Podcast:
In this video:
01:00 Big movements on the daily charts
02:28 Live training room webinar with 150 people registered
03:26 The importance of the various support and resistance levels
04:47 How you get yourself a really good solid trading plan
06:42 More of continuation and reversal trades next week
Japanese strength this week
Well it’s all been the Japanese strength this week, yet again let me tell you more right now.
Hi every body Andrew Mitchem here.
Today’s Friday the 14th of June. And that’s right it’s been about the JPY strength, yet again this week.
We’ve seen the Yen pairs just falling. We’ve seen a lot of weakness on the US/Yen, the Canadian/Yen, like the Aussie/Yen, the Kiwi/Yen, and I’ve taken quite a number of those trades myself and done very nicely on them, again this week. So there’s two weeks in a row where we’ve seen that.
From time to time, we’ve had the odd day where the prices have pulled back slightly. But overall it’s definitely been JPY strength, and also throughout the week a lot of weakness in the USD itself. But it’s just been great opportunities, looking for those opportunities and those trades out there. Every time we’re looking at shorting anything against the Yen, we’re being jumping in on those trades.
Big Movements for many pairs this week
Now, there’s also been some really big movements especially on the daily charts. And so, as a result of that it’s meant that the stop losses that I’ve been suggesting and placing on the trades on the daily charts have been quite large in somewhere between around 70 and around at 100 pips in cases. But even though that sounds large, don’t forget that when you’re risking with a set amount of risk per trade and you’re using a sensible risk to reward it means that as a consequence the profit targets that we’re looking for are somewhere around the 250-300 and I’ve even got some trades still open behind me, here, on the US/Yen and Canadian/Yen, that the profit targets are up around 330 pips, but again it comes back to risks to reward, like I’ve said so many times.
And if you’ve got a trade, of let’s say for round numbers 100 pip stop loss but a 300 pip profit target, you’re still achieving that 3 to 1 risk to reward trade that we’re looking at achieving, especially on those longer time frame charts. Now again, you could go back to, let’s say an hour chart, and you may have, let’s say again for an example a 25 pip stop loss but the profit target may be somewhere around 70-80 pips, so again it’s still giving us that same 3 to 1 risk to reward. But some big moves and it’s been a great opportunity for cashing in on the strength there on the JPY.
Live Trading Room Webinar – Important Support and Resistance Levels
Yesterday, I had a live training room webinar for my clients. We had about 150 people register and attend that webinar. It was a huge turnout, really good people from all over the world on that. And we took some trades, I had 2 trades on the 1 hour charts, and 2 trades on the 4 hourly charts that I took live in front of people. And I had some trades, quite a number of trades already still open, before the webinar started.
But I spent a lot of time looking over, obviously live trades, and when they showed, looking at a lot of chart time, answered a huge amount of questions for people. So a lot of good, valuable information was shared there. And then also we were looking at where trades might be going in the future, and we also concentrated on daily charts and 1 hour charts.
We didn’t go so much into the 4 hourlies, yesterday, but that’s again for a future event. One thing that we did discuss, and it’s really important, that a huge number of clients are starting to really see the importance of the various support and resistance levels that I use within m...
