Currency Strength and Weakness for Thursday 22nd May 2014

[Andrew Mitchem]

Hi Forex Trader,

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 strength in the GBP with minor strength showing in the AUD and NZD.

Overall there is weakness in the EUR, CHF, CAD and JPY.


Trading Directions I am favouring for the next 24 hours


Buy Trades – GBP/USD, GBP/JPY, GBP/CAD, GBP/CHF

Sell Trades - EUR/GBP


VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given above. 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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Andrew

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[ahmer]

Over confidence about GBP strength was the major cause of failure today. Why do suggest trading correlated pairs in your analysis?

GBP/USD DAILY CHART SHOWING 61.8 Fibonacci retracement.

 

[Andrew Mitchem]

Over confidence about GBP strength was the major cause of failure today. Why do suggest trading correlated pairs in your analysis?



Hi,

The only GBP related trade I took yesterday was buying the GBP/JPY. That was a good trade.

Overall a profitable day.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[ahmer]

Over confidence about GBP strength was the major cause of failure today. Why do suggest trading correlated pairs in your analysis?



Hi,

The only GBP related trade I took yesterday was buying the GBP/JPY. That was a good trade.

Overall a profitable day.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

So you did did not set pending orders at key levels for other pairs on yesterday
btw, I was expecting this reply because you always took profitable trades only.

GBP/JPY Bullish for yesterday does not mean strength in GBP. JPY was even weak against the weakest EUR currency of the weak.