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Andrew Mitchem joins the mic for a straight-talk conversation on practical swing and position trading—why he favors clean price action, completed candles, and those “00/50” round numbers everyone can see. Based in New Zealand and known as The Forex Trading Coach, Andrew keeps charts simple: horizontal support/resistance, Fibonacci extensions for targets, and limit orders that buy/sell the retrace after a valid setup. He trades higher timeframes (4h/daily/weekly—and custom 6h/8h/12h) so you’re not chained to screens, timing decisions around 5 p.m. and 5 a.m. New York. Most importantly, he’s obsessive about risk control and measuring performance in percentages, not pips.
In this piece, you’ll learn exactly how Andrew stacks probability: continuation patterns over flashy reversals, entries only on candle close, and stops/targets tucked smartly around round numbers and key levels. You’ll also see how he sizes trades to keep drawdowns tiny while still compounding, how he adapts seamlessly when traveling (hint: daily/weekly charts do the heavy lifting), and why stripping away indicator clutter can boost consistency. If you want a durable trading process you can run alongside a normal life, Andrew’s playbook is a sharp, beginner-friendly template you can copy today.
Andrew Mitchem Playbook & Strategy: How He Actually Trades
Chart Universe & Timeframes
Here’s the foundation Andrew Mitchem uses to stay consistent without babysitting screens. The idea is to let higher timeframes filter noise while still giving enough opportunities to compound.
- Trade predominantly on the Daily, Weekly, and 4-Hour; add custom 6H/8H/12H charts for smoother structure.
- Build a watchlist of major FX pairs first; add minors/exotics only if spreads and liquidity are acceptable during your trading hours.
- Avoid overlapping, highly correlated positions (e.g., EUR-pairs at the same signal); cap to one or two correlated exposures at once.
- Skip low-liquidity sessions for entries unless using Daily/Weekly signals confirmed at candle close.
Clean Price Action Setup
Andrew keeps charts minimal: no indicator soup—just what actually moves price. This section shows how to spot his high-probability structures quickly.
- Use horizontal support/resistance drawn from swing highs/lows; keep levels clean and obvious.
- Respect “00/50” round numbers as magnets and decision points; expect reactions there.
- Favor continuation structures (flags, shallow pullbacks, break-retests) over hero reversals.
- Confirm momentum with full candle bodies closing beyond a level; wicks alone don’t count.
Entry Triggers (After Candle Close)
He waits for completed candles so the signal isn’t a moving target. This removes most second-guessing and forces discipline.
- Only enter after the signal candle fully closes on your chosen timeframe.
- For breakouts: require a decisive close beyond the level, then plan entry on the pullback to that level.
- For pullbacks, look for a rejection candle at a pre-marked level, then enter on a limit order into the retrace.
- Never chase the candle; if the price runs, let it go and wait for the next setup.
Stops, Targets & Round Numbers
Stops protect your capital; targets lock your edge. Andrew uses structure and round numbers to set both with intent.
- Place stops beyond the most recent swing (not “some pips”); ensure they’re past obvious liquidity.
- Nudge stops beyond nearby 00/50 numbers, so a routine probe doesn’t tag you out.
- Set the first target at the next clean level or round number; use Fibonacci extensions (e.g., 127%/161.8%) to map stretch targets.
- If the structure is messy between here and the target, reduce the size or pass.
Order Placement & Execution
Automation beats emotion. Plan entries so you don’t need hero timing or tick-watching.
- Prefer limit orders at the retrace to the breakout level or to the 50%–61.8% zone of the signal candle.
- If price doesn’t retrace to your level on the next candle or session, cancel the order—no FOMO market orders.
- Size orders so slippage won’t push risk above your cap; skip thin times if spreads are wide.
Risk Sizing & Portfolio Guardrails
Drawdown control is the heartbeat of Andrew’s process. Think in percentages, not pips, so performance scales cleanly.
- Risk a fixed fraction per trade (e.g., 0.25%–0.5% for most, 1% max on A+ setups).
- Cap total open risk across all trades (e.g., 2% portfolio at any time).
- Reduce risk if multiple positions are correlated or if volatility regime spikes.
- Pause new entries after a preset drawdown (e.g., −4% in a month); switch to review mode before resuming.
Trade Management & Scaling
Once in, your job is to defend risk and let the structure work. This is where small edges turn into equity curves.
- Move stop to breakeven only after price closes past your first trouble area (not the first tick).
- Scale out partials at first target if volatility is spiky; otherwise, let the full position run to the mapped level.
- Trail stops behind fresh swing structure on higher timeframes; avoid tick-based trails.
- If an opposite signal of equal or higher timeframe quality appears, exit the lagging trade.
Daily Routine & Timing
Consistency beats intensity. Andrew clusters decisions into a few checkpoints tied to candle closes.
- Review and mark levels once per day after the New York 5 p.m. close; set/modify orders in that window.
- Do a second quick pass around the next key session close (e.g., early New York morning) for 4H/6H/8H updates.
- Outside those windows, don’t touch the charts unless an alert triggers at a planned price.
Trade Journal & Metrics
You can’t improve what you don’t measure. Keep the stats tight and brutally honest.
- Log setup type, timeframe, level, entry method (break-retest or pullback), stop/target rationale, and risk %.
- Track win rate, average R, expectancy, time-in-trade, and max drawdown; optimize for consistency of R, not raw pips.
- Tag mistakes separately (e.g., early entry, moved stop, chased candle) and review weekly; reduce size after any rule break.
Playbook Filters (When to Skip)
Not trading is a position. Andrew avoids marginal conditions that chew up time and capital.
