Podcast:
Big Moves, Big Trends and Better Trading Conditions
In this video:
00:40 Big moves on the USD/JPY
02:10 The importance of trading what you see and not what you think
04:19 The safest way to trade during Non Farm Payroll
We’ve seen some big moves in the Forex Market this week. Have you made money from those big moves?
Let’s talk about that right now.
Hi Forex traders it’s Andrew Mitchem here and I’m the owner of the Forex Trading Coach and there have been some huge moves on many of the Forex pairs this week.
I want to ask you a very simple question:
Have you benefited from that?
Have you profited?
Have you made money this week from those big moves?
Because over the last couple of years we’ve seen some fairly average and ordinary, difficult trading conditions when the market has been quite flat and it’s been up one day and it’s been down and up and down. It’s been quite difficult. But this last couple of weeks, we’ve seen some huge moves on many of the pairs especially the U.S. and also the Japanese Yen so question again:
Have you profited from that?
Because the setups have been there, there have been big moves, big trends and it’s been relatively; I don’t like to use the word “easy” but it’s been a lot better trading conditions for trading and making good profits when you get those big runs, it’s been across all time frames. So let’s talk about a few of those because the issue that people have; I’ll give you a classic example.
I was talking to a client of mine who lives in the U.S. this morning and he was saying, “Hey Andrew with this USD/JPY, you know you get to stay, “Do you think, can’t it get any further?” “No surely it can’t go further”. And the problem is then your mind set to start to take over and people over complicate things. They way that I like to trade is I see what’s happening on the chart and make a decision from there.
When the U.S. /Yen got up to 110.00 a lot of people are saying, “Well I can’t go any further.” You know it’s a big strong psychological resistance area. Big barrier 110, it’s not going further, it’s going to come back surely. And it hasn’t, it just continued to go through 111, 112, 113, 114. The next big barrier is 115 and right now as I’m recording this it’s around about 115.00 just to touch over.
The Importance Of Trading What You See
It could pull back today slightly but the 115 you know is not the end of the run? The charts will tell us that but it’s really important to then trade what you see on the charts not what you think and you don’t need to over complicate your trading. The charts say that the bullish run is lightly to continue. Look for buy trades on the U.S. /Yen on the daily charts or any other time frame charts that you wish.
Now , I’ve been calling buy trades for my clients for the last two weeks on the weekly charts because of the strong bullish nature of the U.S. /Yen. I’ve also on many of the days over the last couple of weeks been calling for not only the U.S. /Yen pair to look for buy trades but all round I’ve been looking for predominant strength in the U.S. Dollar (USD) and weakness in the Japanese Yen (JPY). The Yen and the U.S. have been at the strong and the weak pairs against a lot of other currencies as well. So it’s been plenty of really good opportunities there anything short against the U.S. with the U.S. strength and anything buying against the Yen with the Japanese Yen (JPY) weakness.
As I’ve said I’ve been calling those to my clients and also freely available in a slightly reduced form but freely available on my website on the News Tab and also on Forex Peace Army, Facebook, etc. like that.
Also the Gold and Silver has been affected a lot as well because the U.S. /Yen is now at a level not seen since 2007,
