Amazing trading conditions with big trends
In this video:
00:25 – Huge trends and conditions like this not seen for many years
00:53 – Kick started by Brexit conditions, selling the Pound
01:18 – Selling the GBP/NZD pair on H1 and H6 charts
02:03 – Great trades with high reward:risk on H6 and H12 charts
02:30 – Buying the NZD pairs
03:00 – GBP/NZD dropped over 4000 pips since the end of May
03:50 – Big trends so take advantage of them right now
04:10 – Close out of positions before the US Employment news
04:35 – Enjoy riding these big trends and make money from them
We are in the middle of some amazing trading conditions. If you're not making money you need to listen to this.
Hi Forex traders, Andrew Mitchem, The Forex Trading Coach. Today is Friday the 8th of July and we just have some amazing trading conditions in the Forex market right now.
Huge trends and conditions like this not seen for many years
It's just an absolute wonderful time to be a Forex trader. There's just some huge trends in the market and the conditions are something like I've not seen for many years. Back in so, 2010, 11, 12, through those times there was some excellent, excellent trends. Some great movements on the charts. Then we've seen a couple years where it's been a little bit sort of harder to trade and now we're getting those big moves back into the market again.
Kick started by Brexit conditions, selling the Pound
Of course things like Brexit have certainly helped contribute to that over the last few weeks. Really when you think about what's happened to that since 2 weeks ago when we had the Brexit decision there's just been some amazing opportunities selling the British pound pairs.
Most of the pairs have moved but the British pound ones in particular have just been fantastic pairs to trade, looking for the pound to weaken all of the time. To give you some examples:
Selling the GBP/NZD pair on H1 and H6 charts
I took a trade just yesterday on a live webinar with my clients. We had a couple hundred people on their live and I took a trade on the 1 hour charts selling the British pound/New Zealand dollar. It fell away and it made a 2 to 1 trade in, I think it's about an hour and a quarter. A 2 to 1 reward to risk that is, so let's say risking half of 1% to make 1% in an hour and a quarter. It was a tremendous trade. A little bit later on the 6 hour charts, and they're offline charts that I use using a bit of coding that I have that allows us to us charts such as 6 hour charts and 12 hour charts on MT4. They're nonstandard time frames on MT4, but I use the 6 hour charts quite a lot.
Great trades with high reward:risk on H6 and H12 charts
I took a 6 hour trade also on the British Pound/New Zealand dollar live on the webinar yesterday and right now that's at a 3.4 to 1 reward to risk. Again, a half percent risk, that's a 1.7% account gain. I also took a trade on the New Zealand/Canadian dollar and that was on the 12 hour chart and right now that's up 3 to 1 reward to risk, or a 1.5% account gain.
Buying the NZD pairs
Because there's been strength on the New Zealand dollar as well. Have a look at your charts, see the strength that's in the kiwi dollar right now. Likewise on the longer term, on Monday I suggested a bi-trade to my clients. On the weekly charts, on the New Zealand/US dollar. Right now that trade's up at around a 1 point, no that one's just moved up to 2 to 1 trade. Again a 1% gain for a half percent risk so far and the trade is still open. You can see what tremendous opportunities there have been.
GBP/NZD dropped over 4000 pips since the end of May
The British pound/New Zealand dollar as an example since the end of May has dropped over 4,000 pips.
Since Brexit out of the 9 completed days on the data charts, 8 of them have been bearish. They've ended up being closing lower than they've opened and out 28 days since the end May only 6 of those days has the British pound/New Zealand dollar actually gone up within the day, closed up as a bullish candle. Only 3 of those days were good moves, the other 3 were pretty much indecision days. You could pretty much say that out of the last 28 days on the British pound/New Zealand dollar almost 25 of those days have been either indecision or bearish sell trades or sell off days.
Big trends so take advantage of them right now
You can see just great opportunities, big long, trends, riding the trend down, looking for slight pull backs and then getting in short again. Tremendous, tremendous opportunities and you have to take advantage of market conditions when they are like this because they don't happen all that often but when they're there you have to take advantage of them.
Close out of positions before the US Employment news
One other thing to note, just be careful of US non-farm payrolls later today. Just always careful with your trades around that time. I like to close out pretty much all my trades, especially the shorter time frame trades before that news announcement. That's it for now.
Enjoy riding these big trends and make money from them
Just go back and look at your charts, see the opportunities there have been but also continue to look out for new opportunities. Riding these big trends that we're seeing in the market right now. Great trades, great opportunities, great high reward risk trades. Just a wonderful time to be a Forex trader.
Enjoy it, make heaps of money out of your trades. If you need any help, send me an email. [email protected]. I'll talk to you this time next week.