- Matt introduces himself and the purpose of the midweek coaching session, which is to answer any questions traders may have and ensure everyone is on the same page with trading strategies and concepts.
II. Recap of Market This Week
- Matt provides a recap of major market events and news so far this week.
- He notes it’s been an eventful but scattered week, so paying close attention to currency reactions is key.
III. Trading Strategy Overview
- Matt emphasizes the importance of currency pairs when trading forex.
- He advises having multiple accounts – one for long-term holds to capture big moves, another for multiplying profits more frequently.
- He recommends trading with the trend, matching bullish and bearish currencies.
- He explains his strategy marries technical analysis with upcoming news/fundamentals.
IV. Example Trade Breakdown – Euro (EU)
- Matt analyzes a euro trade from this week step-by-step.
- He shows how he identified key support levels and waited for a close above the 100-period moving average before entering.
- He explains taking partial profits at key levels, allowing some to run longer term.
V. Dollar (Dixie) Analysis
- Matt examines the recent rise of the dollar after it was oversold and dropped to a key support level.
- He notes it has steadily climbed back up in the past month and a half.
VI. Yen Analysis
- Matt highlights the yen has been strong this week but GDP numbers suggest potential weakness ahead.
- He cautions not to buy into yen strength given the upcoming news.
- Matt answers questions on using moving averages, determining the strongest currency, and identifying counter-trend setups.
- He emphasizes marrying technical with fundamentals.
- Matt concludes by summarizing the goal of simplifying forex trading and implementing high probability strategies.
- He invites more questions in Discord and upcoming sessions.
Matt opens the midweek coaching session by introducing himself and explaining the goal is to answer trader questions and ensure everyone understands the trading strategies and concepts.
II. Recap of Market This Week
Matt recaps major market events so far this week, noting it’s been an active yet scattered week requiring close attention to currency reactions.
III. Trading Strategy Overview
Matt emphasizes the importance of currency pairs, having multiple accounts for different strategies, trading with the trend, and marrying technical analysis with upcoming news/fundamentals.
IV. Example Trade Breakdown – Euro (EU)
Matt analyzes euro trade in-depth, explaining how he identified key support levels and closed above the 100-period moving average before entering and taking partial profits.
V. Dollar (Dixie) Analysis
Matt examines the dollar’s rise after dropping to oversold support levels, steadily climbing over the past month.
VI. Yen Analysis
Matt highlights yen strength this week but cautions upcoming GDP weakness could reverse its trend.
Matt answers trader questions about using moving averages, finding the strongest currency, and identifying counter-trend setups.
Matt concludes by summarizing the goal of simplifying forex trading using high probability strategies and invites more questions.
Good evening. Today is September the 6th. We’re here at 06:00 P.m.,
We are here for our coaching call. So, I am here to fill any questions that you guys may have about what we are currently seeing here inside this market. So, for you guys, as you guys have questions, please feel free to leave those questions here inside the comment section and we will get to those questions for you guys as quickly as possible.
And just to kind of catch you guys up to where we are as you guys are typing your questions inside of the comment space. What we have this week is as far as an eventful week, but it’s pretty scattered as far as these events are concerned. And so it’s really going to be super important for us to pay close and critical attention to what’s going on and for what currency is happening with it.
One thing to know what’s going on or what has happened with a currency, it’s a completely and entirely different thing to know and to be looking forward to what is getting ready to happen with a currency so that you can look at the right pairs. That’s what forex trading is all about, is what pairs do you need to match at what time. So if you see that something is becoming extremely bearish, you’re going to want to find something bullish to pair it with so that you can capture that volatility, same thing and vice versa.
Where if you’re looking for something and you found something that is very bullish, you’re going to want to find something that has a lot of bearishness to it to pair it with. And I’ll get even more specific into detail with that. I dorelay that same information over inside of discord when we’re over there trading throughout the day.
And so that’s going to be really important for you to know as far as with forex is that that’s the whole name of the game. The entire name of the game for forex is going to be your currency pairs. It’s not just watching what the currency that you like is doing at a particular time, because the currency that you like at a particular time, you can always make money off of it.
