April 14, 2024 • 7 mins
See my H6 Chart Trades in Action Podcast: Signup For my Forex Masterclass 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 #543: See my H6 Chart Trades in Action In this video: 00:27 – Trades that I’ve taken on the H6 charts this week. 01:02 – Why I traded the STOXX50 Index. 02:25 – Sell trade on the USD/MXN. 03:09 – EUR/MZN H6 trade makes profit. 04:41 – Last trade on the GBP/CAD. 05:29 – Low risk and high Reward:Risk trades. 06:50 – Trade through Blueberry Markets. 07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today, I'm going to share with you some six hour chart trades that we've taken just this week, some winning trades and some losing trades. Let's get into that and more right now. Hi there, Traders! It's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543. Trades that I’ve taken on the H6 charts this week. I want to share with you some trades that I've taken just this week on six hour chart trades across different markets and different forex pairs. I'm going to explain why I've taken these trades and to give you an understanding of how we trade. Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I've done for the purpose of this video podcast, I've stripped everything and so you can just see the actual candle patterns and the price. Why I traded the STOXX50 Index. So let's start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target. So what is it we're looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band. We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there. Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there. Sell trade on the USD/MXN. The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there's a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other. But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there. EUR/MZN H6 trade makes profit. However, the next trade was taken at exactly the same time is on the EUR/MXN and that's in here. And you can see we had a very similar pattern but probably a stronger pattern there. Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Today, I'm going to share withyou some six hour chart trades that we've
taken just this week, some winningtrades and some losing trades. So let's
get into that more right now.Hi, the traders, It's Andrew Mitcham
(00:20):
here at the Frost Trading Coach withvideo podcast number five hundred and forty three.
Now, i want to share withyou some trades that I've taken just
this week on six hour chart tradesacross different markets and different forest pairs.
I'm going to explain why I've takenthese trades and to give you an understanding
of how we trade. Now.Just to let you know also that when
(00:41):
we trade at the Forest Trading Coach, our charts a little bit different to
this. I have some candle identifyour software, pivot points, divergence,
etc. On top of what I'vedone for the purpose of this video and
podcast, I've stripped everything down soyou can just see the actual candle patterns
and the price. So I'm goingto start here with the SCOX fifty,
(01:03):
which is a European index, sowe also trade non forxx markets. If
the pattern show and so you cansee my trade in here. This is
a six hour chart trade. Itwas taken on the completion of this candle
here, and if you look atthe first two results down here, you
can see that one just got stoppedat and the other went down to the
(01:26):
profit target. So what is itwe're looking at here? Well, first
of all, we had a lovelydown trend in play and then a reversal.
By the way, we took thistrade as a buy trade last week,
but this pulled back beautifully and thenwe saw the continuation pattern heading down.
We had a nice trend line breakupthrough here. This candle closed below
(01:48):
that trend line break. We hada nice end shape that we looked for.
We actually bounced off a middle Bollingerband. We had a few other
things adding to the trade, butyou can see in here my two entry
levels and as man which in thefirst position just got stopped at the second
position. Then the price fell beautifullyto our profit target, which by the
way, was before the five thousandlevel and before this last swing low.
(02:10):
So that was the first trade there. Now we take multiple trades throughout the
each day and each week on ourmembership site and on our forum site,
and so these trades were all postedthere. The next trade I want to
share with you is the next onedown here you can see as a cell
trade on the US Mexican and thistrade just got stopped out on the completion
(02:37):
of this candle. The price wentdown and I ended up closing the trade
early. You can see as acouple losing trades there, and I got
out of that trade in plenty oftime for a loss, a small loss,
a controlled loss on one position,small loss on the other. But
overall my logic for the trade waswe were in a down trend, a
(02:59):
pullback, and then we had thiscontinuation pattern here looking for this to move
down. So a small loss takenthere. However, the next trade which
is taken and exactly the same time, is on the euro Mexican dollar,
and that's in here, and youcan see we had a very similar pattern,
(03:21):
but probably a stronger pattern that overallwe were in this big down trend,
a nice pullback, and then wegot the confirmation to go short.
