Currency Strength and Weakness for Tuesday 8th 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.


As is often the case on a Tuesday, there are very few good quality setups due to the lack of clear activity on Monday.

Overall there is minor strength in the JPY, GBP and CHF.

Overall there is minor weakness in the EUR, USD, CAD, NZD and AUD.


Trading Directions I am favouring for the next 24 hours

Buy Trades - None

Sell Trades - EUR/JPY, CAD/JPY, USD/JPY


VERY IMPORTANT- PLEASE READ: 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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To Your Trading Success.
Andrew

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
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[elwfaey]

شكرا لك
مع خالص تحياتي

 

[Andrew Mitchem]

Andrew or anyone comment on NZD.JPY? Should we consider the move from 83.65 down to 79.90 the prevailing momentum or more likely a 38% retracement of the bull move starting August 28th? I'm short here and in the red. Losing faith in my position. Only recognized the greater trend under duress. Andrew? Any of Andrew's students can help?

Hi Turtle,

I don't really have a comment either way on the NZD/JPY as there's not much happening there. The 80.00 level seems to be holding right now and several of the JPY pairs have shown a divergence signal today which could indicate a new weakening of the JPY is on the cards.
I suppose it depends upon where and why you entered the trade and without that information it's difficult to say much more.

I hope this helps you.

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