But the way that you’re going to make the most money as quickly as possible is by pairing and whatever it is that you like to trade. So say, for example, if you’re a person who says, I just love the New Zealand dollar, I just love the way that it moves, okay, so what you’re going to want to do is you’re going to want to study the way that the New Zealand Dollar moves as it relates to other pairs with it. So you’re going to have pairs that move bullish with it.
You’re going to have pairs that move bearish with it. You’re going to want to know those things so that you can capitalize off of those pairs as far as if you only want to pay attention to particular currencies. And so that’s going to be something that you are going to want to know so that you can come up with your trading plan and your trading style, your trading strategy, as it pertains to what you enjoy looking at, what you enjoy watching for your trades and for your trade ideas.
With that being said, I wanted to go ahead and begin to discuss what we’ve seen this far as it pertains to the news that we’ve seen this week, as well as what news we’re expecting to see as this week gets ready to finish up and as this week gets ready to close out. So this week at the top of the week we did have for the euro, we did have their president speaking there. Again, whenever someone of importance for a nation, for a currency speaks, that is always going to be important and very critical news.
Again, for this week, there weren’t as many traders trading on Monday because a lot of traders are trading either inAmerica or they observe particular trading holidays, trading holidays coinciding with not only just the forex market,but also the stock market. So with that, you had a lot of traders who were not trading even if they had the ability to trade, because of the fact that they knew that the volume wouldn’t have been with those trade ideas as far as the actual moves that would have taken place on a day where most traders are not trading. So with that, Tuesday ended up starting off the week for us as it pertains to trading and talking about those different ideas.
And so that’s why on Tuesday we got a chance to get all of the information over to you guys as it pertains to theMonday morning meeting they weren’t able to have because it wasn’t on Monday morning, but we did indeed do that throughout the day on Tuesday. So with that, we got that information over to you guys. And so for that, we ended up having more news on Tuesday for the euro.
And so for the euro, we had even more news there. And so with those drops that we were seeing with the euro, it was super important to understand those drops and those pauses. Because one of the things that I pointed out today for the euro is that for the euro, what you ended up having is you end up having this drop that took place.
And so I’ll go ahead and bring up both of the pairs that I discussed over there as far as the drop that was taking place here and I’ll go ahead and bring this down to the four hour so that we can actually see exactly what’s going on.And so literally we have our stop loss here and it’s just continuing to trend down. It’s just slowly continuing to trend down, slowly continuing to fade, but not quite all the way, as far as just breaking all the way down and flushing the way that it did back here with all of these flushes that it did over here.
And so with that, you want to be patient for this. And as far as if you still are inside of this trade, I talked to you guys about the fact that we are still not out of this trade. And the reason why we’re not out of this trade is because the trade hasn’t said that it’s over or that it’s finished so many times.
Whenever trades are really bearish, we’ll get ourselves out of the trades too soon. And we shouldn’t do that. We should just allow the trade to continue its course and then once this course is complete, then we can get out of the trade.
And the reason why I have my stop loss and I was telling you guys to put your stop loss on the other side of the major quarter is because it can easily come back up to because here it came back up to the major quarter. We’re almost to the major quarter. It came up to 74, 80, and then this time it came up to 74.
It came up to 74, 82 this time move 74, 90, and so each time, it’s coming up close to that major quarter area. So you put your stop loss on the other side. Because again, we’re in profit all the way from up here, so we’re in profit from all the way up here, so it’s nothing for us to keep our stop loss here because again, this trade is now a ten and a half tonne trade idea.
Because of the fact that we just allowed ourselves to stay in the trade. Now, mind you, because of the way that Iteach trading, which is very conservative, we’re not in with a full position still at this point because of the fact that I am very conservative. Especially when the volatility we’ve been seeing inside the markets, when we’ll have one currency reporting good news one week and then the very next week is reporting all bearish news and then the very next week after that, it’s reporting bullish news.
Again, whenever you’re starting to get reports like that, you want to make sure that you’re capitalizing on what you made, because if you’re not capitalizing on what you made, all you made was actually just in theory, you didn’t really make it. And so what we’ve been doing is we have these take profit points and so with these different take profit points, that’s exactly what we’ve done. We’ve taken profit because of the fact that we don’t want these ideas to turn around and go against us.
