreak of the virus. As expected, decisions like this it is impossible to not affect the markets. Stocks plummeted and several corporate giants lost, almost in a week, the 80% of their value.

Investors did what it was expected. They turned their preference to safe heaven assets such as Gold, Japanese Yen and Swiss Franc. Gold after a sharp fall the first 2 weeks of March started a rally and broke the 2000 point. On the contrary, the U.S. dollar after a large increase at the beginning of the outbreak started to fal until the DXY (U.S. Dollar Currency Index) stopped to a major support level at 91.7 points.

Despite the fact that we are approaching the end of the year, there is still plenty of time for major events to occur. One of them, is the U.S. Presidential elections, which will take place on the first Tuesday of November. The two candidates to be contested for the 59th quadrennial presidential elections are the current US president Donald Trump Republican) and the Joe Biden (Democrat). Elections traditionally are events which cause volatility in the markets, especially when we are talking for a country such as the United States. The U.S. dollar is one of the most traded currencies in the Foreign Exchange markets and news or events which can directly affect it are always taken seriously into consideration.

Since, we do not have the ability to see the future it would be wise to see how the currency reacted in the previous elections and other major events. The 58th elections held on 8th of November 2016, when Donald Trump beat the expectations and prevailed against Hilary Clinton. That unexpected win caused turbulences in the markets. As it can be seen in Chart 1, the DXY topped at the beginning of 2017 to 103.69 points, which is a 17 year high, and after suffered a long-term significant downfall, until it stopped to a prior major resistance level at 88.13 points.

Nonetheless, the current elections have several differences from those in 2016. The majority of the Wall Street giants were behind the financial support of the Republicans campaign, while now the results are mixed. It is noteworthy to mention that Joe Biden was, for more than three decades, a Senator from Delaware, one of the last tax-heavens.

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Moreover, in 2016 the number of the indecision voters were significantly higher compared to now. Also, in 2016 Trump was the undisputed winner in Florida, a key state for the elections. More precisely, Florida along with Arizona is one of the top destinations for people in retirement. This group age was one of the biggest supporters of Donald Trump in 2016. This year the scenery is a bit different. The virus hit hard the older people and their responses suggest that they did not appreciate the President’s actions in order to secure their safety. Florida is one of the states where the COVID-19 struck the most and the latest polls indicate that Joe Biden gained ground and is leading the race. The outline is that impossible for the Republicans to win the elections if they do not manage to prevail in the states of Florida and Arizona.

Following, in order to see how the markets will react is to see how the VIX (Volatility Index) performed during similar occasions. In Chart 2 it is clear that the VIX increased both in 2012 and 2016, but not as much as it could have been expected. From the chart it is easier to understand that the market is afraid of high volatility in events such as the Financial crisis of 2007-2008, the Debt Ceiling crisis of 2011 and of course the outbreak of COVID in 2019. In order to elaborate on that, during the financial crisis and COVID outbreak the VIX climbed to 96.31points and 85.49 points respectively, In the contrary, during the Presidential elections of 2012 and 2016 the VIX was 19.45 points and 22.89 points.

There is still one full month until the elections but still the primary issue for the investors/trades and the rest of the population is what measures the governments will put in action in order to face, successfully this time, a second wave of the virus. Moreover, this time Joe Biden has a clear advantage over Donald Trump, and it would be hard for the current President to cover that distance. It would be wise though to never say never since in 2016 he was an outsider as well, but he managed to reverse the roles. To conclude, my personal belief is that markets have already priced the possibility of Donald Trump’s reelection and a second COVID-19 wave, so the volatility will not be as severe as many believe and a quick look in both charts can confirm that despite the beliefs the markets tend to be extremely volatile when sudden and disastrous events are taking place and U.S. Presidential elections is not one of them.

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Chart 1: U.S. Currency Index (DXY)

Chart 2: Volatility S&P 500 Index (VIX)

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DO MARKETS FACE A “MINSKY MOMENT” COLLAPSE?

BY RON WILLIAM, CFTE USA markets triggered “warning shot” overbought reactions from new all-time highs, suffering the largest decline since March 2020. Anecdotal evidence of prior extremes of “irrational exuberance” was highlighted by The Financial Times, labelling Softbank, a Japanese conglomerate, the “Nasdaq whale,” exhibiting substantial bets of $4 billion dollars on equity derivatives, amid the latest surge in technology stocks. Call option volumes had exploded in stockssuch as Apple, Amazon and Tesla, amplifying risky leveraged positions and distorting price behaviour. Fig 1. shows the pendulum swing to excessive greed, based on the put-to-call ratio hitting multi-year lows. Further excessive activity in the options markets is also found amongst retail traders. Fig 1b exhibits retail traders, at the margin, just under 7% of NYSE volume, had more than doubled the prior record set in March 2000.

Despite extreme readings and the latest market shake-up, many investors will likely remain hypnotised by the Fear of Missing Out (FOMO). From a behavioural perspective, we expect a classic “Greater Fool Theory” contrarian signal. Further overcrowding into large equity positions, based on the linear extrapolation of the strong V-shape recovery and omnipotent Fed-put. The assumption is that new record high breakouts often leave at least another year’s worth of blue-sky gains, before the market runs out of steam. Indeed, the “trend is your friend, until signs of a reversal emerge”. However, investor herd behaviour should continue to deafen contrarian scenario-planning, as Goldman Sachs data demonstrates, with short interest data of S&P500, hitting 16-year lows.

