When is the right time to join the party?
In This Video:
In This Video:
00:35 Identifying the Right Time to Trade
01:50 The Euro has made the Markets Enticing
03:01 Jumping onto the Bandwagon
As a trader you need to know when it’s the right time to join the party, so let’s talk about that and more, right now!
Hi Forex Traders, Andrew Mitchem here, the owner of the Forex Trading Coach. Today is Friday, the 13th of March and I want to talk about the right time to join the party.
What do I mean by that?
Well, have a look at the conditions in the Forex market right now. There’re some amazing conditions and we don’t see that very often. And, from time to time, the market can go a little bit flat but right now we’re seeing some huge movements. So, it really is time to join the party!
Identifying the Right Time to Trade
Now, as a trader, you need to decide when the best time is to trade, you know, within a day to day basis, what is the best time or day to trade? When does it suit you? What time frame chart? What currency pair do you trade? Lots of different variables like that, but also the one thing you can never control is the actual current market conditions. And from time to time, we can see the market being a little bit flat. It can be up one day, down the next and those conditions are not ideal to be trading.
Of course, the shorter the time-frame you go, you’ll always find trends within the market, even though on, let’s say, the daily time-frame the market might be a little difficult to trade. If you go down to the shorter time-frames, say like five minute charts, there’ll always be trends within that but not everyone wants to sit watching that screen all day – I certainly don’t enjoy doing that.
So, what we’re ideally looking for are larger trends within the market. Now, just go take a look at your charts and you’ll also notice, if you follow my information that I post freely every day, that I’ve been calling, looking for Euro shorts, so to sell the Euro against almost all other currencies over the last three weeks.
The Euro has made the Markets Enticing
And, if you have a look on your charts, you’ll notice that the Euro against the US, which is the main Euro pair that everybody trades, is now at its lowest level since January of 2003. So, that’s over twelve years since we’ve seen a low in the Euro/US Dollar (EUR/USD) pair that’s at a price that we are, right now.
So, it’s a huge amount of movement there and we’ve seen over the last three weeks, the Euro/US Dollar (EUR/USD) move around 930 pips. We’ve seen the Euro/Yen (EUR/JPY) move about 850; we’ve seen the Euro/British Pound (EUR/GBP) move about 420, which is a lot for that pair – it’s not a very fast moving pair; we’ve seen the Euro/Canadian (EUR/CAD) move about 940; the Euro/Aussie (EUR/AUD) about 970 and the Euro/New Zealand (EUR/NZD) about 930.
So, within the last three weeks, there’ve been some amazing opportunities to short the Euro; to take sell positions on all those pairs that I’ve mentioned, whenever you see a great opportunity. And like I’ve mentioned, I’ve been talking about that – freely available on my website and on Facebook – for the last three weeks saying look at selling these Euro pairs.
Jumping onto the Bandwagon
So, as a trader, when we see conditions like this, it really is time to join the party because conditions like this don’t happen all of the time! We’re in a pretty amazing little run right now, over the last three weeks. It really is time to take advantage of that and to cash in on it because at other times of the year, you won’t see conditions quite as favourable as they are right now.
Personally, I am at four and a half percent (4.5%) for the week so far, still got all of Friday to go, on one account; and three and half percent (3.5%) on another account, with many trades still open, so I’m hoping to get those figures up to around, say, 6% on one account and around 5% on the other account, on my second account, just in the one week – and that’s just this week. So you can see what amazing returns can be achieved once you have the strategy, you have the understanding of the market, you have the good conditions to trade in and you take those trades when they show.
And of course that’s the important thing – it’s all well and good having the conditions but it’s no good looking at that in hindsight. You have to be there real time, able to read the market and understand what it’s presenting and take advantage of that.
Have a great week and I look forward to talking to you this time next week and let’s see where the Euro is in a week’s time.
Hopefully you’ve made a lot of money!
Bye for now!