How to Trade Forex with a Full-Time Job | EASY Strategy

in today's video i'm going to give you some tips on how you can fit trading around your full-time job this video is that i know that a lot of my subscribers a lot of people who comment a lot of people who contact me on instagram and linkedin all say that they are full-time at work at the moment and they're not too sure how to trade what the best format is for trading and and how they can basically just get involved in the market so what i'm gonna do today is is talk you through how i had to trade for probably about nine months while i was working full time in a full-time role you know it was nine till five um and all i had was a space or 20 minutes half an hour at the end of the day where i could start marking on my charts and seeing where price was moving to so i'm going to show you in full what it is that i did um but i'm quite conscious of the time i don't want to make this a long video um so it's going to be full of valuable content throughout and if you do like this video please do like subscribe and maybe even share it with a few friends who are looking to get involved in trading but they're possibly working full time as well because this is a strategy which you can do literally within 10 or 15 minutes at the end of each day especially if you're in the uk if you're like some of my friends over in america where you're between sort of five and nine hours behind it might be that you need to just stick around at the end of the day at work uh for an extra 10 or 15 minutes mark up your charts see if there's any entries and take those positions and so i'm going to show you effectively one how i mark up my charts and i'm going to put up in one of these corners i'm not sure which one it is a link to one of the videos which i've created before about support and resistance zones because that's going to be really quite important for this video and then what we're also going to do is i'm going to show you where to get into the markets and where you're going to be trying to take your uh take your profits so without further ado let's get stuck into the charts so the first thing that you'll notice is that we're actually on the daily time frame now this is going to be quite important for this type of trading format because we're going to be trading as end of day traders which means that when it comes across to 10 o'clock gmt so 10 o'clock in the evening uk time that's when one of these new candlesticks starts forming so as you can see over here on the right it's showing that there's eight and a half hours left that's because it's half past one in the afternoon so at 10 o'clock another candle is going to be forming and the reason why you want to be getting involved on the close or potentially around the close of the candle is going to become a little bit more apparent a bit later on in the video before we get stuck in too far in the charts what we're going to do is i'm going to demonstrate to you the sort of entries which it is that i'm looking for in the markets now there's three types of candle formations which i would look to get started with now the first one is essentially what we're looking for is indecision in the market so as you can see here's a prime example actually this section here so as you can see price is shooting up with a lot of power here and then it has an indecision candle now what what's formed here is a bit of a doji candle and that usually happens when price shoots up in one direction uh with a lot of momentum and then it comes to sort of like a stabilization point where it just forms a doji now for anybody who's unsure of what a doji is it's effectively where price opens and closes roughly on the same line so price will open and close on this line but it might during that time frame whatever it is daily weekly monthly one hour one minute price will work its way up a little bit then it will work its way down and then it will close back pretty much where it started and what that indicates is that the market is unsure of where it wants to go next it could be reaching a point where there's support and resistance when it might be pending orders already sat in so what that means is that if price is going up and there's already pending orders uh ready to short the market it means that price might work its way into that zone and then the orders trigger and it sends price down but what you might have at that point is people trying to climb on the momentum of the previous candle and pushing the price up again which means that it closes basically where it starts again so that's where you get a doji candle and the reason why i like that is purely it just shows indecision in the market and again i'll show you the entries on how to how to trade those um a little bit more effectively in a few minutes uh secondly the next type of formation which i like is when you've got a support or resistance line so it doesn't matter if it's support or resistance or both um what you may have i'm just going to demonstrate uh for the buy orders first what you may have is a candle going up so let's call it a blue candle cover that in slightly and then we will have a wick so just like i was explaining with that doji candle is that you'll have a wick sort of poking up this main sort of area and then a lot of uh pending orders are placed already automatically by either the institutions or by other traders and that's going to effectively be pushing the price of the market down so price works its way up this looks like a giant blue candle at this stage so it looks like you've broken out of the zone but this is one of the reasons why we want to wait until the close of the candle we're very close to the close of the candle because we want to see price work its way back down and create what is classed as a pin bar now pin bars can be subjective because you can have pin bars like over here where it looks as though price might be reversing and working its way back down but price actually just shoots off in the other direction and the main reason for that is that it's not really at a strong level of support or resistance a stronger a stronger level of support and resistance would be somewhere along these lines so if you saw a pin bar forming here you would look to act on it a little bit more like this red candle right there okay so what we're looking for is effectively a pin bar forming um right at the support and resistance lines now if you were going in the opposite direction you would have a red candle followed by a bit of a wick coming down indicating that price is rejecting its movement into that area again it's not um it's not 100 accurate but i would say that is right probably about 70 percent of time from what i've seen especially on the daily candles which are a little bit more accurate than the the one minute the five minute to