And you can see in here mytwo entry levels in through here seventeen point
seven three five and seventeen point seventyfour to three In here, this second
one pulled back absolutely perfectly to thehigher or deeper retracement and then the market
(03:45):
then turned around in the anticipated direction. So what we're doing here is we're
taking sell limit orders. We're notjumping in at the market needing to be
there at the exact time. We'reputting limit orders that we're looking for the
price to first pull back and thendrop in our anticipated direction. Again with
this trade out before the last swinglows here, and you can see if
(04:06):
you look at that level there.Well, however, over the top of
that candle, we can see theprice was seventeen point seventy four to six,
and you can then see down andhear my entry level seventeen point seven
four to three. Absolute perfection onthe entry level there, getting the maximum
out of that trade and also noreal drawdown on the trade. Another point
(04:30):
is you look at the entry levelthere and look how it was absolutely to
perfection with that last major swing lowback on the second of April and then
finally the bottom two trades. Soall my trades are split into two trades,
I have a quarter percent risk dividedby the two trades on this particular
(04:50):
account, and in here you cansee this was a by trade absolute perfection
on our profit target up here.So overall, we have had an up
trend pullback, and then we tookthe by trades based off this candle here,
one position got stopped out at thebottom and one hit the profit target.
(05:10):
Again, you can see the profittarget was one point seven two three
four. The high of that candlewas one point seven two three six,
So we got to our profit targetabsolutely perfectly. The price went two pips
higher and then completely changed direction andfell away. Didn't matter, we were
out of the trade. So followingon from last week where you would have
heard me talk about making sure youhave low and controlled risk, you can
(05:33):
see how these trades here are prettymuch that high fifty sixty sort of dollar.
It's one there a little bit higher, but they're all around that sort
of controlled risk. Yet the profittargets, depending on which replacement entry gets
filled, are sort of between arounda two to getting close to sort of
(05:53):
about a two point six two pointseven to one reward risk even on these
shorter time frame charts. So evenlooking just these trades here, you can
see there's two for six eight positionsfilled there, and you can see that
four got stopped at four hit profit. Yet overall net gain is fantastic losses,
low and controlled. So that's whatwe do here at the Forest Trading
(06:15):
Coach. That's like I said,all these trades were posted on our forum
site. We have longer time framecharts on our membership site, but I
just wanted to share with you somethinga little bit different on shorter time frame
charts, and also to show youyou know, the Euro Mexican not exactly
a very you know sort of majorpair, and the sto xx fifty here
(06:38):
you know an indusicy. So itshows that the patterns that we trade work
across all markets. So that's whatwe're doing. We're looking for the patterns.
It doesn't matter what the time frameor the market. We look at
the clothes of a candle. Ifyou're out there looking for a great broker,
I can highly recommend Blueberry Markets.I'm going to put a link to
them here. I've been using BlueberryMarkets for years and years, so hundreds,
(07:00):
if not thousands of my clients usingBlueberry Markets. A great bunch of
people, great broker based across inAustralia. If you've not been on my
one hour free master class yet,I strongly recommend you jump onto that.
There's a link that I'll put bythis video and podcast so you can jump
onto that. It's on demand,so you can take an hour every day,
(07:24):
close everything off, go and spendan out watch what we do and
how we do it and how wecan help you to do that. So
I hope that helps. This isAndrew Mitcham here at the Frost Trading Coach,
bringing you more great trades again thisweek. Bye Finney,
Today, I'm going to share withyou some six hour chart trades that we've
taken just this week, some winningtrades and some losing trades. So let's
get into that more right now.Hi, the traders, It's Andrew Mitcham
(00:20):
here at the Frost Trading Coach withvideo podcast number five hundred and forty three.
Now, i want to share withyou some trades that I've taken just
this week on six hour chart tradesacross different markets and different forest pairs.
I'm going to explain why I've takenthese trades and to give you an understanding
of how we trade. Now.Just to let you know also that when
(00:41):
we trade at the Forest Trading Coach, our charts a little bit different to
this. I have some candle identifyour software, pivot points, divergence,
etc. On top of what I'vedone for the purpose of this video and
podcast, I've stripped everything down soyou can just see the actual candle patterns
and the price. So I'm goingto start here with the SCOX fifty,
(01:03):
which is a European index, sowe also trade non forxx markets. If
the pattern show and so you cansee my trade in here. This is
a six hour chart trade. Itwas taken on the completion of this candle
here, and if you look atthe first two results down here, you
can see that one just got stoppedat and the other went down to the
(01:26):
profit target. So what is itwe're looking at here? Well, first
of all, we had a lovelydown trend in play and then a reversal.
By the way, we took thistrade as a buy trade last week,
but this pulled back beautifully and thenwe saw the continuation pattern heading down.
We had a nice trend line breakupthrough here. This candle closed below
(01:48):
that trend line break. We hada nice end shape that we looked for.
