Fantastic Opportunities to Profit from Buying the Yen
In this video:
00:29 – This week’s charts and the JPY strength
01:00 – Rare to get a currency show such strength all week
01.23 – Did you know the JPY was going to move?
01:50 – Selling the GBP/JPY and USD/JPY – posted for clients on Monday
02:35 – GBP weakness continues and the JPY is strong – leads to an 800+ pip move
03:18 – You need to be able to see and take the trade before the big move happens
04:14 – Live trades on live webinars
04:38 – A good sound strategy and learn from a professional trader
05:03 – Get onto one of my free webinars to learn more
There have been some fantastic opportunities to buy the Japanese Yen this week. Have you made money from it? If you have, fantastic. If you haven't, you need to watch this.
Hi Forex Traders, Andrew Mitchem here. I'm the owner of The Forex Trading Coach and I've been coaching Forex traders all around the world for almost 7 years now.
This week’s charts and the JPY strength
I want to talk to you what we've seen on the charts just this week. You would have noticed and you could have not failed to notice massive, massive movements across all the Japanese Yen pairs. Huge strength in the Japanese Yen across the board, across all pairs. What's this done is it's presented us with some fantastic trading opportunities, opportunities that you don't see every week. Some weeks you'll get a good day or maybe a good couple of days with some good movements.
Rare to get a currency show such strength all week
But very rarely do we see a currency like the Japanese Yen just shown massive strength and it's continued the entire week. Quite often you'll see a good bit of strength in a currency and you'll see it retrace a bit and then go again. This week, Japanese Yen has just been the currency.
Did you know the JPY was going to move?
The interesting thing and the point that I'm wanting to make is at the beginning of the week, did you know that it was going to move either in which direction or how much it was going to move? The answer's probably no. For myself, I had a fairly good understanding of which way it was going to move.
Selling the GBP/JPY and USD/JPY – posted for clients on Monday
On Monday morning, at the beginning of the week, I posted on my website for my clients that I was looking at strength in the Japanese Yen. I said I was looking at selling opportunities in the week on the British pan, Japanese Yen and also on the US, Japanese Yen. I didn't know at the time how much it was going to move because so far this week, the Pound/Yens moved 800 pips. The US/Yens moved around 450 pips which for that pair is a lot of movement. The good thing as I mentioned earlier is that it's been pretty much a consistent movement. It hasn't been a big move down, then a big pull back, and another go. It's been pretty much a downward trend the entire week on the Pound/Yen and the US/Yen.
GBP weakness continues and the JPY is strong – leads to an 800+ pip move
The Pound/Yen has had a big move, 800 pips this week with just 1 day to go. When you think about it, for the past few weeks I've been talking about the weakness in the British/Pound. You put that together with strength in the Japanese Yen, so you've got weakness in the Pound, strength in the Yen, put the two together, it's just been a perfect currency in strength and weakness terms. Also technically on the charts for that to drop like a stone and it has done that. 800 pips. How much have you picked out of that big movement so far this week? How many smaller trades have you seen with good selling opportunities?
This week, on Monday, I said to my clients, “I'm looking for short positions, Pound/Yen, US/Yen and throughout the week on the daily charts I've been looking at weakness on those 2 pairs.”
You need to be able to see and take the trade before the big move happens
The point I'm trying to make is that you need to have the ability, not to see this in hindsight because it's very easy in hindsight. I could look at a chart behind me here and say Pound/Yen s dropped 800 pips this week. Fantastic. If you don't make money on it or don't have the ability to see that before it happens or the ability to know when to place trades on those pairs, it really is meaningless. Monday morning, I said to my clients, “This is what I'm looking for.”
On the membership side, I post where I'm seeing the weekly directions and then each day I post where I'm placing or seeing the overall ideally, the daily directions. Then I'm actually writing down specific trades everyday for my clients based on the day charts with the reasons for the entry, the direction. All the reasons that I teach in my course why I'm taking these particular trades and the exact entry and exit levels. Again, all that is taught in the course.
Live trades on live webinars
On top of that when I hold my live webinars, I'm actually taking trades in real time in front of clients. There are many ways in order to be able to see and understand and in real time what I am doing and why.
I'm not right all the time. Far from it. No one's right all the time. If that's what you're looking for, then either myself or no one else out there can help you.
A good sound strategy and learn from a professional trader
If you're looking for someone that can help you with a good sound strategy that has the vast majority of trades and directions correct and giving reasons for those trades and those directions in advance to the market moving. That's what you need in order to help you to be able to trade in real time, to understand how the market moves and to able to make money from trading.
Get onto one of my free webinars to learn more
If you've not been on one of my free webinars, which are freely available to the public, I suggest you jump onto one of those next week. Either if you're a new trader or a frustrated trader. 2 different sorts of webinars designed for whatever type of trader you are right now. Then if you wish to take that further, to my clients only live webinars where I'm trading on live account in real time in front of you, watching me trade, that's a different level again. We can talk about that after, but the first thing you need to do is to hop onto one of those free webinars. If you'd like to go further than that, fantastic. If you like the webinar and you don't wish to continue with my help afterwards, that's your call and that's also fine.
I hope that helps. Leave a comment below. If you've got some comments on this video and if you'd like me to discuss any topic that you have regarding the Forex market on future videos and podcasts just like this one, email me at [email protected] or leave your comment below this video. Look forward to talking to you this time next week. This is Andrew Mitchem, the owner of The Forex Trading Coach.