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US markets led a strong bifurcation trend, locally (Fig 2. Tech street, Wall street & Main street) and internationally, which became synonymous of the disconnect between overvalued markets and the real economy.Tech-street was strikingly “good”, outperforming by 28% from its prior 2020 peak levels, while Wall-Street relatively “bad,” lagging by 7% and Main-street remained “ugly” -down 7%. Closer examination of S&P500 vs. it’s equal weighted measure (Fig3), highlights the FAANG-tastic divergence artificially held up by leading tech stocks. Expect a mean-reversion snap-back to pressure markets lower.

The equal-weighted index had not rallied back to the old June high,let alone the old all-time high. According to our signature “Roadmap”model, the market is still within the 3-stage bear correction of a “fall, rally, followed by the rest of the fall”.See page 6. As stated in previous reports, this is often a late-cycle false V-shape recovery, that later turns into a rolling W-shape waterfall decline.

Further signs of weakness was originally found in terms of market breadth, with less than 50% of the stocks in S&P500 holding above their 50-day moving average,pressured by many stocks producing YTD losses and ETF volumes at a record low. This was more pronounced in the Stoxx Europe 600 Index which fell to the lowest level of any August since 1999.

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Our global ranking model shows the UK home market as the relative weakest underperformer to major markets across all time scales. Fig 4. demonstrates the extent of UK relative underperformance, down 22% YTD, with India, Japan & Germany still producing negative returns.The UK stock market is the last place we wish to be. As it happens, a short position actually did better. Being short of FTSE index this year has beaten being long. We are in the wrong market, in a bear phase, and getting beaten up all over.

Fig 5. Charts our technical setup for “Minsky moment”, as part of rare late-cycle exhaustion pattern called a “broadening top”. This behavioural pattern is characterised bymassive disagreement between buyers and sellers, with each higherprice high (point 1,2 & 5) and lower price low (point 2, 4, 6). Expanding volatility becomes self-feeding. Point 5 is deemed as the “kiss of death” signal, which triggers a technical “Minsky moment” collapse.

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In this case, the grand finale point 5 also marks a fifth consecutive rising month. Areversal signal must be confirmed under 3394, at the prior record set in Feb 2020, with further downside confirmation below psychological level at 3000.

There is a risk of precipitous decline which would be symmetrical to the prior linear rise.

Our preferred scenario, is a rolling W-shape retest of the crash low, from point 5 to 6, followed by another “rally and the rest of fall”.Statistical price distribution warns of sharp downside acceleration of at least 28% below key level at 2890.

Meantime, our cycle studies remain negative and intensify, as part of a cluster signal from late September, into October, in-line with seasonality.

Fig 6. illustrates an educational framework for our signature “Roadmap investment model”, as part of the business cycle. Fuelled by investor sentiment and liquidity boom-bust swings, the process can be detailed into a fractal shape.

The late-stage cycle market top leads to a 3-stage bear correction. “Fall, rally, restof fall”.The transition is precarious to time and often leads to a false V-shape recovery that ultimately fails to break above record highs.

The overvalued nature of US stock markets have naturally skewed the price cycle.

However, real price action based on S&P500 equal-weighted index and relatively weaker performing world markets such as Germany and UK, is aligned with our Roadmap model and suggests the end of the W, X, Y corrective process. Expect the W-shape reversal to transform into a waterfall “rest of fall”decline.

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Meantime, the well-known “Fall-crash” seasonal cycle successfully predicted the latest spike in volatility. See CNBC media interview link, hosted hours ahead of the latest market shakeout.Fig 7 shows back-tested results of the average shape of this baby cycle over 100 years. The peak-out “sweet-spot” is late August-early September and worked to perfection this year.

One of the key factors that helped was a record breaking mid-summer rally in the month of August,the strongest in 34 years! Here and now, expect the worst drawdown risk in September, marked by a false low, followed by a true low in October, infamous for stock market crash anniversaries.

It is also important to recall the lager cycle hierarchies, part of our grand super cycle prediction. Fig 8. shown in our last report adds further pressure of both the decennialand presidential election cycle.Both remain negative from now into yearend, then early 2021.

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ABOUT ALPHACHAIN Alphachain Capital is a proprietary trading firm founded with a vision of combining strategy, innovation and technology to succeed in today’s global markets. Alphachain Academy focuses on the development of our new traders for our prop firm. For aspiring and novice traders, the Alphachain Academy's programmes have been designed to develop, select and grow a new generation of talented prop traders from a variety of backgrounds who wish to trade cryptocurrency or FX markets. For established traders we offer state of the art infrastructure, investment capital and a collaborative trading environment nurturing success.

Web: https://www.alphachain.academy/ Phone: +44 20 7097 1715 Email: info@alphachain.co.uk Office: 25 Clarendon Road, Redhill, Surrey, RH1 1QZ Disclaimer: Trading in any financial products whether with or without margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. All information in this publication is for education only and should not be seen as advice or a trading signal.