- Skip signals into messy chop (overlapping candles, no clear levels) even if the pattern “fits.”
- Avoid entries right into major news windows if spreads or gaps routinely distort levels.
- Pass on pairs with widening spreads at your execution time; if the cost is unpredictable, the edge isn’t real.
- If three rules aren’t met (level, structure, candle close), stand down—wait for alignment.
Growth & Compounding Framework
Small, repeatable edges plus disciplined risk create the curve you want. Keep the engine simple and scalable.
- Increase position size only after hitting preset equity milestones (e.g., every +5%), never after a single win.
- Keep risk % constant during losing streaks; down-shift only if you breach a monthly drawdown limit.
- Reinvest profits into the same rule set; avoid strategy-hopping—iterate with one change at a time and re-measure.
Fix Risk First: Percent-Based Position Sizing Beats Chasing Pips
Andrew Mitchem hammers this point home: your edge starts with how much you risk, not what you predict. Percent-based sizing keeps every trade proportional to your account, so one loser never wrecks the month. It also forces you to judge setups by quality, not feelings, because the stake is fixed before you click. When position size is rule-driven, you stop tinkering mid-trade and your results get steadier.
In practice, Andrew Mitchem suggests small, repeatable risk—think fractions of a percent—so compounding can actually work. Cap total open risk across your book and trim size when positions are correlated, even if the charts look irresistible. Define stops at structure, not round guesses, so your percent risk is tied to the market’s reality. Do this consistently and you’ll notice you’re no longer chasing pips—you’re building expectancy.
Trade Higher Timeframes: Let Completed Candles Define Signals, Not Noise
Andrew Mitchem favors the daily, weekly, and clean multi-hour charts because they compress noise and force patience. Waiting for a candle to close stops you from reacting to mid-bar whipsaws that never make it into the final print. Higher timeframes align structure—trend, levels, and momentum—so your setups are clearer and fewer, which makes execution easier. You’re not trying to be fast; you’re trying to be right.
On entries, only act once the signal candle is finished and confirms beyond your level or pattern. Treat intra-candle spikes as draft versions, not decisions, and plan your order at the close or on the next pullback. Review charts at fixed checkpoints tied to those closes and ignore the in-between noise. This rhythm keeps emotions low, lets alerts do the work, and turns trading into a calm, repeatable routine.
Use Round Numbers And Clean Levels For Entries, Stops, Targets
Andrew Mitchem treats “00/50” round numbers and obvious horizontal levels as decision zones everyone can see. These magnets often create the pause, rejection, or break you need to structure a trade with tight risk. Mark the clean levels first, then wait for a confirmed close beyond or a clear rejection of them. If the level isn’t obvious at a glance, Andrew skips it—forced levels lead to forced trades.
For entries, let price break and retest a level, or use a limit order on the pullback toward the number. Place stops just beyond the swing and slightly past the round number so a routine probe doesn’t tag you out. First targets sit at the next major level or round number; stretch targets can ride until structure changes. Keep charts uncluttered, and let those simple, shared reference points do the heavy lifting.
Prefer Continuations Over Bottom-Picks: Break–Retest Entries With Measured Pullbacks
Andrew Mitchem stacks the odds by trading in the direction of established momentum instead of hunting tops and bottoms. After a clean level break, he waits for the price to retest that level and hold, turning resistance into support or vice versa. The pullback should be measured—not a sharp slam—so the structure stays intact and spreads don’t eat the edge. If the retest fails or wicks are messy, Andrew simply passes and preserves capital.
On execution, Andrew Mitchem plans limit orders near the retest zone with stops tucked beyond the prior swing, not a random pip count. Confirmation comes from the next candle closing back with the trend, showing continuation rather than a trap. First targets are set at the next clear level; runners ride until the structure genuinely changes. This approach reduces false starts, keeps risk tight, and lets the market do the heavy lifting.
Limit Correlation, Diversify By Pair, And Set Up; Cap Total Portfolio Exposure
Andrew Mitchem avoids stacking the same macro bet in disguise—no piling into three EUR pairs just because the chart looks pretty. He treats diversification in two ways: by instrument and by setup type, so one theme or pattern can’t sink the day. Before entering, he checks overlap; if exposures rhyme, he either cuts position size across the basket or takes the single best signal. The goal is smooth equity, not maximum trades.
Portfolio risk gets a hard ceiling, so his worst day is survivable and predictable. Andrew Mitchem caps total open risk at a fixed percentage and won’t add if that limit is reached, even for an A+ look. When volatility expands or news risk looms, he trims size and shortens the list to only the cleanest structures. If a new trade increases correlation meaningfully, it must replace a weaker one—never simply add.
Andrew Mitchem’s message lands the same way no matter where you drop into his playbook: protect the downside with fixed percent risk, then let clean structure do the heavy lifting. He strips charts to obvious levels and round numbers, waits for completed candles, and favors continuation over hero bottom-picks. That combination turns trading into a rules-driven routine you can run alongside a normal life—fewer decisions, better decisions, repeated the same way every day.
He builds trades like an engineer: level, close, pullback, execute—stops beyond structure, first targets at the next clean level, runners only if the trend still behaves. Correlation gets policed, total open risk is capped, and size flexes with conditions, so a streak—good or bad—never derails the account. Most importantly, Andrew Mitchem measures everything in percentages and expectancy, not pips or opinions. If you adopt his rhythm—plan at set times, act only on confirmed signals, and journal with brutal honesty—you’ll trade less, stress less, and give compounding space to work.