one hour candles but this technically means if this was a um a support area that price would be shooting off in the other direction it would be a good opportunity to place your buy orders but especially if you've got a wick and this candle ends up being a blue one because price would have started off here so the previous candle would have been red one to take us into this position and then we work our way down which looks like price again has broken out of this zone but effectively it's pushed its way back up and it started um it's ended up going higher than where it first started which gives you a much stronger indicator that price is indeed going to shoot off in the other direction okay so that's two of the formations now which i like to look at then the next one is again looking at a support and resistance line but what we might have is a blue candle here which if it's blue and it's creating some sort of pin bar i don't necessarily always like those because again a little bit like this you know these series of blue candles down here it normally means that it's just clearing the way for the market to push up a little bit easier but if you have a blue candle there and then you have what's classed as an engulfing candle so you've got a red candle the following day again with a wick it doesn't have to be the same height but it is handy if the wick is actually higher i know that's got a much higher expectancy of price going down but let's say for example that it is i know let's call this candle the monday candle so monday evening you look at your charts and you can see it's pin bar forming but you're just a little bit unsure thinking you know what this is a blue candle yes it's a pin bar yes it's a support and resistance so we've got a couple of confluences well i want to wait and see what happens the following day just to double check that price is most likely going to reverse well let's say that you're now looking at charts on tuesday night um and you can see that this candle is formed well one it's a red candle which is good two it's got a good wick on it and three is actually an engulfing candle so it's actually higher and lower than that previous candle see the absolute highs and the lows have completely engulfed that previous candle again that is an extremely strong indicator that price is going to reverse especially at a sport resistance line and the same method goes for if price was going uh in the other direction with those confluences in mind and a bit of an indication as to what kind of candles we're looking for to get involved with the entries now we need to look at where we're going to be getting involved with the entries so what i do is i go onto the daily sometimes i'll go into the weekly um but i'll tell you what let's go on to the weekly first as i said at the start of the video we're looking at support and resistance zones where price is basically struggling to get past it doesn't matter if you're newbie or if you're an experienced professional trader sometimes it's easier especially when looking at placing support and resistance zones to change your your chart to a line chart now on the line chart this makes it very clear where the support resistance zones are okay so by supporting resistance just as a quick recap if you haven't seen the other video we're looking for places where there's a bounce on this side and a bounce on this side so price has worked its way down and then worked its way back up to this line again and then rejected okay so that's a support resistance line so what i'm going to be doing is i'm going to be marking on the charts effectively roughly where these zones are okay now one of the key differences with myself and some of the other traders out there is that a support resistance generally is a zone okay so it you know it can cover 10 20 50 pips depends what sort of pair you're looking at but it's generally a zone so if i want to mark up on my charts you know prices quite clearly looking at different places along here price has broken through this zone on both sides so what i'm going to do to try and make it a little bit clearer on my chart when i switch back to candlesticks it's going to show me that anywhere in these zones price could reverse or it's most likely to reverse so what i'll do is i'll mark up the most obvious ones first and then i'll look back over the last sort of maybe year year and a half two years and i'll look at where the the highest one is and i would say that this is the highest point up here so again let's mark a new one on the charts uh trying to get the most bounces in here so the next one is there and then working our way down i would probably say the most recent one is here the reason for marking these ones is again you've got a bounce another bounce another bounce there one there one going back down the other way and so on and so forth so you just want to try and get the areas where price is bouncing off let's drop it down for daily let's see if there's anything more sort of on an intraday scale where price is effectively bouncing off now straight away where my cursor is is another obvious line where it looks like on a daily basis prices having a little bit of a reaction to so we've got a big drop here so this is the first bounce then price breaks through then it comes up to re-test this line and works its way down a bit breaks through re-tests goes up to the next line breaks through and so on and so forth so you've got a series of bounces on this line i would say that is perfectly valid let's see if there's any nearer to the top of where where price got to so i'm just going to mark on the charts up here where price had recently got to the reason why we've got a couple of extra lines on the chart is that price could very easily break its way out of one of these in immediate lines and it can work its way up to the next one so we're gonna try and get one more up above where we currently are so what i'm going to do now to try and change my line of sight is change it back to the candlesticks and see if that makes it any easier for me sometimes it's good to just change your perspective of the market and i would say probably right here and the reason for this final line is there is a good pin bar rejection over here there's a pin bar rejection there there's another series of rejections over here and price struggled when it reached over here in its most recent time now where i was saying a few minutes ago with a pin bar rejection this is a prime example so price has broken through previously it's bounced off one of these lines which wouldn't have existed at this time i don't think came up and price basically created a pin bar if you were looking at the charts at you know at 10 pm um uk time and looking at this this would be a prime candidate for getting involved with the trade now that we have our charts