Seeing Through the Chaos of The Forex Market

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#453: Seeing Through the Chaos of The Forex Market

In this video:

00:25 – The markets are just chaos

01:17 – Doing nothing could be the best thing to do

01:57 – Traded the H8 and H12 charts instead

03:11 – We help our clients to demystify the charts

04:24 – You have to be able to act on what the market is telling you in real time

05:45 – Time to join us?

05:51 – Are you looking for a good Forex broker?

06:42 – How you can contact me

How can you easily see through the chaos that is the forex market? Let's talk about that and more right now.

Hey, traders. It's Andrew Mitchem here at The Forex Trading Coach. This is video and podcast number 453.

The markets are just chaos

Now, the markets are just chaos. That's really what they are. Lots of lines, lots of different indicators, lots of confusion going on, different timeframes, different currency pairs, different system strategies, just utter chaos. But as a trader, you need to be able to see through that chaos to actually read on the charts what is actually happening, and think, "Well, behind the scenes, what are these charts telling me is happening right now?" Are there more buyers in the market? Are there more sellers in the market? Is this a trade to take or not? How do I know which currency pair to look at? How do I know which timeframe chart to look at? What happens if the MACDs telling me to buy and the RSIs is telling me to sell? All those type of things. Utter, utter chaos going on in the market.

Doing nothing could be the best thing to do

And sometimes, the answer is to do nothing. Give you an example, just today, right now. The 8th of April on the daily charts, we have taken no trades today on the daily charts. Why? Because there are no good setups. We've been through all the forex pairs, all the metals, the indices, commodities, cryptos, everything. I do not see a single trade today on the daily charts. So, therefore, we've not taken any. We've had a great week so far. We've had four really good days of trading and had some good trades. And therefore, the answer today or the solution today, the strategy is do not take any trades because there are none.

Traded the H8 and H12 charts instead

However, we're still taking two trades, one on the eight-hour Euro-Aussie and one on the Euro-Hungarian forint on 8-hour and 12-hour that we posted on our membership site for our clients to trade and to learn from. Why? Well, because out of all the different currency pairs, all the markets, all the timeframes, at the change of day leading into Friday the 8th, those are the only two setups that I see on the charts that are suitable to trade the strategy that I trade. And therefore, those are the only two that we've passed onto people. Why are they good? Well, they have the candle pattern that we look for. They're bouncing at the right area that we're looking for. They have some stop-loss protection that we're looking for. They have room to move. They're both sell trades. They have room to move before any next support gets in the way, any previous lows, pivot points, middle Bollinger Bands, all those type of things. So, we see on those two trades, are high-probability setups, and therefore they are the two we've taken. So, we've looked through of all the chaos, we've seen through all the chaos, the different lines, graphs, prices, everything that's going on, strength and weakness on the markets. And we've come to the conclusion that they are the two best trades. So, that's how we help our clients.

We help our clients to demystify the charts

We help demystify. We help you to see through the chaos that's out there. And we say, "These are the trades that we are taking," and why. And when you think about that, having that ability to follow along with someone and look,