In this video:
00:46 A huge result +2.3% this week on the daily charts
01:24 Massive strength on NZD
02:24 The importance of choosing a good broker
03:43 Why use the 5pm EST start of day charting package?
A huge result +2.3% this week on the daily charts
Well I’m up +2.3% so far this week on the daily charts so let me show you how.
Hi everybody Andrew Mitchem here the Forex Trading Coach and that’s right I’m up +2.3% so far this week trading just the daily charts, trading with 0.25% risk per trade and from just five trades.
I’ve had four profitable trades and one losing trade and a fantastic +2.3%. And it just shows that with very low risk per trade but high to risk to reward trades how you can make amazing trades yourselves but from taking very little chart time. And that’s a really important thing.
Those trades took me probably 5-10 minutes once per day just to scan through the charts, place the position and leave them – that was it and to achieve a huge result +2.3% so far. Still got three trades open behind me here as we’re heading to the rest of Friday.
Massive strength in the New Zealand Dollar
So this week we’ve seen some huge increases and some big decreases and it’s really been quiet one sided depending on which currency pair we’re talking about for the entire week.
The biggest gain here has been the NZD – huge strength in the NZD all week as it gone up and up and up against almost all other currencies. We’ve also seen strength continue in the EUR this week. Like I mentioned a couple of weeks ago it was probably going to turn around. Remember a couple of weeks ago I said that and it has continued to rise this week against almost all other currencies. So we’ve seen the NZD massive strength, we’ve seen the EUR continue to increase, we’ve seen the AUD increased this week, we’ve seen the GBP increased this week and today we’re seeing some CAD strength.
But at the same time we’ve seen huge weakness and especially the JPY but also in the USD. And the USD has come about from the weak non-farm payroll performance.
Now on last week’s video I made it before the non-farm payroll announcement and the results obviously came out quite bad for the USD which has just weaked the USD all this week.
Where is going next week? Hard to tell right now but we need some good clear price action on the daily charts to determine where we’re looking for into next week but as we stand right now definitely Kiwi strength, AUD strength, EUR strength, GBP strength and that looks like to continue until the end of this week.
The importance of choosing a good broker
The other thing I wanted to talk to you on this video about today is to stress the importance of choosing a broker who uses a 5pm Eastern Standard Time – that’s New York time, start of day and start of week time. It’s really important because that’s the unofficial start of the trading week – the Forex Trading week.
Now for whatever reason and I don’t know why, so many brokers out there on the daily charts have a six day week. They have what’s called a Sunday Candle which lasts just a few hours somewhere between about 1 on 4-5 hours. That’s a real pain and my opinion, don’t go near those brokers.
Why use the 5pm EST start of day charting package?
Use a broker who uses the correct charts. So to find that ask them if they start the new day and the new week 5pm New York time.
Now it’s really interesting. I want to share a quick story with you.
I’ve had two brokers over the last six months who both come to me and said, “Hey Andrew would you promote us?” And I said, “Well, not really because you know I only promote brokers who I personally used myself.”
And these two brokers, one of them is Go Markets and the other is ThinkForex. Both of them have changed their chart time as a result of talking to me and both have gone to 5pm New York time, Eastern Standard Time as their start of day time.
Go Markets changed several months ago and ThinkForex is changing on the 19th of April – all as a result of talking to me and getting my opinion of the importance of it.
The importance is this:
If you don’t use those correct charts, it completely distorts your figures. It distorts any indicators you’re using on the daily charts or the four hourly charts. It distorts your pivot points your support resistant levels. Have a look at a proper charting package that uses the 5day week. Compare what you see on those charts with what you might have on a 6 day week that does not use American 5pm start of day time.
If you need any more details about that just send me an email to [email protected] and I’ll explain in more detail about the importance of choosing the right charting package.
So that’s it for this week.
Hope you have a fantastic weekend and look forward to talking to you this time next week with some more Forex News.