And then, now we’re sitting here and we’re like, oh man, I could have, I would have, or whatever the case may be,because of the fact that now it did trade didn’t work out. And the reason why the trade didn’t work out is because of the fact that you were being greedy, because you just want to keep everything on, because for whatever reason, you had hopes that it would come all the way here. Whereas when we initially got into this trade idea, it wasn’t for the point and for the purpose of it coming to all the way down here.
It was just for the point and the purpose of it coming back down to where it started off that last week. So that’s all we’re looking for initially for that trade, as far as to be satisfied with the trade. And so with that, that’s what we’re seeing here.
As far as for this EU idea. And again, one of the things that you need to know and understand is that for the EU idea,we keep getting these pops in the dollar. So in Dixie, we keep getting these pops.
And with these pops that we’re getting, dixie has been on fire. And the reason why it’s been on fire is because of the fact that it was run down for so long. So when we go back, Dixie was and we’ll go ahead and bring this up on the hourly I mean, not on hourly, but on the daily chart.
And we look at the daily chart, we see that Dixie was beaten down for so long. So you see all of this bearishness here with Dixie. And then you see as far as for these last, it started back as far as this build up, and we got to drag it all the way back down here.
So whenever it came down to the 100 area and I talked to you guys about this in discord, so in the middle of or towards the middle of to the end of July is where it came down. And it dropped down to this 100 area. And so that’s a buying area.
So whenever the dollar drops all the way down to 100, that’s going to be a buying area. And so with that, it’s been bought up all the way from 100. And now let me go ahead and undo that.
So it’s been bought up all the way from 100, and it’s all the way up here and it made and it touched 105. So again,that’s in about a month and a half, it’s done all of that. So when you’re thinking about why we take profit, again,whenever you find so there are a couple of ways to trade forex.
So you can trade forex in one way for a total pip gain. So you can just kind of have and so this is what you need to have. You should have multiple accounts as far as for your forex trade me.
And so with your forex trading, you’re going to have one account where you literally just hold things long term. Andwhen I say long term, I’m meaning like you’re holding it for like an entire month or maybe a month and a half or two months because you see the big move, you see the full move that can take place. So whether that’s a bearish move or whether that’s a bullish move and for that one, you’re not watching it on the day to day, then you have another one where you’re actually multiplying those profits and you’re multiplying those gains on a regular and consistent basis does not mean that you have to become a day trader.
It does not mean you have to be a day trader. But all it means is that what you’re looking to do is you’re looking to multiply your money each week. You’re looking to capitalize on what direction the market is going that week.
Because something so say, for example, one of the things that I pointed out is that with the dollar that with this trend that we’ve been in the week prior, what I told you guys was at the end of August, I was like, hey, this is the downtrend. We were looking for dollar weakness. We’re looking for dollar weakness.
And guess what? We ended up getting this slight pop here. And then guess what we got? We got dollar weakness.And then the dollar ended up coming down on a four hour chart down in that 200 period, finding buying strength there.
So now guess what you do? You take that right back up. And so it’s literally like clockwork. The way these things move with forex and the reason why it moves this way is because of the fact that it takes so much money to move this market because it is literally the world’s largest financial market.
And so with that you can’t have anybody just come over inside of forex and manipulate price. You can’t have some insiders and I put that in air quotes just come inside and move price and manipulate price. Price will be what it is going to be based upon not only the technicals but also the fundamentals.
Which is why when I teach you guys, I marry those things together. So I’m going to look at the technicals and see where things are lining up. And then I’m saying, okay, what is the next possible catalyst that we can get that will cause this thing to actually come into fruition? So if we’re seeing buyers step up at a major moving average, thenI’m saying, okay, what will be the catalyst that will cause those who only look at fundamental analysis to really buy into this and go from being bearish to bullish or go from being bullish to bearish? What are the actual facts, what are the actual details? What are the actual fundamentals that will cause for that to take place? And so that’s why we look at these things the way that we do is because it’s super important for us to marry and to understand how technical and how fundamentals go alongside one another, how they coincide with one another.
Because once you can marry technical, and once you can marry fundamentals together, you are literally unstoppable as a trader. The only thing that can stop you as a trader is you getting inside of your own head. You getting inside of your own mind, which is why I seek to break down things the way that I do, which is why we talkabout news, and we talk about what’s literally happening on the chart.
