Podcast:

The advantages of using the Weekly charts

In this video:

00:42 – Helping you gain an overall longer term perspective

01:43 – Overall strength in the JPY and NZD, with weakness in the USD, EUR, GBP and CHF

02:08 – Adding probability by having the W1 and D1 charts showing the same direction

03:05 – Interest rates dropped to 0.25% in the UK

03:42 – Took trades live on my webinar for a +2.15% net gain

04:45 – The Weekly charts take just a few minutes to place

05:28 – #1 Engulfing candle strategy available for free

I would like to share with the advantages of using the weekly charts. How you can use them, how you can profit from them. Let's talk about that and more right now.

Hi Forex trader, Andrew Michem. The Forex Trading Coach to day is Friday the 5th of August. I want to talk about using a longer term perspective and what I do for long term perspective is, I use the weekly charts. They are a fantastic time frame to look at, to give you an overall longer term gauge at what's happening, what's likely to be coming into the next week.

Helping you gain an overall longer term perspective

What I do is at the beginning of each week I look at all my different character pairs, look at the weekly charts and then I post them on my membership site for clients. Trades that I'm looking at, specific trades bases on the weekly charts. Buy and sell trades and having the entry and exist levels there for people to use. Also trades that I can't see, or currency pairs that I can't see a trade on, but where I see a likely movement up or down for that week.

What I mean by that is that some currency pairs are showing really good technical setups, some are showing strength or weakness, but maybe they're not perfect trades in themselves based off the weekly chart. Longer term for that week, I‘m seeing strength or weakness in a currency pair.

I post all that for clients to use. Now how can we use that, well this week as an example. I have been looking at strength in the Japanese Yen, strength in the New Zealand Dollar.

Overall strength in the JPY and NZD, with weakness in the USD, EUR, GBP and CHF

Little bit of strength in the Aussie Dollar also. I've also been looking for weakness this week in the US Dollar, the Euro, the British Pound and the Swiss Franc. When you get that longer term perspective, it really helps you when you trade down onto the shorter time frame charts.

As an example, if I see the weekly chart and a daily chart all setting up in the same direction, in the same week, then fantastic, that really adds to my probability.

Adding probability by having the W1 and D1 charts showing the same direction

Likewise, when I go down to anything shorter, say like twelve hour charts, four hour charts, one hour charts. If I can have the weekly direction and even maybe the daily direction and a shorter term direction, all showing at the same time. Then fantastic, it adds again to probability, because the longer term, medium term and right now on the shorter term. They're all showing same currency pair, same direction. Fantastic when that happens.

What I've done this week, I've mentioned twice this week on the daily charts. I've been looking for sell trades, Euro, Yen and Franc Yen. I've also got weekly charts showing with the same thing and so again it just adds to probability. Those trades have been fantastic. Go and look at your charts, you'll see the Euro Yen, the Franc Yen, has just falling fantastically well.

Interest rates dropped to 0.25% in the UK

Likewise, I have been looking for sell trades on most of the British Pound pairs. You note that yesterday, Thursday the interest rate out of Britain dropped. They half their interest rates down to 0.2/5 percent from 0.5 percent,