In this video:
00:24 Two very specific ways to enter trades
02:01 Using limit orders
04:03 Jam packed training webinar
05:01 Non-farm payrolls released this week
Two ways to refine your Forex Trading Entries
In this video I am going to share with you two excellent ways in which you can refine you trading entries. Let me tell you more right now.
Hi it’s Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 25th of October and that’s right I want to talk about entries this time and so I have two very specific ways that I enter trades getting a better price than what you could get at the market. There’s two ways of doing this and it depends on the time frame of the chart that you’re trading. One thing that I like to do if I’m trading let’s say on an hourly chart and I see a very strong bullish setup. What I sometimes do is I then scale down to a five minute chart or even a one minute chart and look for a refined entry so what I’m doing then is I’m looking for pull back first on the one or five minute chart then I’m looking for a bullish candle with a bounce off a certain level like a round number or a pivot point or something like that looking for that really sharp entry, looking to go long.
How to trade with a small stop loss
If it’s bouncing off let’s say the round number I can have a very, very tight stop loss on that trade and therefore I can make an excellent profit on the trade without too much movement. I’ll give you an example this week I’ve taken three trades that way. I’ve seen good setups on the one hour charts, refined down to a one minute chart and look for the entries. All three trades that I’ve taken have made full profit and all three have averaged a two to one risk to reward. So if I was to trade with half of one percent risk on each of those three trades that’s over a three percent gain on my account this week just from those three trades, so huge return.
Using Limit orders to enter
The other way that I trade and which means that you don’t need to be at your computer is I use limit orders. I’m a big fan of using buy limit and sell limit orders. Now I do this mostly on the four hourly charts and the daily charts. So what it means is if I see a set up that I really like. I place let’s say, the four hour chart I’m looking for a bullish signal. I placing a buy limit so I’m not buying right up here at the market I’m buying if the price retraces first, if it retraces I’m buying at a better entry price that means. That my stop loss is naturally going to be smaller which means that the market doesn’t need to move so far in order to give me a good risk to reward out of the trade.
6.5% gain this week
Now I’ve taken two trades just yesterday on the four hourly charts and both of them hit profit and the two of them averaged a 2.5 risk to reward each. So, again its excellent returns. Half a percent on each of those two trades gives me a two and a half percent gain on my account. So you can see from this week alone just on those five trades there’s been a five percent return on my account this week. That’s without any other trades that’s without looking at the daily charts or any other time frame charts at all and in fact my breakout system that I use on a Monday also made one and a half percent so it’s been a fantastic week up over six and a half percent from just a small handful of trades.
The great thing with the limit orders means you don’t need to be there watching the market waiting for that actually pull the trigger to take the entry because my broker has my entry level already placed onto their system. If the market takes off and does not retrace then I have the trade automatically set to expire after X number of hours. So two really good ways there of entering at a better price then you would get if you were entering straight at the market.
100 people on this week’s trading webinar
The other thing I wanted to tell you about, I had a brilliant webinar this week. I had a full room a hundred people on the webinar so that’s the maximum I can have on my webinars. Absolutely jam packed room had a great session for the frustrated trader’s. So that’s for people who have been trading six months or more who have not yet cracked you know into the Forex market in terms of making good consistent gains. Had some excellent questions on there and people really enjoyed the webinar got a lot of good valuable information.
So each week I hold webinars for those I call frustrated traders. Those people who have been trading for a while and also I hold webinars for brand new traders. So we’re talking more about the basics of trading plus I share some really valuable tips and information. So whichever you are whether you’re brand new to trading or you have been trading for a while and not yet making good gains there’s two webinars there. If you’ve been on them before that’s fine you don’t need to go them again because they are the same type content each time but if you have not attended one of those webinars make sure you jump on there’s just great valuable information there.
Euro Strength and the release of the Non-Farm Payrolls
On to the markets themselves well we finally saw the non-farm payrolls released this week, some eighteen days late and we should be back to normal from now on and but what that’s done is it’s finally allowed the market to get some form of normality back into it. Monday and Tuesday was a little bit quiet because everybody’s anticipating that non-farm payroll. It was released Tuesday morning US time and from then on we’ve seen the market behaving probably a little bit more like you call a normal condition. Now that, that announcements happened. What we have seen this week is a huge lot of strength in the Euro and also the other big gain has been Gold this week. The two main currencies that have been weakened are the NZD and right behind me here the NZD is still falling and the CAD. So keep an eye out for those to see if those trends continue into next week.
So, that’s all for now. I hope you’ve enjoyed this video and this podcast whichever way you’re watching or listening to these sessions. I hope you’re getting lots of great information from them. If you need any help just feel free to email me [email protected] and have yourself a great weekend.
Look forward to talking to you this time next week.
Bye for now.