In this video:
01:14 A 2.4 percent account gain just on one trade
02:32 Good news out of New Zealand all week
04:15 New chapter of my eBook has been released
I’ve got a trade open right now on the charts that’s a 4.8 to 1 risk to reward trade. So, with a one percent risk, that’s a 2.4 percent gain on my account. I’ll share more details about that trade right now.
Hi, traders, its Andrew Mitchem here, the Forex Trading Coach, welcome along to this weekly video and podcast. And today is the last day of February, it’s the 28th today. I want to share with you some information regarding a trade that I’ve suggested to my clients today, and I have it open on my Live account right now, so if you’re watching the video, you can see it behind; if you’re listening to the podcast, I’ll just explain about the trade.
Trade open at 4.8:1 Reward:Risk on the GBP/NZD
So right behind me here you can probably see that I’ve got a big red bearish candle on the most up-to-date candle; that’s a GBP/NZD chart, and the trade right now is up 116 pips, and it has a stop loss of 24 pips. Now that’s giving me a massive 4.8 to 1 reward to risk. And so as I mentioned at the intro, with a one percent gain, that’s a 2.4 percent account gain, just on that one trade, and that trade took me probably thirty seconds to put on my charts today; it’s still open, I haven’t closed it yet, but it’s looking really, really good. And that all ties into yet again, the charts are pointing the way, the charts are showing us where the fundamentals are likely to be heading. And I’ve mentioned this quite a number of times recently on these videos and podcasts, and yet again the same thing is showing, and it’s happening right now.
If I lean over the other side here, you can see the NZD/USD climbing nicely; I’ve got a buy trade on that. That particular trade is up around 60 pips with a 25 pip stop loss, so just over a 2 to 1 risk to reward on that open trade. And those two trades that I’ve mentioned are both mentioned to my clients with the exact entry points, the exact exit points, and the reasons for taking the trade. So, just with those two, you know, with a half a percent risk even, that’s still several percent on your account in one day. And of course, the trades have still got a little way further to go before they get to their full profit target. So, it just shows what can be achieved. Now, these are both on the daily charts, so both very profitable trades.
Excellent Fundamental News out of New Zealand – Again
But looking at the fundamentals, there’s been good news out of New Zealand all week, yet again. The technicals have been showing that all week, I've been bullish on the New Zealand dollar, for pretty much the whole week, and I’ve mentioned that on my posts on my site to my clients and on Forex Peace Army, so you can go back and look at those, that information that I’ve been looking at on the Kiwi dollar.
The trade balance figures that have come out of New Zealand this week, they are thirty percent higher than the expected, so it’s a massive increase. We've just had today, the business conference news has come out, it’s the highest level within the business sector since 1994; that's twenty years, it’s the highest level the business conference figures that have come out just today, the highest in twenty years. The job expectancy, so companies and their expectancy for hiring new staff heading into the rest of the year, it’s the highest since 1992. The dairy farmers have just set up payouts, so everything is going really well, and all this is doing is giving positive news for the New Zealand economy, which in turn is pushing up the New Zealand dollar. And so this is being shown in the charts like I’ve mentioned, but also now the fundamentals are also reflecting the same information, but I’ve been looking for those bullish moves anyway. And so, as I’ve mentioned, a 4.8 to 1 trade here on the GBP/NZD, and it’s just over a 2 to 1 trade behind me on the NZ/US; two fantastic trades. The other pair that I’ve been really dominant in making good money on this week is shorting the CAD/JPY, that’s fallen a tremendous amount as well.
Chapter 8 of my Book has been Released
Elsewhere, the chapter eight of my book has been released this week, that’s called “The Importance of Developing Your Own System”, and in that I talk about how so many people become reliant on robots and EA's and buying an e-book, etc., and it’s really important to have a strategy that really does suit your personality as a trader, and also the time of day you can trade, and the timeframe charts you can trade. I’ve mentioned it many times, my personal favorites are the daily charts, the four hourly charts, and then the weekly charts. I have other clients that love the one minute, five minute, and fifteen minute charts; depends what suits you.
Don’t forget to log-in and attend one of my free webinars that I hold each week, if you’ve not attended one yet. And also don’t forget there’s my free lot size calculator on my website, if you don’t have that, make sure you jump on and get a copy of the for you MT4 platform.
That’s it for now. I’m looking for these trades to continue into the rest of the session, so we’re right now in the Asian session, looking for the New Zealand dollar strength to continue into the European session and then possibly into the US session before closing any trades before the end of the week. So, that’s it for now. Once again, this is Andrew Mitchem from The Forex Trading Coach, hope you’ve enjoyed this video and podcast, I look forward to talking to you this time next week.