How to Read the Forex Charts like a Pro

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#556: How to Read the Forex Charts like a Pro

In this video:
00:29 – How to look at your charts and understand what is happening.
00:46 – Brokers offer too many flashy indicators.
01:31 – The problem.  
03:15 – Which time frame chart to use.
03:47 – 10 Daily trades taken today.
04:42 – Blueberry Markets as a Forex Broker.
04:52 – Masterclass and book a call with us.
05:19 – Comments, Like & Subscribe.
05:26 – Summary.

In today’s video and podcast, I’m going to give you some helpful information and tips on how you can best read the Forex Charts. To help you to profit in your trading. Unfortunately, most people get this wrong, so listen up. It’s going to be a good one.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach for video on podcast number 556.

How to look at your charts and understand what is happening.

Today, I’m going to give you some helpful tips and information to help you to look at your charts to understand what it is that you’re looking at, what time frame you’re looking at, what pair you’re looking at, what’s happening in the market, the price and which way it’s likely to move too, and why and how you can profit from that.

Brokers offer too many flashy indicators.

You see, when most people start trading, they jump on to their charts. The brokers are fantastic at offering you lots of indicators, lots of arrows, dot, lines, diamonds, stars, whatever it might be. And people get completely and utterly confused by that. They also get very excited by that as well. And I know when I started some 20 years ago, I did exactly the same.

I don’t blame anybody for doing it. We all go through the same process. It’s just that my aim as a coach is to help shortcut that for you and take away a lot of that that time wasting and money, losses and frustration that you’ll inevitably have otherwise. Because I’ve been there and done it and I’ve taught thousands of people have also been there and they’re doing it.

The problem.  

And now the problem is, is when you put arrows and lines and indicators on your chart, it hides what’s really happening in the market and it takes your mindset away from what’s really happening and how many of you never look at the price. I bet it’s I bet you’re nodding and going, Yep. Andrew, That’s me. I never look at the price.

Well, you should. You’ve got to look at the right hand side axis on your chart and look at what’s actually happening in the market right now where the price of that currency or commodity, metal, whatever it is that you’re trading is at right now, what is the actual price? And that level can be massively important to help you either to get into a trade and has some stop loss protection or to get out of a trade or to say, well, this is actually quite a nice set up, but the price is telling me this is not a actually a good enough trade to justify placing money on.

You’ve got to look at what’s happened in the in the past with the price as well. And and where like I use candle patterns to help determine what’s happening in the market. Candles are fantastic because they’re up to date information. They tell me what’s happening right now. Are there more buyers in the market? Are the more sellers is there indecision? Has that candle pattern bounce to the level in the past and what happened at that point and are we getting a similar pattern right now, a same level that’s going to help me to determine if there’s a good enough trade.

However, you can’t just say, look, every pinball or engulfing bar is a new trade. You then need a lot more information than that. That’s your starting point. Look at the price. Look at where it’s bounce. Look at different currency pairs. What correlation are there between different pairs right now? What’s determining strength and weakness? All those type of things need to come into your trading as well.

Which time frame chart to use.

And so when you have that in place, you then need even more information. You need to get the timeframe chart that’s giving you the best technical set up or the candle was about to close. It’s giving you the best technical setup. You then also need to look at your price and what’s happened in the past to determine do you have room to move to your profit target?

Do you have safety in your stop loss? Do you have a round number to protect the stop loss? All these things come into play with helping giving you a higher quality trade set up, and that’s really important and that’s what we help teach our clients.

10 Daily trades taken today.

Now, just today I’ve taken ten trades on the daily charts. They’ve all been posted on a membership site. That’s a lot of trades we don’t normally have ten, but today we’ve got ten. Why? Because that’s what the market’s giving us. And so our clients can earn and learn from those trades. You can see the trade setups in real time. You can profit from them. Hopefully we get a majority of those, right, with the reward to risk that we have and the low risk portrayed.

And we’re likely to come out on the right side of most of those trades and do very well for nice. And so that’s what we do. We publish trades each day on the daily charts, beginning of each week on the weekly charts, beginning of each month, on the monthly charts, and then on our forum site in on in between the days.

We have shorter timeframe charts. Today I published in eight and six and 12 hour chart trade as well. So lots and lots of trades for our clients to follow from, earn from and learn from and understand what’s happening in the market and why.

Blueberry Markets as a Forex Broker.

Now on top of that, if you’re out there looking for a good broker, I can highly recommend Blueberry Markets. I put a link to them as well here on this post and video.

Masterclass and book a call with us.

And if you’ve not been on my masterclass yet, I encourage you to do that. It’s about 17 minutes long as a prerecorded on demand hour video gives you a lot of information about how we trade, how we teach, and how we can help you.

And if you’d like to book a call with myself or one of my team, I’ll put a link to that as well. So you can book up a 30 minute free consultation call. I’ll give you an idea of how we trade and what we do and if we can help or not. So have a look out for that as well.

Comments, Like & Subscribe.

Any updates you’d like. Any future topics videos, let me know and I can help you out with those.

Summary.

So keep a look out for the price action. Candle patterns where their care on your charts. Has your trade get room to move to your profit target. Do you have some stop loss protection? Is there correlation between the pair You’re trading and other let’s say if you’re saying taking a buy trade on the EUR/NZD is Euro looking strong against other pairs as well.

Is the New Zealand looking weak against other pairs as well And you put that together you get yourself a high quality trade set up and likely profit. I’ll see this time next week.

This is Andrew Mitchem at Forex Trading Coach. Bye for now.

Episode Title: #556: How to Read the Forex Charts like a Pro

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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