How Trading the Candle Close Can Improve Your Results

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#589: How Trading the Candle Close Can Improve Your Results

In this video:

00:32 – When should you look at the charts?

01:05 – When we look for a new trade at The Forex Trading Coach.

02:21 – Only look for a trade at the close of a candle.

04:09 – Multiple time frame charts change over at the same time.

04:50 – Reduce the amount of chart time.

05:34 – Get onto my 17 minute masterclass or book a call with us.

05:58 – Blueberry Markets as a Forex Broker.

06:29 – Like, share and subscribe to receive notification of more trading videos.

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.