marked up let's just see if we can make it a little bit more accurate so i like to place these lines on the close of the candles uh the wicks are important because obviously price does travel up to there and your trades will get triggered so your buyers and your cells will get triggered but i'm also going to put on just uh to make it easier on the eye especially when you're looking at trades on your phone you want to be aware of where an area is and i'll explain that in a second looking at this one let's mark up this zone and there's another possible one here okay there's another possible one midway where prices just passed through what we're gonna do now is we're gonna pretend that we're looking at the charts on the seventh and the eighth of january so going back about seven days or so we're going to use our bar replay tool and if you want a few hints and tips on on how to make best use of trading view which is the software which i'm using i'll again i'll put the links up in the corner wherever it's going to be to another video which i did maybe about a year ago which might be quite useful to some of you what we're doing now is this is the 6th of january we're getting ready for bed we're just looking at the charts quickly on our phones or on the laptop and what has happened okay so prices broken clear of this zone it's worked up it's got a nice uh sort of rejection candle here it's got quite a lot of momentum moving up when it looked like price was struggling it wasn't extremely strong candles and then this most recent candle is an extremely strong uh blue candle and the reason why i say that it's strong is the the sheer size of it yes it's got a bit of a wick at the top which indicates that price might start to slow down because there may be some orders just resting up here waiting to trigger and start moving the market down so we'll wait until the next day there's nothing to do at the moment we're waiting for one of those indecision candles which i was talking about earlier so we're looking for a doji we're looking for a pin bar or if we're going to be trading the following day we're going to be looking for an engulfing candle so what we've got is kind of a doji not quite um but effectively you've got a a wick to the top a wick to the bottom but you've actually got still quite a big body in the middle of it it's a lot smaller than the previous candle which indicates again that price is slowing down because if you if you imagine throwing a um a tennis ball up in the sky and you throw it at maybe like a 45 degree angle price is quite similar to how gravity works it tends to move in like a wave formation because if you throw a ball up vertically in the air like that the most obvious way for it to reverse is kind of straight back down on itself and we've seen that happen to all sorts of charts like bitcoin etc so again i would say there's nothing to do here but it is indicating that price is starting to slow down and possibly going to reverse it now comes to the 8th of january now this is looking a lot more like a doji candle and the reason why i'm saying that is a couple of kind of perfectly length you know pretty much the same size wicks on both sides and we've got a bit of an indication that price might start to reverse now it's completely indecision uh it's got a red body to it a very short red body but price has completely engulfed the previous candles so as i was saying before about the engulfing candle even though we haven't got the body fully engulfing this body we've got the range of the day is completely engulfing this day now what we could do at this stage is we can narrow it down especially if we've got an area of indecision like this to try and get a better entry but i'm going to show you first of all how to get an entry on this type of candle and this is the way which i would trade so i would set my order a couple of pips below the lowest part of the day okay so a couple of hits below and my stop loss to be a couple of pips above and i would set this for a pending order which expires automatically within 24 hours and the reason for that is let's say for example price works its way down triggers me in i will be involved in the middle of the night in my sleep which is great but what i don't necessarily want to do is get involved in the market straight away for price to come down a little bit which is great but then continue off do you see what i mean so the the reason for me not getting involved with a market order is that price hasn't yet fully decided what it's going to do but i want the highest probability chance that price is going to basically get me involved in the trade sure it's not the best entry but the amount of times where you'll get involved and price just shoots off in the other direction is enormous so just don't take that risk but obviously go back and do your back testing and double check for yourself now let's say for example price uh gets me involved during the middle of the night i would want price to work its way down now the obvious zone which we're looking at for the next level of spawn resistance is around this area here where we had a lot of price action now i don't necessarily want to wait for price to come all the way down to the middle of this zone and the reason for that is there could be enormous orders down there now that price has pushed up beyond it and working its way back down to it price might not even reach that that massive area down there so what we want to do is we want to try and preempt the market and try and take out our winds just before this area so i try to get involved probably just around about here just maybe 20 or 30 pips away from the actual zone itself just so we get the absolute best chance of taking profits out the market so let's say as well that during the night price comes down and it starts working its way back up do we close the trade out in the morning well you know this is the part where it needs to be a little bit subjective if you see that there's a massive at this stage a pin bar and then a bit of a blue candle i would probably say that price is rejected somewhere around this area and it's going to start working its way back up and i would take my i'd take my trade off for probably half a percent or half a position lost because when you see something like that forming it most likely means that price is purely just rejected whereas if you wake up in the morning and you've got a candle which looks a little bit like this you're probably on your way so let's say for example that you've come across this situation but we don't have this wick down here or what we have is a pin bar okay what you can do so let's look at this again so we've got a two to one in this position at the moment which doesn't sound the best it's certainly not the worst and if you've got a higher than 50 expectancy you're going