Currency Strength and Weakness for Friday 11th October 2013

[Andrew Mitchem]

Hi Traders,

I make my suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

My suggestions are posted by 6pm EST each day.


Overall there is minor strength in the USD, EUR, AUD and GBP.

Overall there is weakness in the JPY and CHF.


Trading Directions I am favouring for the next 24 hours


Buy Trades - EUR/JPY, GBP/JPY, AUD/JPY, USD/JPY, CAD/JPY

Sell Trades - None


VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given below. Use your own trading strategy and look at taking setups that occur in the same direction as my daily analysis. If you don't have your own trading strategy then email me here for help.


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Have a fantastic weekend.
Andrew

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- Andrew Mitchem
The Forex Trading Coach
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[Prof8]

Once again... nice early setups on the AUD/JPY and EUR/JPY for 50 pips a piece... Thanks Andrew for the excellent analysis.

 

[Prof8]

Good for you, Professor. These look like easy ones. Even the Turtle snatched a few berries and that's saying something. But I'd still be most appreciative if you could clarify yesterday's GBP/USD sale. I have a hard time envisioning what SMA's against what time frame yielded a crossover ( I assume the crossing over of the averages is the signal?)in the first hour when Andrew revealed his suggestions and what was the RSI doing because I'm not seeing anything reminiscent of that indicator's supposed to suggest. Would it be asking too much to share the actual details of your strategy?

Actually, explaining the details of the strategy would be quite lengthy even though it's very simple to implement, but I will tell you that I do not utilize a moving average crossover as part of the signal. I actually use the moving averages as dynamic S/R combined with candlesticks and the RSI. The strategy I utilize uses three stages of entry signals that are easy to implement once understood.

With the GBP/USD trade you are asking me about, I utilized basci S/R combined with dynamic S/R (moving averages). I didn't utilize the candlesticks so much since I had confluence on the two types of S/R combined with the short trend direction that I based off of the moving averages. I took the entry at the close of the 2300 candle (GMT) so you may be able to see what I did.