In this video:
00:40 Amazing 3.5 to 1 reward to risk trade
01:12 New webinar starting next week for the more experienced traders
03:08 Monday break-out strategy
04:21 USD – the strongest pair for the week
05:02 Trades closed out before the announcement
Well, it’s non-farm payrolls day again today, let’s see what might happen.
Hi, it’s Andrew Mitchem here, the Forex Trading Coach.
High Reward:Risk Trade, 3.5:1 R:R
Today is Friday the 5th of July, and that’s right, it’s Non-Farm Payrolls day yet again, but before we get onto that, I want to mention just a few more things. Firstly, you may remember from last week’s video, I said at the time I only had one trade open on the daily charts last week, that trade was recommended to my clients as well, with the exact reason for the entry, they take profit and stop loss levels.
But just wanted to let you know that trade hit the full profit target; it was a buy/trade on the US Japanese Yen, and it made an amazing 3.5 to 1 risk to reward. So, if you were taking let’s say a 1% risk on that trade, that was a 3.5% return on your account. Pretty amazing return, considering it’s just one trade that took just maybe ten seconds to place on your platform, and that was it; no scalping or watching the charts all day, just one trade and that was it for the day, but it made really good profit. So, great end to last week.
Experience Traders Traders – Starting This Week
This week’s been a little bit trickier, but we’ll get on to that soon. The second thing I want to mention is the new webinar’s I’m going to be holding starting next week for the more experienced traders. Now, I’ve been holding webinars for newer traders for several months now, and they’ve been a really big success, a lot of people were just saying thank you and how much they’re enjoying those webinars and how much they learn from them.
And we’re talking about things like the basics of trading for those people; understanding risk and reward, money management, candle patterns, that type of thing. But the new webinars that I’m holding, they’re going to be the same webinars, just held twice each week so you can so you can choose whatever time zone suits you the best, but the webinars are designed to be for the more experienced traders.
So, really I’m suggesting anybody who’s been trading for maybe say six months through to several years. If that’s you, if you still haven’t made a success of your Forex Trading yet and you’re still needing to fine tune at the few things, and maybe change a few things in your trading, you need some help with that, then this webinar is designed especially for you. So, to sign up for that, just come onto my website and click on the tab that says “experienced traders”, and you’ll see the webinar there with two different times each week, choose the time that suits you, and then we’ll take it from there. And you’re going to really enjoy these webinars and find a lot of useful information from them.
A Tough Trading Week – Independence Day and Non-Farm Payrolls
Onto the trades themselves this week, the charts themselves, it’s been a really tricky week, to be honest, it’s not been easy. Yesterday we had the US public holiday, Independence Day, today in another few hours’ time we’ve got non-farm payroll. So, it’s been quite I suppose not a standard, not a normal trading week with those two major events on, and it’s just made the charts quite hard to read. It’s been something probably a week for the more shorter time frame trader.
Accepting Losses Is A Part Of Trading
On the daily charts this week, I’m down 1.4% myself. My Monday break-out strategy, I made about half of one percent and on my four hour charts, I’m up half of one percent as well. So, overall right now, I still have a few trades open here, going into Friday European session, but right now I’m 0.4% down for the week. Not a huge loss, and I suppose, considering how tricky the week’s been, it’s not massive, it’s not even half of one percent, and I could come back to break even or some profit, depending on how the few trades behind me here go during the rest of the week, but just bear in mind that that is how trading goes from time to time.
A number of weeks ago, I made 9%, I think the week after this video I recorded over 3%, and so you take the rough with the smooth, I suppose, and you take those really good weeks and really sort of bank those up, because you do know that from time to time you’re going to have a break even or a losing week, just part of trading; if you can’t handle that, don’t trade, but it’s just part of trading, that’s the way it goes, you can never control the market.
Euro Weakness and USD Strength – I’m Predicting A Stronger Than Anticipated News Release
What have we seen so far this week? Well, we have seen weakness in the Euro throughout most of the week, and we’ve seen weakness in the GBP, especially yesterday with some big falls, and the USD’s probably been the strongest pair for the week. So, looking at that, my predictions, and I’m not a fundamental trader, but I know they’re expecting I think around 162,000 jobs created in the States this month, and I’m really not a fundamental trader, but I would be looking for better than expected news announcement, and that would be my pick right now, and bear in mind we’re still about ten hours away from that announcement, but right now I would say better than expected Non-Farm Payrolls, based on the fact that the USD’s looking fairly strong on most of the charts.
So, let’s see how I go; when you watch this Monday, you’ll know whether I’m right or wrong on that, I’m going to have all my trades closed out anyway before that announcement, so it’s not going to affect me, but if you are trading, be careful and make sure that you if you do have trades, especially on the shorter time frames, have them closed out before the announcement.
So, that’s it for this week, hope you’ve enjoyed learning something from this video. Feel free to write a comment below the video, and log-in each week, I’ll be making these videos each week. Make sure you do log in to one of those webinars, either a newer trader webinar or a more experienced traders webinar, depending on which one you are.
So, that’s all for now, have yourself a fantastic weekend, look forward to talking to you this time next week.