We talk about news, and we talk about what is literally happening on the chart. Those are the only two things that we talk about as it pertains to trading. And the reason why is because of the fact that I want you guys to be solidified in what it is that you know, because if you’re solidified in what it is that you know, you can make a decision upon what it is that you know versus what it is that you feel.
Because the thing about a lot of times with traders is that feelings will begin to take over. And it’s like, oh, man, Ireally like this currency, or, oh, man, I really like this currency pair. Oh, man, this currency pair really paid me out nicely once before.
Or this whatever the thing is, happened before, and then they go back to it looking for the same thing to happen again, and then it doesn’t. And then now it’s like, okay, well, this happened before. How come it’s not happening again? And the reason why it’s not happening again is because of the fact that you’re not looking at the setup in its entirety.
Looking at a setup in its entirety revolves around understanding technically what’s happening, also understanding what is happening as it pertains to the fundamentals. Hey, what is the future outlook on this currency? Hey, what’s going on with this currency? Hey, what’s going on with GDP? What’s going on with PMI numbers? What’s Going on with CPI numbers? What’s going on with PPI numbers? What’s going on with all these different numbers that affect a currency, which then in turn will affect a currency pair as you understand that information. And again,that’s why I ask you guys to share the inside of discord if you have any questions about any of this information.
Because what we can do is I can break this information down for you as clear and as concisely, as easily digestible as possible for you so that you can understand what this information actually even means for a currency and what this information actually means as it pertains to looking at different currency pairs. So say, for example, if you’re looking at the right currency and you’re right about the dollar going up, and you’re right about the dollar being in this trend, but as it pertains to the dollar pairs that you like to trade, you find yourself not winning those trades okay,let’s talk about it. Bring that to me so we can talk about it.
So we can say, okay, this is what went wrong with that. So you were looking to go long on a pair, on a currency pair with the dollar as far as not being the base pair. But if you’re looking to be bullish, you need the dollar to be your base pair.
If you’re going bullish, if you’re going bear base pair and whatever that base pair is that you like or that you want to trade, that’s going to become your base pair. And so with that, these are all things that we look at. And so that’s why even inside of discord, I also share with you guys over there as far as relative strength and what are the relatively strong currencies for the day as it pertains to what other currencies are moving in, what other currencies are doing what.
Because it’s going to be important for you to know that. Because, say, for example, a day like today where you have the yen flying, so the yen was flying today as far as the leading currency for the day. But with the yen being the leading currency for the day, it’s super important for us to not kind of buy into the hype or buy into the trap.
Because the other piece that I told you guys is that later on this week we have reporting for the yen as far as for theirGDP and their GDP is expected to drop. So their past GDP was 1.5. Their new expected GDP is only 1.3.
It’s super important to note that because that’s coming out tomorrow. It’s coming out tomorrow night, it’s coming out tomorrow evening. So now the day before that news is to be released, you have the yen flying and it being the leading currency pair, the leading currency.
But then the very next day is going to end up probably being the weakest if the news comes out as is expected. So everything that was looking weak, looking strong as it pertains to the end, those are going to be the ones that you’re going to want to capitalize on for that weakness. And the weakness is going to exist there.
And the weakness is going to be there again if this comes in just as expected. So we’re not talking about a beat,we’re not talking about a loss, we’re talking about if this just comes in exactly as expected. And so that’s what I mean when I talk to you guys about making sure that we understand what’s going on and what’s taking place.
And so oh, boom. Perfect. Great question.
So Ivan asked a good question. And so Matt, can you please show and explain the moving averages that you’re using, how to set them up, how to use them, and what sites we can get, insights we can get from them? Excellent question, Ivan. So what I’m going to show you guys is if we go right here, I’m just going to click on this for you guys.
And so right here, as far as indicators, so this is on TradingView. So everybody has access to TradingView. And on Trading View, you can do all this stuff for free.
There are certain things that my charts are going to be able to do that yours might not be able to do if you don’t buy TradingView as far as one of their levels of membership, again, trading. So I like the way that Pete talks about it and describes it as kind of like expenses for trading, because if you’re running your business, there are certain expenses and good charting is going to be one of the expenses that you’re going to want to make sure that you have. And so having excellent charts, having nice charts, those charts, looking how you want them to look.
