Podcast:

In this video:

00:24   Two very specific ways to enter trades

02:01   Using limit orders

04:03   Jam packed training webinar

05:01   Non-farm payrolls released this week

Two ways to refine your Forex Trading Entries

In this video I am going to share with you two excellent ways in which you can refine you trading entries. Let me tell you more right now.

Hi it’s Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 25th of October and that’s right I want to talk about entries this time and so I have two very specific ways that I enter trades getting a better price than what you could get at the market. There’s two ways of doing this and it depends on the time frame of the chart that you’re trading. One thing that I like to do if I’m trading let’s say on an hourly chart and I see a very strong bullish setup. What I sometimes do is I then scale down to a five minute chart or even a one minute chart and look for a refined entry so what I’m doing then is I’m looking for pull back first on the one or five minute chart then I’m looking for a bullish candle with a bounce off a certain level like a round number or a pivot point or something like that looking for that really sharp entry, looking to go long.

How to trade with a small stop loss

If it’s bouncing off let’s say the round number I can have a very, very tight stop loss on that trade and therefore I can make an excellent profit on the trade without too much movement. I’ll give you an example this week I’ve taken three trades that way. I’ve seen good setups on the one hour charts, refined down to a one minute chart and look for the entries. All three trades that I’ve taken have made full profit and all three have averaged a two to one risk to reward. So if I was to trade with half of one percent risk on each of those three trades that’s over a three percent gain on my account this week just from those three trades, so huge return.

Using Limit orders to enter

The other way that I trade and which means that you don’t need to be at your computer is I use limit orders. I’m a big fan of using buy limit and sell limit orders. Now I do this mostly on the four hourly charts and the daily charts. So what it means is if I see a set up that I really like. I place let’s say, the four hour chart I’m looking for a bullish signal. I placing a buy limit so I’m not buying right up here at the market I’m buying if the price retraces first, if it retraces I’m buying at a better entry price that means. That my stop loss is naturally going to be smaller which means that the market doesn’t need to move so far in order to give me a good risk to reward out of the trade.

6.5% gain this week

Now I’ve taken two trades just yesterday on the four hourly charts and both of them hit profit and the two of them averaged a 2.5 risk to reward each. So, again its excellent returns. Half a percent on each of those two trades gives me a two and a half percent gain on my account. So you can see from this week alone just on those five trades there’s been a five percent return on my account this week. That’s without any other trades that’s without looking at the daily charts or any other time frame charts at all and in fact my breakout system that I use on a Monday also made one and a half percent so it’s been a fantastic week up over six and a half percent from just a small handful of trades.

The great thing with the limit orders means you don’t need to be there watching the market waiting for that actually pull the trigger to take the entry because my broker has my entry level already placed onto their system. If the market takes off and does not retrace then I have the trade automatically set to expire after X number of hours. So two really good ways there of entering at a better price then you would get if you were entering straight at...