In this video:
00:24 Held a live 2 hour trading room session for my clients
01:36 Talked about Exhaustion patterns when looking for Continuation and Reversal patterns
01:49 An exciting new membership website
02:47 The American and Canadian clocks move this Sunday
03:23 Non-Farm Payroll news out today
03:41 Taken short position on the GBP/CHF – but close out before the NFP
Hi Traders Andrew Mitchem here the Forex Trading Coach:
Welcome along to another weekly video. Today is Friday the 8th of March.
Exhaustion Candle Patterns
Well yesterday I held a live 2 hour trading room session for my clients and in that session we looked at some really important candle patterns that we we're looking for. And overall I’m looking at continuation patterns or reversal patterns. But prior to the extra confirmation, ideally what I like to see is an exhaustion pattern.
So what I mean by that is let’s say we were in an uptrend, I then see an exhaustion and then a confirmation to go short. It’s the exhaustion that’s given me clue, the early warning before the confirmation to go short. That’s a reversal pattern. For a continuation, we may be in an uptrend, we get a pull back and a pull back to a certain level. And then we see exhaustion then a bullish pattern to go long again.
So on both instances – the reversal and the continuation pattern, the exhaustion candle does give us a lot of clues especially if it occurs at a really important bounce level. And I discuss a lot more of that within the course itself.
4 Hour Chart Trades
We looked at some four hour charts and looked at some really good trades that were taking over the last few days on the four charts. And we also took a 15 minute chart on the GBP/USD selling with the 1.5000 level – the big round number in the way as a barrier, as a resistance level.
New Clients Membership Site
I’ve also shared to my clients a really exciting new website that I have for them which is the client’s only login site and that’s containing all the course notes, the videos, the help desk, software everything all within one place – so a really valuable resource for clients to gain and also revisit the course information.
US Clocks Change and the Non-Farm Payrolls
A word of warning we have the non-farm payrolls later today so for me that’s early hours of Saturday morning but its 8:30am Eastern Standard Time New York. So at that time I always like to have my trades closed prior to then especially the shorter time term charts.
The Daily charts I may leave open during that news it depends really on how they are placed at that time. If they are in reasonably good profit I might just close them for the week and close out and then just watch the news announcement.
Also to let you know that this Sunday, the American and Canadian clocks move so the daily trades suggestions that I’m posting especially on that Forex Peace Army – they will be one hour earlier so for those of you outside of the States and Canada, those trade suggestions will come out through one hour earlier. It will still be 5pm New York Time but just for your local time that will adjust just by the one hour.
This weeks trading
On the charts: We’ve seen the EUR yesterday just suddenly pulled back up again so we're getting some renewed buying into the EUR and whether that continues or not – we don’t really know at this time.
I’m preferring to look for buy trades on the EUR, a lot of the EUR pairs today but it may just be a really short time than I’m looking for that. Who knows what non-farm payrolls are bringing and where the currencies head into next week.
The only trade I’ve taken myself today on the daily charts is a short position on the GBP/CHF looking for that to continue downwards like it has been quite strongly.
And then that’s really all the trades so just be aware of that Non-Farm Payroll and take care over that to close your position out before then.
Have a look at those charts about the reversal and continuation patterns. Look for that prior exhaustion as a really important thing to look for.
So I hope that helps you and I look forward to bringing you some more news this time next week.