Podcast:
In this video:
00:30 Don't trade around holidays
01:24 The Live Trading Room Webinar Results
02:42 Watching the Yen
03:35 Do you really want to work till you die?
Hi! Another fantastic week of trades! So let’s get into it.
Hi, Andrew Mitchem here, the Forex Trading Coach. And as I mentioned, I had a really good week of trades.
Cautious Earlier in the Week
I didn’t trade Monday because of the Holiday and Tuesday because I needed to see where the market was going as it started the new week. But Wednesday, I made just over a one percent profit, and yesterday, Thursday, I made a half a percent gain on my account. Now those were all on four hour chart trades and risking only one eighth of one percent per trade, so it’s0.125% risk per trade, really small amounts.
Keeping Easter in Mind…
Now I tried a slightly less risk per trade this week because of the shorter week after Easter, but still up until today up +1.5% so really pleased with that.
What happened on the Live Trading Room Webinar?
And yesterday I held a live two hour training room webinar, where we trade live, and it’s for my clients, and we trade live on a real live account in front of everybody to see. And we took three trades live during that two hour session and two of them were on the one hour charts and one was on the four hour charts.
We also had a few traders who were on live also that had some trades open and they all ended up closing in profit while we were on the webinar live, so it’s always really good to see that.
Now, these webinars are a fantastic place to learn.
Because we’re training live in real time, there’s nothing hidden, there’s no trickery. It’s all live from the right hand side of the chart trading in real time. And, that’s why my clients benefit so much from attending those webinars. Of course, the market when it’s quiet, we have questions and answers, and I also spend quite a bit of time looking at trades that I'd taken on Wednesday and Thursday on the four hour charts. And, that’s where I had that one and a half percent profit from.
Now, today it’s Friday. Non-farm payrolls get announced at 8:30am EST New York Friday, so I’m always cautious around that time. Look to close out your shorter time-frame chart, so anything really from about a four hour chart or an hour chart and below. Possibly daily charts, weekly charts, those trades that have bigger stop losses. You could look at taking them through that Non Farm Payroll time, but just be careful, if they are in fairly good profit I’d be tempted to close them out before the announcement because really it’s sort of -you’re a bit uncertain when that announcement comes out you could get large spreads and big spikes in one direction or another, so it’s safer to be out of the trades before that announcement.
Strength in the Euro this week
Elsewhere we’ve seen a lot of strength over the last day or so in the Euro, and quite surprising really but the Euro has sort of pulled back and we’ve had some weakness in the US and a lot of weakness in the Japanese Yen especially yesterday with the Bank of Japan announcement. For example, the GBP/JPY went up around six hundred and thirty pips I think it was yesterday, just massive, massive increases and so huge weakness in the Japanese Yen.
Watching the Yen…
So, what I’ve been doing that if I was looking at trades on the Yen, I obviously be preferring to take long trades against the yen, so yen weakness, but what I’d like to do is see first of all the pullback, so for instance the EUR/JPY, CAD/JPY, whatever it is you’re trading against the yen, look obviously for the good, strong bullish candle patterns, but first of all wait to see a pullback or retracement and then a opportunity to go long again. That would be my best advice for trading those Japanese yen pairs right no...