So what you have here for the moving averages, I simply have the 20, I have the 50, I have the 100 and the 200 as far as for those moving averages. So again, for my thinnest one, and so this is kind of like one of the hacks, if you will,that I’ve learned is I make my shortest time frames, I make them the thinnest, and I make my longer time frames the thickest. So my 20 period moving average here is red.
I take my 50 pair moving average is here, it is orange. I take my 100 pair moving average, it is here, it is blue. And then I take my 200 period moving average, it is here, it is yellow.
And it’s going to be my thickest line. So therefore, whenever I’m looking at my charts really quickly and I’m seeking to not only process information as far as the trade ideas for myself, but I want to get that information to you guys as quickly as possible. It’s going to be important for me to be able to see what’s going on here as far as these moving averages are concerned.
So that’s why I have these on here like that. And there’s going to be multiple moving averages that you can use.Again, different people use different strategies.
So for people who are strictly day trading or looking to get in and out within like five minutes, ten minutes, things like that, that’s a whole different conversation. But we’re talking about swing trading and being successful with your swing trades as it pertains to forex. And so that’s what I’m here to help you guys with.
And so with that, that’s what you have. For the moving averages, the reason why they are important is because of the fact that the 100 period moving average is oftentimes going to be very strong as far as for a moving average.And then the 200 period is oftentimes going to be very strong as it pertains to a moving average.
So right now we’re looking at the four hour chart. So for the four hour chart, we literally had this price as it was coming down and trending down. We had it below its 100 period moving average for 1234 and five candles on the 6th candle as far as after that fall.
Or you can look at it and say on the 1234 5th candle, that fifth candle broke back above that 100 period moving average on the four hour chart because of the fact that price was saying, hey, we have buyers that are showing up here. And you can see that from this wick that was formed here. And then you can see that from this consolidation that took place here.
So if you want to see the consolidation that I’m talking about, I’ll just come over here really quickly and draw a box for you guys as far as the rectangles, so you guys can see what consolidation I’m talking about. So you had pricestay within this range. It wasn’t making new lows.
It was just staying within this range. This is letting you know there are buyers here for this price to consolidate like this. Sometimes this will be people kind of getting their short positions.
Either way, there is action that is taking place here that is not allowing for the price to drop at this moment. And so those are opportunities, and those are times where you say, okay, got it. Once this thing makes it back above this100 pair moving average, I’m going to be a buyer.
So you could have successfully been a buyer here and took this. And then this was one of the trades that we did early, and that was a 5.96 to one risk reward ratio on this trade idea here.
And this trade idea I let you guys know about in discord, because I was looking at this box. There is something called we can get into the technicals of this at a different time, but there was something that was called an imbalance that was here. And I was saying, okay, I need this to bounce as far as to settle that before this thing decides whatever direction that it wants to go.
And that’s exactly what it did. It came back up, it bounced, and it came right back inside of this box. This box was decided over here.
The box was decided over here and over here. It came back and did what I expected it to do when it broke down out of this box. And so these are things that I can teach you guys, that I can show you guys, that you guys can expect,that you guys can understand.
But the reason why I share all of this is because of the fact as far as the moving averages, now you have not only this consolidation taking place, but also this consolidation taking place above the 200 pin moving average. So out of all these moving averages that were broken, the 200 pit moving average never broke. So since the 200 pit moving average never broke, we have that as a solid support in order to push this price back up.
Also, you have all of this price action taking place above a major quarter area. So this 100 and 250 area, so it didn’t come back down to test that 100 and 250 area because of the fact that that prior week’s open was continuously held. And that prior week’s open, as well as the 200 period moving average, were all keeping this price supported so that it continued to bounce.
That’s why you ended up getting the strong bounce that you got. So that’s how we use the moving averages. That’s why we use the moving averages.
And as far as for a longer term period, understanding what you’re going to want to do is make sure that you understand what your 100 pair moving average and what your 200 period moving average, what both of those moving averages are doing. And then I believe there was another question. How do you determine which currency is your strongest for the day? Okay, great question.
So how do you determine what currency is strongest for the day? So what you could do is you can literally go over to Finviz. And so for Finviz, what you have is you have and I’ll actually pull this up and share this screen with you guys. And so, boom.
Let me share this tab. Okay, so this one should be shown. Yeah, perfect.
