In this video:
00:16 Trading on the daily charts on a holiday
00:52 The US strengthened hugely this week
01:15 Huge market for Gold and Silver
I’m in the beautiful city of Jaipur on Northern India and I’ve been trading on the daily charts just this week so join in now and I’ll tell you all about it.
Hi Andrew Mitchem here the Forex Trading Coach.
Today is Sunday the 19th of May. And I’m in India as you know I’m on a holiday but I’ve been trading on the daily charts only and that’s the beauty of trading Forex. You can trade the daily charts, I've been getting up quiet early in the morning here because 9 o’clock in New York time is 2:30am in the morning here.
But it means that I can put my trades on, put on and leave them and set them then it means that later in the day I can come back to the hotel the next morning and check the trades again. So that’s what I’ve been saying over the last few weeks. What we’re looking at is trading less because remember there’s no prizes for trading more.
Look at trading less, get away from those 5 minute, one minute charts and get on to the daily charts, the four hourly charts. It allows you to do things like travel like I’m doing here.
And into the charts themselves this week what are we seeing? Well we are seeing the US strengthen hugely this week and at the same time, we’ve seen the NZD, the AUD, and the JPY weaken quiet considerably.
And looking at the charts I’ve just done we’re now into Sunday before the market opens for the next week. I anticipate that the prevailing trends will continue heading into next week.
Now of course I've got to mention Gold and Silver, I'm in India and everyone loves Gold and Silver here. There’s a huge market for it. Everything is dropping at this stage and it's due to the US strength as well. And again looking at the charts it looks like the down trends may well continue.
So if you’re looking at trades for next week, look at short or anything against the US and consider taking shorts over the long term at the moment and look at selling Gold and Silver when opportunities come.
That’s it for now. I’m off back to enjoy the beautiful temples here in Jaipur and I look forward to talking to you this time next week.