View my Monthly & Weekly Chart Trades

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#544: View my Monthly & Weekly Chart Trades

In this video:

00:33 – Great feedback about our latest videos.

00:58 – A look at my MN1 and W1 chart trades.

05:00 – GER40 Index trade.  

07:23 – Trade through Blueberry Markets.

07:46 – Attend my Masterclass, Prop Firm webinar and book a call with us.    

08:40 – Email me directly, like, share and subscribe.

In this week’s video and podcast, I’m going to share with you two trades that I’ve taken, one on the monthly chart, one on the weekly chart. One’s a reversal, one’s a continuation, one’s a forex trade, one’s a non forex market. Let’s get into that and share those trades right now.

Hey there, traders! It’s Andrew Mitchem here at the Forex Trading Coach for video and podcast number 544.

Great feedback about our latest videos.

Loving the feedback that we’re getting regarding the changes that we’ve made here and by showing you trades and just helping people to understand what the market’s doing and to understand how we trade here in Forex Trading Coach don’t forget we always promote very low risk per trade high reward to risk and the strategy works across all timeframe, charts and all different markets.

A look at my MN1 and W1 chart trades.

Now today’s a great example of that. I’m going to run through two trades for you, the NZD/USD on a monthly chart and the German 40 index on a weekly chart. So let’s jump straight onto the charts here and you can see the two trades on the cover, the first one here is a monthly chart trade that’s just hit the profit target this week.

This is the NZD/USD Monthly chart. So going back here, this is the monthly chart. So this is the candle here that closed in February for the January candle sets January of 2024. And we decided to take the trade heading into the first February when the January candle closed. And you can see in here my trade was not actually filled until the 20th because I take limit orders.

So I’m looking to take a sell trade after this candle has closed, but I’m only looking at taking the sell trade If the price first retrace is now, I don’t need to be sitting there waiting for 20 days for the price to retrace. On the 1st of February, I put my orders in. If within the first candle in this case, the one month the price retrace is to my entry level.

Fantastic and then takes me on a sell limit looking for the price to then fall. Now you can see in here that the market opened on this candle at 0.6110 and my entry level was 0.6162, so some 52 pips higher. And you can see that the price pull back up here got me filled as my entry level and the stop loss was fine.

It remained in the market and then the price fell away. By the end of February we were into some good profit. You can see the advantage of entering back up here using limit orders. By the close of the month we were already up 92 pips roughly. And then what happened going into the month of March? The price then came back up, tested that same level.

Notice how it stopped at the same level. We’re still safe. And by the completion of March, we then ended up being around about 188 pips up and then the profit target was hit down here on the 15th of March, 15th of April, just a few days ago at 0.5905. So a few things to notice there. One were at before the right number of 0.5900, but also using the way that we trade with our entry and exit levels, we had a great profit target.

Now if you look at rough numbers, looking at the without calculating these exact but there’s roughly our entry level, our stop loss was at 0.6222, which is in a roundabout here and that was 60 pips, 65 pips and our profit target was in 0.5, which was then in around about there, 257 pips. You can see the exact trade down here, but you get the idea of the reward to risk involved there.

You know, it’s about us and it said about a 4 to 1 top of my head figures there reward risk. So that’s the trade a continuation pattern because we’re in a big downtrend a pullback downtrend again another pullback. But overall when a big downtrend then we take the sell trade here, great trade out. What you will notice if you have a look at my profit on this trade is have a look here.

There were two more trades on the weekly charts that both lost. Now that shows the importance of reward risk because you can see both these trades with pretty much the same profit or loss, in this case, both losing trades, but very small, low control. But when we have a profitable trade, it’s multiple times the risk very important to see that.

GER40 Index trade.  

Moving on to the second trades, that was the monthly continuation. The next trade is this German 40 index at the bottom here. So this is shows that our strategy works at different time frames and it also works on different markets. Now, this is a reversal trade because we’ve had this enormous uptrend on the German 40 index and then we had this outside candle here forming a new swing high and we love to look for in shapes, for reversals.

Imagine a letter “n” in here and now my charts, as I’ve mentioned the last few weeks, I have more indicators on here and I have a candle identifier indicator. I look at Bollinger bands and Fibonacci levels, etc. I’m on top of this and divergence. So all these things on top. But for the purpose of this video and podcast, we just strip everything back to make it make you focus on the candle pattern, which is really important here.

We then look at does the trade have stop loss protection? Is it in the right part of the chart? Have we got room to move for our profits target? All those things on top, but just the absolute basics to identify this trade was the candle pattern here on the German 40, you can see the trade down here.

Again, high reward to risk. So this is a reversal. Big uptrend with then taking a sell limit, looking for the price to first open go up and then fall. Now, same thing here. If you look at the open of that candle in here, it’s roughly around what, 18,222. My entry level was 18,293, so I’m needing the price to pull back up first and then when it hits that level, then reverse and you can see exactly what that’s done.

And again, it’s just recently closed at 17,807, which is in just above where we are right now. So you can see as a reversal trade, I’m not needing this to come all the way back down here. We just have a specific profit target in mind that we’re looking for there. And this, because of the nature of the way we enter and exit, gives us those high rewards points.

So as you can see here, so reversal right there on the weekly chart, continuation trade here on the monthly chart, both profitable, both high reward to risks.

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