It’s showing now. So on Fanbiz, all you need to do is when you go to Finviz, all you need to do is click on Forex. So at the top of Finviz, if you go, just go to Finviz.com
At the very top, you just click on Forex. So you go to Finviz.com and then you go and you’re gonna naturally be on the homepage.
You’re gonna slide over and you’re gonna go to Forex and you’re going to click on Forex. When you click on Forex,this screen is going to pop up. When this screen pops up, all you do is scroll down to the bottom of that screen.
And once you scroll down to the bottom of that screen, this is where you’re going to see all of the relative strength as it pertains to the major currency pairs. As it pertains to all of the major currency pairs. You’re going to see their relative strength here.
So that is how you find out, Ivan, the strongest currency for the day. And what we have next is another question here. And so let’s see, what is the purpose of using the moving averages and what way does it help us?Okay, perfect.
So I just answered that one, so hopefully that one answers your question. If it doesn’t, Ivan, please feel free to say what else it is that you would like to understand as it pertains to moving averages. From what it is that was just shared.
And then please share the URL for Finviz. Perfect. Yeah, I just shared the URL for Finviz to you guys.
That’s what you have there. The other piece that I want to show you guys and share with you guys is going back over here and then I’m going to share this back again with you guys. And so when you look at your charts, this is what you want to be able to see.
This is what you want to be able to understand. So you want to be able to understand what’s going on with the chart.You want to be able to understand why it’s going on.
So is it something that’s fake? Is it false? Is it a false move or is it a real move? Is this something that is happening forreal or is this something that’s happening that is going to experience a pullback? Because the move that is taking place is not a real move. The way that you can know that. And that’s why I’ll alert you guys whenever I talk to you guys.
Matter of fact, perfect example. I believe it was EU. Yeah, it was EU.
No, it wasn’t the EU. I believe it was EJ today. Let me see.
I can’t remember which one it was right now. Let me pull up the dailies. So it wasn’t that one might have been Gu.
Yeah, I think it was Gu. So Gu. That was one that I alerted you guys to saying, hey, this one has the possibility of being a counter trend trade.
And the reason why I said that is because if you look right here and I actually back this out to the daily so back this out to the daily and so what I saw here and I’ll go ahead and just pull this up for you guys, what I saw here, and I’ll just zoom in right here. So I have not only the yellow right here from my 200 period moving average, a very thick yellow line, but I also have this other yellow line here, which is the major quarter area of 125. I have this 125 area here.
And so this will be considered a counter trend trade. Why is this counter trend trade? This is a counter trend trade because of the fact that this thing has been bearish. So it’s been bearish for a while.
The thing about it being bearish for a while is that when you come back to the daily chart, it comes back to an area where it can now be bullish from this area. If this does indeed hold as support, and if you go to the four hour chart,you’ll see that this thing is in full flush mode. You have a gap here, gap here, gap here, full flush mode.
200 is above the 100, which is above the 50, which is above the 20, and the price is below all of that. And so with that,that is a full flush. In the same way, if we inverted this, this will be absolutely bullish.
So if this price was above the 20, which is above the 50, which is above the 100, which is above the 200, that would be absolutely bullish. So since this one is the exact opposite, this is absolutely bearish. But this is absolutely bearish going into its major quarter moving average, going into the 125 area.
So that’s super important to note. And again, there is more bearish news that is expected to come out for the pound.If that news comes out and it begins to lose this area, then look out below.
The next place you’re going to see price pause is going to be 122 50. So 122 50 is the next place you’re going to see price falls as far as to make it down to that’s where bears are going to be looking to push price down to the next place after that, if it continues to fall, is going to be 120 on ahead. And so knowing things like that is super important because of the fact that again, we trade based upon the quarter’s theory.
So the trading that we do is based upon the quarter’s theory. And so with that, we look at not only where the price is,but we’re also looking at where the price could go, where is the price projected to go, where are we seeing this price go? What is the momentum? What fundamentally can move this price in a particular direction, whether that direction be bullish or whether that direction be bearish, what is going to cause it to either continue in its momentum or to reverse an encounter trend or to push up against the momentum that has been established? Is what I’m saying making sense to you guys so far? Can you guys let me know in the comments if this is making sense? Give me like a one or any type of emoji, if you can, inside of the comments if this is making sense to you, because I want to be sure that what I’m saying is making sense to you guys. I want to be sure that what I’m saying is making sense to you guys and that you guys see how forward trading forex can be.
