See my H6 Chart Trades in Action
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#543: See my H6 Chart Trades in Action
In this video:
00:27 – Trades that I’ve taken on the H6 charts this week.
01:02 – Why I traded the STOXX50 Index.
02:25 – Sell trade on the USD/MXN.
03:09 – EUR/MZN H6 trade makes profit.
04:41 – Last trade on the GBP/CAD.
05:29 – Low risk and high Reward:Risk trades.
06:50 – Trade through Blueberry Markets.
07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to share with you some six hour chart trades that we’ve taken just this week, some winning trades and some losing trades. Let’s get into that and more right now.
Hi there, Traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543.
Trades that I’ve taken on the H6 charts this week.
I want to share with you some trades that I’ve taken just this week on six hour chart trades across different markets and different forex pairs. I’m going to explain why I’ve taken these trades and to give you an understanding of how we trade.
Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I’ve done for the purpose of this video podcast, I’ve stripped everything and so you can just see the actual candle patterns and the price.
Why I traded the STOXX50 Index.
So let’s start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target.
So what is it we’re looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band.
We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there.
Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there.
Sell trade on the USD/MXN.
The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there’s a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other.
But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there.
EUR/MZN H6 trade makes profit.
However, the next trade was taken at exactly the same time is on the EUR/MXN and that’s in here. And you can see we had a very similar pattern but probably a stronger pattern there.
Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short. And you can see in here my two entry levels in through here, 17.735 and 17.743. In here the second one pulled back absolutely perfectly to the higher or deeper retracement and then the market then turned around in the anticipated direction.
So what we’re doing here is we’re taking sell limit orders. We’re not jumping in at the market needing to be that the exact time we put limit orders that we’re looking for the price to first pull back and then drop in our anticipated direction again with this trade out before the last swing lows here. You can see if you look at that level there, I hover over the top of that candle, you can see the price was 17.746 and you can then see down here my entry level 17.743. Absolute perfection on the entry level at getting the maximum out of that trade and also no real drawdown on the trade.
Another point is, you look at the entry level there and look how absolutely to perfection with that last major swing low back on the second April.
Last trade on the GBP/CAD.
And then finally the bottom two trade. So all my trades are split into two trades. I have a quarter percent risk divided by the two trades on this particular account.
And in here you can see this was a buy trade absolute perfection on a profit target up here. So overall we had an uptrend, pull back and then we took the buy trades based off this candle here, one position got stopped out at the bottom and one hit the profit target. Again, you can see the profits target was 1.7234 or a high of that candle was 1.7236.
So we got to our profit target absolutely perfectly. The price went two pips higher and then completely changed direction away. Didn’t matter. We were out of the trade.
Low risk and high Reward:Risk trades.
So following on from last week where you would have heard me talk about making sure we have low and controlled risk, you can see how these trades here pretty much in that high $50-$60 dollar.
There’s one there a little bit higher, but they’re all around that sort of control risk. Yet the profit targets, depending on which retracement entry gets filled. Are sort of between around a 2 to getting close to some about 2.6-2.7:1 rewards risk even on the shorter time front chart. So even looking at just these trades here you can see this 2,4,6,8 position filled there and you can see that 4 got stopped 4, 4 profit yet overall net gain is fantastic losses low and controlled.
So that’s what we do here at Forex Trading Coach That’s like I said, all these trades were posted on our forum site. We have longer timeframe charts on our membership site. Just wanted to share with you something a little bit different on shorter time frame charts and also to show you, you know, the EUR/MXN not exactly a very, you know, a major pair and the STOXX50 here, you know an indice. So it shows that the patterns that we trade work across all markets.
That’s what we’re doing. We’re looking for the patterns. It doesn’t matter what the timeframe or the market. We look at the close of the candles.
Trade through Blueberry Markets.
If you’re out there looking for a great broker, I can highly recommend blueberry markets. I’m going to put a link to them here. I’ve been using blueberry markets for years and years. So have hundreds, if not thousands, of my clients using blueberry markets. Great bunch of people, great broker based across in Australia.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my one hour free masterclass yet, I strongly recommend you jump on to that. There’s a link that I’ll put by this video on podcast so you can jump on to that. It’s on demand. You can take an hour every day and close everything off.
Go and spend an hour, watch what we do and how we do it and how we can help you to do that.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, bringing you more great trades again this week. Bye for now!
Episode Title: #543: See my H6 Chart Trades in Action
Signup For my Forex Masterclass
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
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