to be making money in the market um and this does have a higher than 50 expectancy let's say for example that you're looking at charts at just the right time if you want to try and get better than your two to one situation here you can lower the time frame now what i would look for this is uh just a little bit more sort of trader insight information i would essentially say that there is a small support resistance structure here so as soon as price was to break outside of there i would be looking to get involved in the trade but let's say on the four hour there isn't a a particular entry now i wouldn't say here that there's a particular entry that i could go for so let's drop it down to one hour let's see if that gives us anything different okay it's 10 o'clock at night let's get to the 11 o'clock candle and it certainly looks as though price is starting to work its way down if you do happen to stay up and watch the charts and see what happens here i would say this is now indicating that price is going to be working its way down the reason for that is this zone let's sir let's mark it on the chart from here and above this level which took us to the previous zone okay so if we zoom back out on the daily this is what took us into that zone okay so drop it back down to the one hour because prices very briefly um and slightly broken this zone here for me personally this is an area where i would look to get involved in a chart because it's indicating to me that price has come down it's tried to go back up and it's had its own little mini doji on the one hour and it started to work its way back down again sure the candles aren't massive yet but they might well be soon so i would get involved here on a market on a market order 11 o'clock 12 o'clock at night um i would stay up for this trade and i would get involved right on the market order but i would instead of having my stop loss a few pips above the the swing high of the previous day i would look at the most recent swing high which is here and again a couple of pips above because if price comes back up you don't want to be stopped out just by your spreads which your broker creates and i would still have my take profit maybe 20 30 pips away from the actual uh the actual line or the zone of sport resistance but you know before when we had a two to one risk reward ratio if we switch back out to a daily we should be able to see that two to one has now become four and a half to one and that's purely because i looked at the different time frames so i went from the daily time frame down to the four hour couldn't find an entry on the four hour on the one hour got a good entry on the one hour i managed to do it with a four and a half to one now if we continue um i can't remember what the chart did i think it did reach oh it didn't reach yet so price hasn't reached that area it looks as though price is rejecting going up so it was working its way down nice and powerfully we had a fantastic red candle and it looks as though price tried to work its way back up today it looks now like it's on its way down if you're watching this video in the future you can always come back and see whether or not this trade would have made it or not but we switched out a two to one to a four and a half to one which is fantastic and then what you can do uh as i was saying it will only take you you know 10 15 minutes each day to be able to do this or trade setup i put all the pairs which i would do this trading on within one group on trading view so it just takes a couple of minutes to go through um every evening and just check and see is this pair is this pair is this pair are they all basically um showing that price is approaching these zones now if you like i haven't marked up these charts i've cleaned these charts so they're completely empty but theoretically you would go through and go right okay is price reaching the next zone with that one no with euro aud oh okay so i have marked these charts here so with euro australian dollar um it looks as though price has come down it's touched this zone would there have been an entry on the four hour candle no there wouldn't would there have been an entry on the one hour candle if i was awake i don't think that that would have been because there wasn't enough of a um of a rejection candle although maybe it depends what time this was no you would have missed that entirely so it only takes you a few minutes basically to run through all of the charts which you've got and then just a little tip is the ones which you think right okay australian dollar new zealand dollar yes this looks as though price is likely to reach the zone in the next day or two i would highlight this and give it a certain color and slide it up to the top of my chart or if i'm going to be checking the evening the first thing i'll do is i'll look at the ones which are most likely going to be presenting opportunities for me to get involved in the market and that is essentially and if you're targeting any more than two to one you're going to be in really good profit throughout the year but another thing to point out as well is because we're looking at the daily candles let's go back to our example if we can you can see that if we did get involved on this date that was the 11th of january and it is now the 19th of january so eight days later we haven't quite reached take profit you're going to be involved in trades where they could last anywhere between two or three days if you've got an extremely strong candle pushing you in the right direction or you could be in trades for maybe a week or two weeks at a time i typically use a quarter percent of my account and the reason for that is i want enough margin uh being given to me by my broker for my day trading so i do trading i did a london breakout session which uh if you haven't seen it i'll mark the video up again in one of these corners uh for you to be able to see so i use the london breakout session where i use one percent risk per trade which means i need to have a fair amount of margin there for my broker so taking these trades um on the end of day candles i'm effectively just going to be using a quarter percent of my account so with this i would gain one percent um if it comes in and if it wins i would gain just over one percent and it might take me a week or two to to do but the main thing is that keeps me relevant in the markets that's it in a nutshell so if you've if you've liked this video and if it's been helpful to you please do share around to your friends if there's anybody who you know who is looking to get involved in forex trading but might have their own full-time job and they're struggling to work around it just um you know tag them in the video don't forget to like and subscribe and we'll check in soon

2021-01-22 23:30

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