In this video:
00:30 Good clear price action +8.61% for me this week
01:40 Set and Forget Daily Chart Results +7.05% in July
02:30 Why I like trading the hourly charts
02:40 Getting some more daily trades
Hi everybody, Andrew Mitchem here, the Forex Trading Coach.
Great to be with you today!
Today is Tuesday the 7th of August, 2012 and right now as we're recording we are in the Asian session, things are a little bit slow right now.
Just really waiting for the markets to pick up especially after last week’s non-farm payroll on Friday.
Picking up good trades
I’ll be anticipating that as we are heading to the European session today, we will see some good clear price action which will help us with the rest of the week on the longer time frame charts. Right now it’s just indecision and it’s really quiet hard on the daily charts especially to see which way the main currencies are trying to go.
Last week was a really good week. Less so on the daily charts but personally for me the hourly charts and the four hourly charts picked up some really good trades.
Of course, there are losing trades like you get all the time but overall some exceptionally good trades.
On the daily charts I did have good trades on the Gold/US dollar and the British Pound/ Australian Dollar and the Australian Dollar/New Zealand Dollar all of which made full profit – which ranged between two and a half to three risk to reward.
Daily Trade Suggestions
The previous week was an amazing week +8.61% for me personally on all time frame charts and the other news also, I've just finish tallying up the July daily trade suggestions that I made for my clients each day, the set and forget suggestions, and with half a percent risk we made +7.05% in July.
That’s assuming complete set and forget. No on-going management, no closing trades before the weekend anything like that, just purely put the trade on at the levels of suggest and teach – the set and forget. The +7.05 for July which has helped to bring the annual return of the daily chart’s back up. Definitely a tougher year this year on the daily charts and the set and forget method, which really is why a lot of my clients and myself included have taken a lot more trades this year on the four hourly charts and the one hourly charts.
The clients of mine do chose to trade down to 30 minutes, 15 minutes, some even 5 minute charts. That’s absolutely fine and they do really well. For me personally, that doesn’t suit me. I’m not so keen on watching the charts all the time.
I love the hourly chart which means I can come to look at my computer once every hour.
I've just literally taken a trade right now before this recording, I've taken a buy trade on the hourly chart on the New Zealand Dollar/US Dollar. It's looking a really good trade so we will see how those progresses as we go through.
Leading on the rest of the week like I've mentioned, I’m hoping to get some more daily trades coming through once we see some clear price action today.
So that’s all for now, and looking forward to give you an update later on in the week.