That’s my main goal. I told you guys that when I first came. My main goal is to show you guys how straightforward trading forex can be.
Again, stocks aren’t this straightforward. Everything else isn’t this straightforward. These other things, there are multiple pieces that you have to learn.
But with forex, it’s very straightforward. Just trade according to the quarter theory and you’re looking at each quarter and saying, hey, is this thing moving up? Is it projected to move up from the next quarter or is it projected to move down from the prior quarter? What is projected? And so that’s why I had you guys watching this one. I told you guys as far as the guid that this one is on watch, this one is on watch. It’s on watch because it’s a major quarter area.
And so it will go inside of the alerts once it decides to pick a side based on news. So again, if this comes back down,but it doesn’t break this low. And again, that’s the rule that I told you guys inside of Discord today. I said this is nice for a counter trend trade as long as it doesn’t make any fresh new lows.
And guess what? It didn’t make any fresh new lows. If I take this and I break it down to the hourly chart, look, it doesn’t make any fresh new lows. Look, it bounces up off of this area that it was in, and it comes back up to this major quarter area.
And this is a wild card area. And it just holds on to this wild card area for the rest of the day. It doesn’t do anything,doesn’t do any movement.
Again, the idea that I told you guys when it broke down here and broke down below it, this idea is still valid as we talk and have this conversation right now. Wherever you go and counter trend, it takes more time for a particular currency or particular pair to break against or to buck against the trend that it’s been in. It takes time for it to break against that trend.
And so what will happen is it’ll begin to stagnate or it’ll begin to bounce. Either way, what will happen is these moving averages will catch up to the price. Once the price catches up to these moving averages and these moving averages catch up to the price, what will happen is that the price will then become above the moving averages.
And then once the price is above new moving averages, guess what? On these shorter time frames, what you have is you have those moving averages now pushing price up versus down. Right now, moving averages are pushing price down. Once price stagnates here for a while, the moving averages will then be pushing price up.
That’s what happens. And that’ll happen in shorter time frames. And so say, for example, for what we’re looking at right now, I’m just going to come for this is just for kicks and giggles.
I don’t want you guys doing this. I don’t want you guys looking at this. But I just want to show you guys what it is that I mean, I’m going to go come to the five minute chart.
For the five minute chart, you see how these moving averages are going, almost sideways because of the fact that the price didn’t move. It literally didn’t move. For like literally the second half of the day, the price literally didn’t move.
That’s what you can see. This is the moving averages catching up to the price. So the moving averages catch up to the price.
Now you’re going to end up getting a price. If nothing breaks down for this trade, you’re going to get prices ending up over the 20 period moving average and the 50 period moving average. And once you get price over the 50 period moving average and the 20 period moving average, then you get those moving averages pushing the price up above then the 100 period moving average.
Then you get all three of those moving averages pushing price up above the 200 period moving average. Onceyou’re able to get it successfully pushed up above all the moving averages. Now you have the moving averages working in your favor, whereas before the moving averages were working against you.
And that’s how you define a counter trend ideal, which is again another strategy. So you have the counter trend strategy. You have the counter trend ideas.
You have the ability to trade counter trends, or you have the ability to simply just trade with the trend. You don’t have to stress, you don’t have to worry. You don’t have to fret yourself over your trading ideas.
Just trade with the trend. If the trend is positive and the trend is bullish, just trade with that trend. If the trend is negative and it’s bearish, just trade with that trend.
You don’t have to try to fight against a trend. If the trend is moving in a certain way and you don’t feel comfortable trading up against that trend, that’s perfectly fine. There are more than enough trend trades for you to capitalize on instead of trying to force a trend trade if you don’t feel comfortable doing it.
This is for traders who feel more comfortable trading and who’ve been trading for a longer period of time and who understand how to kind of take these different ideas, capitalize on them. You can definitely capitalize on counter trend ideas. Okay.
And so that’s what I wanted us to discuss and to talk about today and I want us to look at and I wanted us to really get a good feel for and to see what’s going on here. Do you guys have any questions? So for everybody that’s on, do you guys have any questions? I would love to answer your questions. If you guys have any questions, what questions do you have? Because again, this one is different from our top of the week session where we’re outlining everything as far as for our week. This one is midweek, so this one is going to be coaching.
