Avoiding Confusion In Your Trading

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#552: Avoiding Confusion In Your Trading

In this video:
00:28 – Confusion with time frames and when to trade.
00:58 – Too many indicators.
01:44 – Trade the same strategy across all time frame charts.
02:06 – Trade examples from this week.
06:19 – Blueberry Markets as a Forex Broker.
06:42 – Get onto my Master Class
06:59 – Comment, Like & Subscribe.

Today, I’m going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let’s get into that more right now.

Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552.

Confusion with time frames and when to trade.

I find a lot of people come to me before they join as a client and they say, Look, I’m just confused. I don’t know what to trade, when to look at my charts. I don’t know what timeframes to look at. I could look at like a daily chart and it’s telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don’t know what to do and I get it because we’ve all been there. You know, everybody started with that confusion.

Too many indicators.

I had an email just yesterday actually, from someone who’s brand new saying he opened a demo account and he couldn’t believe how many indicators there were on the charts. And I went back to him and said, Look, you’ve got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway.

But you can see how people get into that confusion when you start off it all looks very easy. You’re looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn’t move like that. And and hindsight’s a wonderful thing.

Taking a trade in real time is completely different. So that all comes back to talking about today’s topic of different timeframe charts.

Trade the same strategy across all time frame charts.

You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue.

You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no?

Trade examples from this week.

Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade.

We’ve taken a sell trade on copper that’s going really nicely right now. So that’s the longer term perspective. This week I’ve taken six trades on the weekly chart trades predominantly looking for yen strength and they’ve retraced beautifully and now those pairs are heading downwards because we’re looking for, as an example, like the CAD/JPY, you know, we’re looking for that to drop with strength in the Canadian.

And so that’s the bigger picture. We’ve taken some monthly charts, we’ve got some weekly charts today, been Friday, the 19th of July. I’ve actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I’ve got a trace that I’ve just taken just now. The beauty of that is they’re all taken at exactly the same time after the change of day 5 p.m. New York time.

So 6 p.m. by the time that we’ve taken and looked for the analysis and spreads have dropped. I’ve just taken those five daily chart trades, two on the 12 and one on the eight out and that’s my trading. Done them for the rest of the week. I don’t generally look at the 5 a.m. Friday changeover because it’s heading towards the end of the week.

So the beauty is, is I can look at the charts for today, just once in the day got my trades on and they have all got low and controlled equal risk and reward to risks from about two and a half to three and a half depending on the exact trade. Again, it’s coming back to the candle pattern, the time frame that I trade, the stop losses, etc. are all relevant to the size of the candle.

So if you’re looking at, say, like a monthly chart, which has a bigger movement, obviously because there’s a lot of data in a month and what happens in a month at the stop loss will be bigger. The reward risk will be the same because the profit target is bigger, the ratio is still the same. Now take that to the other extreme of a two hour chart on my life webinar with my clients.

Just last night, European Morning, I took four trades on the two hour chart trades. We took a EUR/CHF, a USD/CHF, a USOil and a UKoil. All four of them moved to their profit targets really quite easily and very quickly. In fact, the EUR/CHF and the USD/CHF both hit their profit targets another 5 minutes on two hour charts and they were taken live on our webinar.

You know, no hindsight trading. No, this is what we might have done and we’re hiding the losing price. No, these were all taken on a live 2 hour webinar in front of hundreds of clients and thousands of others that are going to watch the recording who couldn’t attend live. So this is the real trading we’re doing. We’re not economists that tell you what happened yesterday and why that happened.

We’re taking these trades in real time. Now the beauty is on those two hour chart trade, you we could see the pattern. We place the trades our again. Our stop loss meant that we had control risk and our profit target meant that we were getting about a two and a half to three reward to risk on those traits.

Now not topic again comes back to timeframe charts to me look at the important thing is you look at the close of a candle. Now you may not want to look at two hour charts. You might like to look at, say just once a day on the six hour of the eight hour, 12 hour and daily charts. Absolutely fine.

You might think, Well, Andrew, I don’t want those longer timeframe charts and I’m really happy to look at 4 hours and two and one, etc. or even lower if you want to. But again, you stick to the pattern that we trade and you look and you know when to look at a chance because it’s at the close of a candle.

So really important that you do that. It takes away all the emotion out of your trading. You just know exactly what you’re looking for. When to look makes life a lot more enjoyable and you’re trading a lot more simple and absolutely far more profitable.

Blueberry Markets as a Forex Broker.

Now, if you’re out there looking for a broker, I can highly recommend Blueberry Markets. I’ll put link to them. I’ve been with Blueberry Markets for years and years, and ever since I’ve started, I know them. I’ve met them in person. Great bunch of people, great withdrawals as well, very, very quickly. And their empty platform has just an enormous array of different markets and very good tight spreads as well.

Get onto my Master Class

And if you’ve not been on my masterclass, it’s an on demand. See this, just log in when it works for you and just sign up for it. Watch it through. It explains about how we trade, how we teach, and gives you lots of examples as well of actual tries that we’ve taken.

Comment, Like & Subscribe.

So I hope that helps. Any questions you have, please email me Andrew@TheForexTradingCoach.com if you have any topics you like me to discuss on future videos and podcasts just like this one, if you’re watching, don’t forget to like and subscribe and I’ll see this time next week.

Bye for now.

Episode Title: #552: Avoiding Confusion In Your Trading

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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