In this video:
00:08 New Membership site has been launched
00:46 Seen some renewed buying strength in the GBP
01:25 Lesson for this week – not to be trading all the time
02:19 AUD hits resistance levels and the 1.0400 level against the USD – be cautious
02:54 Keeping yourself fit helps your trading immensely
Hi traders Andrew Mitchem here the Forex Trading Coach.
Welcome along today is Friday, the 15th of March.
New Membership Site Launched
Well I’ve launched my new membership site this week and had some amazing feedback from clients. If you’re not a member yet then you’re missing out but I just want to let you know that I’ve condensed all of the course notes, the videos, the helpdesk, the daily trade suggestions and everything to do with the course into one site so people are finding that really useful. Those who are newer to the course are finding it just brilliant, all set out in a logical step by step process. And those who have been with me for a while get a really good refresher.
So like I said if you are not a client then you’re missing out on that great resource.
GBP Strength this week
On the trades this week we’ve seen some renewed buying strength in the GBP. I’ve been calling buy trades on the GBP against many other currencies for several days now as you may see on the Forex Peace Army website.
So today, on Friday I’m looking for buy positions or opportunities on the GBP against the USD. I’m also looking for the GBP against the NZD for the second day running and I had a trade on the Pound New Zealand yesterday on the daily chart. It’s just working an absolute treat. It’s around 170 pips in profit right now in the run of 2.5:1 risk to reward trade.
Don't Trade All Of The Time
One thing I also want to let you know. Lesson for this week is – not to be trading all the time.
For instance if you trade off the daily charts you probably only need to spend a round of 10-15 minutes once per day looking at the charts. And I work up for 5pm New York time close of day charts.
I also love trading the four hourly charts and that means that I can go and look at my charts once every 4 hours. And so that takes me about 5 minutes once every 4 hours. If I want to look at anything shorter I generally look at the 1 hour charts but nothing shorter than that.
Be careful Of Any AUD$ Resistance
Onto the charts again, one thing I did mentioned this morning was just be cautious of the AUD. It’s looking very strong, very bullish but right now at the time I’m recording this I’m not looking at taking any buy trade even though it’slooking bullish. By the time you get to watch this it may have continued up, who knows but right now I’m cautious because it’s hit the 1.0400 level against the USD. It’s hit the 100.00 big round number against the JPY and against the CHF, its hit a very strong resistance level tha’s been resistance many times over the past few years.
And so with all that in mind even though I’m thinking that the AUD could well increase because of that huge amount of resistance there I’m not just looking at AUD$ Dollar trades for today. And there is the opportunity for the AUD to retrace slightly.
Keep Yourself Fit & Help Your Trading
Last thing I want to mention is about keeping yourself fit. Now it’s probably something that’s not mentioned in trading all that often. But keeping yourself physically fit and active it helps your trading immensely. It helps keep your physical appearance good but also helps keep you mentally stimulated as well. So for instance I love my Karate and I love my Cricket and those two things combined help to keep me in reasonably good shape and it’s something that I just wanted to pass on to you that keeping yourself physically active and fit is really good for your trading.
When you are trading you’re generally sitting down and you know that’s not that great for you for prolong periods. So that again comes back to trading on just say like the daily charts, four hourly charts and maybe one hour charts.
So that’s today’s video.
I look forward to talking to you this time next week.
Andrew Mitchem – The Forex Trading Coach