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In this video:

Did you know that if you only look at your charts at the close of a candle, it’s going to massively improve your trading performance and also massively reduce the amount of time that you spend looking at the charts. So let’s talk about that very important topic and more right now.

Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 589.

When should you look at the charts?

So a lot of people struggle when it comes to knowing when they should be looking at their charts and what time of day that should be, what time frame charts to look at, what pairs, what markets, etc.. Is it the European session, the London session?

You know, the Asian session, the US session. What is it? And they get very, very confused with all that happening. And they really don’t know when to look at charts. So as a result of that they tend to spend far too much time looking at the charts, waiting for this pip to move up and down, or that line to cross over that line or a dot to appear because it doesn’t work.

When we look for a new trade at The Forex Trading Coach.

So what can you do to simplify things? Well, very easy really, the way that we tried here at the Forex Trading Coach and the way that I’ve traded now for over 20 years is I only look for a potential new trade upon the close of a candle. So, you know when the candle closes, because the market opens each new day at 5 p.m. New York time.

So if you were trading, let’s say, four hour charts, you know that at 5 p.m. New York time, the new day starts. So you know that four hours later from then, which will be 9 p.m. New York time, the four hour charts will change over. And therefore, you know, if you add four more hours to that becomes 1:00 Am, 5:00 Am, etc.

How easy it is to know when the four hour charts change over. Now, obviously in a day this is one day the candle and you know when it changes. Obviously within the 24 hour time period there are two 12 hour charts. Guess what? There are 5 p.m. and 5 a.m. New York time. You know, there are three eight hour charts. There are four six hour charts. There are six four hour charts. Very, very easy to do this. .

Only look for a trade at the close of a candle.   

And so if you look at the close of a candle, a number of things happen from a simplistic point of view. You know when to go and look at your charts. What does that do for you as a trader? Well, it gives you a little bit of time.

You can look five minutes prior and you can scan through the charts, and you know that when they change over, if there are any suitable trade set ups, when they change over, the candle closes, nothing else moves. You can make your decision quite easily. It takes a lot of emotion out of trading because you’re not. They’re scared about moving, you know, missing every moving pip up and down.

You’re not there watching this line cross over that line. And of course they keep moving. And so when the candle closes, nothing else around it, whatever indicator you’re using or horizontal level, nothing changes from that point onwards. So it makes it very easy to see. Has this bounced off this level? Has it closed below this round number? Has it bounced off a previous high of you selling all these type of things?

Has it had a trend line break? All the different things you might look at on indicators even they’re set. They are not constantly moving. So not only do you know when to go and look at your charts, you can get a bit of a heads up for a few minutes prior. You can make your decision. It removes a lot of the emotion out of your trading because you’re not there, scared that things are changing, or I took this trade because this line crossed that one.

And like a couple minutes later, they cross back again and it’s like, oh, well, that was a shame because when I took the trade, it was looking good. Now it’s not looking good. None of that will happen if you trade on the close of a completed candle. You know when to look. You know what to look for. You can look in advance. Everything set. It’s so much easier.

Multiple time frame charts change over at the same time.

The other thing is, of course, is that different time frame charts can change over at the same time. Give you an example if you are looking at the 5 p.m. New York close of day, the new day starts at that same time. The 12 hour charts change over as to the eight hour charts, as to the six hour to the four hour.

When it comes to 12 hours later, it gets to 5 a.m. New York time. The 12 hours, of course, change over again, as do the six hours and the four and the three and the two. So you’ve got an one hour chart. So of course each hour you’ve got multiple options of trading, multiple time frame charts at that same time.

Reduce the amount of chart time.

And so when you think about that, you can massively narrow the amount of time, the short cut, the time that you are spending looking your charts. And you could trade once a day, twice a day and do very well looking at multiple charts, multiple timeframes, multiple markets, it makes life so much easier. You’re not sitting there panicking and that you’re going to miss a trade because, you know, this line’s crossed over that line.

Forget that it does not work. Look for a close of candles to make the decision. Then if you want to add more to that, you can do. What we do is use limit order. So you’re taking away even more of a motion because you’ve got time, to place the trades. You don’t have to be there at the exact time that the chart changes over.

Get onto my 17 minute masterclass or book a call with us.

So if you’re interested to know how you can do this to trade full time in 30 minutes or less per day, what I suggest you should do is jump on my very short on demand masterclass or book a call. I’ll put a link to both of those, around this video on this page somewhere so you can book a call to have a chat with us so you can watch that masterclass to see how we do it and decide if this is right for you.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a good broker to place your funds with and to trade through, I can highly recommend Blueberry Markets. They of course offer the MT4 and MT5 platform multiple time frame charts on MT5, all built in, a large array of markets. So you can be really selective on what trades you’re taking based on the highest probability setups. And that’s the beauty of trading through some of like Blueberry Markets. We got lots of choice in terms of time frames and lots of choice in terms of markets to trade.

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So I hope that helps. And don’t forget to like and subscribe. We’ll share this around and any questions you have you’d like me to discuss on future videos and podcasts, just like this one.

Send me an email personally to [email protected]. I see you this time next week for more trading tips and information. Bye for now.