We actually bounced off a middle Bollingerband. We had a few other
things adding to the trade, butyou can see in here my two entry
levels and as man which in thefirst position just got stopped at the second
position. Then the price fell beautifullyto our profit target, which by the
way, was before the five thousandlevel and before this last swing low.
(02:10):
So that was the first trade there. Now we take multiple trades throughout the
each day and each week on ourmembership site and on our forum site,
and so these trades were all postedthere. The next trade I want to
share with you is the next onedown here you can see as a cell
trade on the US Mexican and thistrade just got stopped out on the completion
(02:37):
of this candle. The price wentdown and I ended up closing the trade
early. You can see as acouple losing trades there, and I got
out of that trade in plenty oftime for a loss, a small loss,
a controlled loss on one position,small loss on the other. But
overall my logic for the trade waswe were in a down trend, a
(02:59):
pullback, and then we had thiscontinuation pattern here looking for this to move
down. So a small loss takenthere. However, the next trade which
is taken and exactly the same time, is on the euro Mexican dollar,
and that's in here, and youcan see we had a very similar pattern,
(03:21):
but probably a stronger pattern that overallwe were in this big down trend,
a nice pullback, and then wegot the confirmation to go short.
And you can see in here mytwo entry levels in through here seventeen point
seven three five and seventeen point seventyfour to three In here, this second
one pulled back absolutely perfectly to thehigher or deeper retracement and then the market
(03:45):
then turned around in the anticipated direction. So what we're doing here is we're
taking sell limit orders. We're notjumping in at the market needing to be
there at the exact time. We'reputting limit orders that we're looking for the
price to first pull back and thendrop in our anticipated direction. Again with
this trade out before the last swinglows here, and you can see if
(04:06):
you look at that level there.Well, however, over the top of
that candle, we can see theprice was seventeen point seventy four to six,
and you can then see down andhear my entry level seventeen point seven
four to three. Absolute perfection onthe entry level there, getting the maximum
out of that trade and also noreal drawdown on the trade. Another point
(04:30):
is you look at the entry levelthere and look how it was absolutely to
perfection with that last major swing lowback on the second of April and then
finally the bottom two trades. Soall my trades are split into two trades,
I have a quarter percent risk dividedby the two trades on this particular
(04:50):
account, and in here you cansee this was a by trade absolute perfection
on our profit target up here.So overall, we have had an up
trend pullback, and then we tookthe by trades based off this candle here,
one position got stopped out at thebottom and one hit the profit target.
(05:10):
Again, you can see the profittarget was one point seven two three
four. The high of that candlewas one point seven two three six,
So we got to our profit targetabsolutely perfectly. The price went two pips
higher and then completely changed direction andfell away. Didn't matter, we were
out of the trade. So followingon from last week where you would have
heard me talk about making sure youhave low and controlled risk, you can
(05:33):
see how these trades here are prettymuch that high fifty sixty sort of dollar.
It's one there a little bit higher, but they're all around that sort
of controlled risk. Yet the profittargets, depending on which replacement entry gets
filled, are sort of between arounda two to getting close to sort of
(05:53):
about a two point six two pointseven to one reward risk even on these
shorter time frame charts. So evenlooking just these trades here, you can
see there's two for six eight positionsfilled there, and you can see that
four got stopped at four hit profit. Yet overall net gain is fantastic losses,
low and controlled. So that's whatwe do here at the Forest Trading
(06:15):
Coach. That's like I said,all these trades were posted on our forum
site. We have longer time framecharts on our membership site, but I
just wanted to share with you somethinga little bit different on shorter time frame
charts, and also to show youyou know, the Euro Mexican not exactly
a very you know sort of majorpair, and the sto xx fifty here
(06:38):
you know an indusicy. So itshows that the patterns that we trade work
across all markets. So that's whatwe're doing. We're looking for the patterns.
It doesn't matter what the time frameor the market. We look at
the clothes of a candle. Ifyou're out there looking for a great broker,
I can highly recommend Blueberry Markets.I'm going to put a link to
them here. I've been using BlueberryMarkets for years and years, so hundreds,
(07:00):
if not thousands of my clients usingBlueberry Markets. A great bunch of
people, great broker based across inAustralia. If you've not been on my
one hour free master class yet,I strongly recommend you jump onto that.
There's a link that I'll put bythis video and podcast so you can jump
onto that. It's on demand,so you can take an hour every day,
(07:24):
close everything off, go and spendan out watch what we do and
how we do it and how wecan help you to do that. So
I hope that helps. This isAndrew Mitcham here at the Frost Trading Coach,
bringing you more great trades again thisweek. Bye Finney,
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