In this video:
00:26 Fantastic price action and enormous moves this week
03:56 2.75% account gain just in two hours!
04:37 A client made 1.45% gain trading the weekly charts
Well all of a sudden we’ve seen lots of fantastic price action, which all that means is just amazing opportunities to make money from the Forex market. Let me share more details with you, right now!
Big Price Action Moves on the Forex Charts
Hi every body, it's Andrew Mitchem here, the Forex Trading Coach today is Friday the 7th of March. And after a couple of weeks of some fairly quite indecisive action, we've suddenly this week seen some fantastic action; had some enormous moves! Most of which I'd predicted to my clients and also free on my website, on and on Forex Peace Army. And so, make sure you do log in to view that information each day.
Just yesterday had some enormous moves on the Euro pairs, the Euro has moved up yesterday, being Thursday; over 150 pips against the USD and over 240 pips against the JPY so just enormous moves there, great opportunities to make money for us. The Yen has been really weak all around and the US has been fairly weak as well. The other big gainers have been the NZD and the AUD. Now I've been looking at buy opportunities on those almost every day this week, certainly Tuesday, Wednesday, Thursday. Today is non-farm payroll day so you just need to be a little bit cautious there about what to take heading into a day with non-farm payrolls, as things can be a little bit more difficult to trade. But, as I mentioned I've been looking at definitely AUD and definitely NZD strength throughout the entire week. The news again the fundamentals have backed up what's already been shown well in advance on the charts, so it's really great when you get the two matched up side by side.
A 2.75% Account Gain in 2 hours on a Live Trading Room Webinar
Yesterday I held a live trading room session for my clients where I trade on my charts, as you can see behind me here; in front of my clients on a live account. There's no better way of learning how to trade than to watch someone trading in real time. And I took six new trades during the session; they were on the one hour charts and one minute charts. Now out of those six trades, two of them were stopped out and four hit full profit. And as a net result there was a 5.5 to 1 risk reward. So in other words if you were risking one percent of your account per trade, there was a 5.5% gain in just the two hours on those six trades that I took live in front of everybody. I traded half of 1 percent to risk for me, on my account, and that was a 2.75% account gain; just on those two hours! So just a fantastic result!
Client makes +1.45% trading the Weekly Charts
I also had trades open, or shown trades open, on the four hour charts, the daily charts, the weekly charts, and the monthly charts. And my weekly charts and monthly charts trades behind me now are at 1.3%, and the four hourly chart trades have also made profit this week. I also had during the session many other traders taking live trades and they also just had a huge profitable time. I also had a client from Iceland who mentioned that they had made +1.45% gain on their account last week by trading just the weekly charts.
So the point I'm trying to make here is I have taken trades, and shown trades, ranging from a one minute chart right through to a monthly chart; and everything else in between. So it's really important as to what suits you. Don't forget if you're trading weekly charts or monthly charts it just means a few minutes of work once every week, or on a monthly chart once a month, that's all it is. The trades I’ve got behind me open here on the weekly charts I'm at +1.3% on open trades; but they took me 10 minutes to place on Monday morning. So it doesn't matter whether you like watching multiple charts during trading sessions or whether you like to take a few trades just once a week or once a month; it really does depend on what suits you. The important thing to remember is that price action and a good strategy will serve you good and will work very well for you across all timeframes and across all currency pairs.
So that's it for now. This is Andrew Mitchem from the Forex Trading Coach, hope you've enjoyed this video and podcast. I look forward to bringing you more updates and trading news this time next week.