And this one is also different from the trading times where we talk about different trades that we’re doing together.This one is more so for understanding, to make sure that we’re all on the same page, make sure we all understand,make sure that we’re all seeing things the same way. We understand things the same way.
So I want to get some questions from you guys if you guys have any questions, since this is a coaching session, Iwant to get questions from you guys. Thank you so much for you guys for the questions that have been asked so far.If you guys have any questions, I want you guys to make sure that you ask whatever questions you have as it pertains to taking trades, placing these trades, even as it pertains to having conviction behind your as well.
Thank you as well, Ivan. Thank you as well. And so does anybody else, you guys have any questions at all? Again, we do this every single week, so at the same time, every single week, we do this same exact coaching.
And so any questions, and if there are other questions that come up for you, remember, we always have discord as well. So I’m always there for you guys inside discord for whatever it is that you guys need, whatever questions you guys have, I am here for you. I am here for your questions.
I am here to help you to navigate and to make sure that we are answering every single thing that you all are asking so that we can make sure that we get you guys profitable as quickly as possible. Because, again, that is our goal. Our goal is to help you guys to make money with forex, not to just kind of understand what we’re talking about in theory.
We want you guys to really understand it so that you can make money with it. So I give you guys a few more minutes to see if you guys have any coaching questions as it pertains to actual implementation of trades. Implementation of trade ideas.
Again, right now, we’re paused on this screen while we’re waiting to see if you guys have any other questions about a trade idea that got stopped out. And guess what? I was okay with this trade idea getting stopped out. As far as trying to take this trade idea back up again, it didn’t work the second time, and we talked about that.
So when we take this idea and we look at it and we break this idea down, it’s okay for some of your trades to get stopped out because they’re going to be even more trades that are going to actually go in your favor when you actually have and you’re actually implementing according to a strategy versus when you’re not implemented according to a strategy. And so that’s super important to note. That’s super important to note that when you’re not trading according to a strategy, it’s going to be really important for you to note that trades can and will go against you trades can and will go against you if you’re not trading according to a strategy. And the sad part about that is that if you’re not trading according to a strategy, you don’t even know how to go about doing something different.
You don’t know how to go about doing something different if you don’t have a strategy so that you can approach all of your trades from a consistent place and from a consistent standpoint. Okay? And so that’s what I wanted you guys to see here for today. And if you guys don’t have any questions, please feel free and know that we will be over in Discord, that you guys can ask even more questions there over inside of Discord.
And so if you guys don’t have any questions, we will end our coaching session here for you guys again. We do this every single week. Each Wednesday at 06:00 p.m..
We are here to coach you, to train you, to talk with you through trades that worked out, to talk with you through trades that did not work out, talking about why they worked out. And why they did not work out. So that you can really build some great momentum and really implement strategies that really work long term versus trying to guess.
Because trying to guess isn’t going to cut it. Trying to guess isn’t going to do it for you. And so it’s super important to note that that’s what we’re going to teach you here at Top Trading Pros.
I’m here at Top Trading Pros. We’re going to teach you how to trade. We’re going to teach you how to be consistent in your trading and how to establish that consistency and have the mental toughness and the mental fortitude that it takes in order to become a consistent trader.
I’m going to have that behind you, or that gusto, if you will, behind you so that whenever you have that conviction with a trade idea, you prefer to allow yourself to get stopped out of that trade versus pulling. Yourself out of thattrade too soon only to see the trade idea go for you and to do exactly what it is that you’re expecting for that trade idea to do. And so that’s what we do here.
That’s what we’re going to teach you. And I look forward to having even more coaching sessions with you guys in the future. And you guys can feel free to let me know if you guys have any more questions if questions come up for you guys later on inside of Discord, and you can also ask your questions here as far as on the next coaching session as well.
I look forward to seeing you guys on Friday as well for our next live session, and I look forward to seeing you guys inside of Discord also. You guys have a good evening, and please feel free. Let me know if you guys have any questions at all that pop up for you, that come up for you, and I’ll be glad to answer those questions.
You guys have a good evening, enjoy the rest of your evening, and I will look forward to talking to you guys and seeing you guys over in Discord tomorrow. Take care. Bye.