Some of the best ways to trade in the current market conditions
In this video:
00:29 – Trading the current market conditions and my 8th Birthday Sale
00:48 – The current market conditions right now
01:55 – Go to the shorter time frame charts for setups
02:50 – Trades from my live webinar make profit of +0.6% gain
03:33 – Bigger picture in line with the trade
04:32 – Trade a mix of time frame charts and learn to adapt
05:25 – My 8th Birthday sale starts soon
06:25 – Not many others have lasted for 8 years
07:35 – Register your interest to ensure you don’t miss out
Let's talk about some of the best ways of trading the Forex market in the current market conditions. That and more, right now.
Hello Forex Traders, it's Andrew Mitchem here, the Forex Trading Coach. This is video and podcast number 223.
Trading the current market conditions and my 8th Birthday Sale
Two important topics today. Number one, I want to talk about the market conditions right now. What's the best way of trading. I've got some great examples to share with you and also after that, I would like to share with you information about my upcoming eighth birthday sale, an absolute amazing way for you to jump on board and join a huge global group of Forex Traders, and successful Forex Traders. More about that, shortly.
The current market conditions right now
First of all, the market conditions right now. Well, with Easter now out of the way, the market is sort of getting back to a few more, what you would call, normal market conditions. But also, we've seen a few issues that have made the markets on certain timeframes quite tricky. We had the snap British election date announcement, just about a week or so ago. The beginning of this week, we had the massive gap up on most, or especially the Euro and Yen currency pays largely related around the French election news. That's actually made the market on certain timeframes and the daily charts, in particular, are quite difficult because there's been a lot of gaps up.
When you get that, you'll likely to see one or two scenarios. You are either likely to see a retracement and then it goes again or you might see no retracement and it just keeps going. And of course in real time, it's hard to know which of those two scenarios you're gonna see.
Go to the shorter time frame charts for setups
But what I've found, is a really good way of trading the conditions in the market right now, is to go to slightly shorter timeframe charts. I've had tremendous success this week on six hour charts. Now most MT4 traders can't trade six hour charts, unfortunately. I've got some great software that I've had developed that I share with my clients that allows us to trade off-line charts. Charts like six hour charts, eight hour charts, twelve hour charts, et cetera. But the six hour chart trades, and I shared it with my clients on my live webinar just yesterday, just some tremendous results. High reward to risk. Just need to look at your charts maybe two, three times a day if you can. Just some great trading opportunities.
So, if you don't have that piece of software, what you can do is look at charts such as the four hour charts and also they have had some fairly good trading opportunities. Now yesterday on my live webinar, I took one four hour chart or actually I took three.
Trades from my live webinar make profit of +0.6% gain
One failed to get filled by just a fraction of a pip. Really annoying because it was a great trade. Another one missed that being filled by about three pips, but the one that did get filled, absolute perfect entry. Perfect exit and made a two point two to one reward to risk trade.
I also took a trade live in front of clients on a one hour chart that lost. The losing trade lost half of one percent. The profitable trade made one point one percent. Put the two together and on the two trades that I took on the webinar, I made a positive, plus naught point six percent can gain just on those two trades that filled. And of course, clients could copy that as well. That's only with half of one percent risk per trade.
Bigger picture in line with the trade
The important point there though is that with that particular four hour chart set up, it was a sale trade on the New Zealand dollar Swiss franc. It was in my likely daily direction. There had been a lot of downtrend and nice pull back and then an opportunity to go short again after a retracement. Everything was setting up to be a great trade and it was a perfect trade. High reward to risk. The profit was hit within one bar, I think one four hour bar, and it just also shows the importance of high reward to risk trade. Because if you lose on one trade, you know no one likes to lose but it's a fact of trading, you're gonna lose, but if you have controlled risk, you know that half of one percent's the most you're gonna lose, but if you have a profitable trade that makes one point one, you're still up really quite nice. A positive naught point six percent gain on the two trades. You've already got a 50% win rate out of the two trades. Real important aspects there.
Trade a mix of time frame charts and learn to adapt
To trade the current market conditions, I believe right now we need to be looking at some shorter timeframe charts if the dailies or the longer timeframe charts aren't showing quite the set ups.
Having said that, I've had some good trades also on the daily timeframe charts. I had a great trade on buying the British pound Australia and then selling the New Zealand dollar, Canadian dollar. But overall, because of the gaps and then retracements et cetera. The daily charts have been a little bit sort of less quality set ups this week so therefore, to adapt. We always have to adapt in the Forex market. You then go to look at other timeframe charts. Ideally still sticking with the main trend and the main direction but just scaling it down to a slightly shorter timeframe chart and that's some of the things that I teach on an ongoing basis. That's the beauty of having live webinars because we discuss this all the time.
My 8th Birthday sale starts soon
So, that leads onto the second point for today's video and podcast. My eighth birthday sale is approaching, only about a week to go. It starts on Tuesday, the Ninth of May if you're this side of the world, that will be Monday the Eighth of May if you're in America or Europe and you're afternoon and evening time. It's a 24 hour sale. That's all it's gonna be. Only 24 hours. The price is gonna start at an extraordinarily low, low price but it will be increasing all the time. It's called a dime sale. It means the price starts really low but it just keeps getting up, starts moving up and up. Higher prices as the time goes on for the 24 hour period.
I really encourage you, if you're interested, to register using the link below this video and just express a registration interest. It doesn't mean to say you have to join. It's just saying then I'll send you some more information and tell you all about the upcoming sale so you don't miss out.
Not many others have lasted for 8 years
What do we get? First of all, the Forex Trading Coach is celebrating its eighth birthday. There's not many Forex Education companies around that have lasted the last eight years. When I think back to when I started, and I started trading Forex 14 years ago, but when I started the Forex Trading Coach, there were very, very few educational companies or any kind of Forex companies around eight years ago that are still going to day. So I am very proud of that fact and it comes down to the fact that we have a sensible strategy, a reliable strategy that works across all different currency pairs, all different timeframes, all different times of the day and the week. It doesn't matter where you live in the world.
The last count, I've got clients in 58 countries that have joined over the last eight years. So it really does not matter where you live in the world, how much time you have available, whether it's lots or none or little. It doesn't matter if you're brand new to trading or you've been trading for years and years. I've got people who've joined who've been trading unsuccessfully for 10 years prior to joining my course. And now, in just a short space of time, it's helped change their trading around and now they're really successful and profitable, which is great news.
Register your interest to ensure you don’t miss out
So, have a look at the link below. It tells you all about the sale date. If you're watching the video, you can see over my shoulder that's what the page will look like. There's a countdown clock. Register your interest. When that countdown clock hits zero, the page will redirect to the sales page and you can get started at just a crazy, crazy, low price. Everything's included. There's nothing left out. It's the full course. The full five star rated course. It's all the videos, the whole main strategies. You'll have access to myself. Access to Paul, who is a client of mine, who is really successful in America. Weekly webinars. Two hour webinars. One European session; the following week one U.S. session. They all get recorded. There's about eight years of recordings anyway. Great MT4 software. Support. A forum site. A Frequently Asked Questions site. Daily trades that I post every day of the trading week. Strength and weakness analysis. Specific trades for you to follow. Huge amount of information. That's what makes it work.
I'm a real trader. I'm trading every day. I manage funds for people. I'm trading my own accounts here behind. I use the same accounts to trade in front of clients on live webinars. So, if that sounds something that is exciting to you and you'd like to become a successful trader, then click on the link below. Register your interests for the upcoming eighth birthday and in a week or so that goes live. There's a great chance for you to go to join us as a Forex Trading Coach.
So once again, this is Andrew Mitchem, Forex Trading Coach video and podcast number 223. Hope you found that useful. Think about trading a variety of different timeframe charts in the current market conditions. It will really help you with your Forex trading.
Thanks again, I'll see you this time next week.