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Currency Strength and Weakness for Friday 1st November 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Oct 31, 2013.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Traders,

    I held a live trading room webinar last night NZT for my clients in which I took several live trades.
    4 out of 5 x H1 chart trades hit full profit, 2 out of 3 x 5 minute charts trades hit full profit and 1 out of 1 x H4 chart trade hit full profit. If the risk on each of these 9 trades was just 0.5% there was a +5% account gain to be made.

    The clocks change this weekend in the US which will mean that from next week the D1 charts will change over 1 hour later for those living outside of the US.

    There is a public holiday in France and Italy today but that is unlikely to affect the EUR.


    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 USD, GBP, CAD and JPY.

    Overall there is weakness in the EUR, CHF and AUD.



    Trading Directions I am favouring for the next 24 hours


    Buy Trades - GBP/AUD, GBP/CHF, USD/CHF, CAD/CHF

    Sell Trades - EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD, EUR/CAD, CHF/JPY, AUD/USD, AUD/JPY, AUD/CAD, USD/CAD, XAG/USD


    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.


    Here's something to help you trade with low risk:
    AMAZING FREE TRADING TOOL: Download your own FREE copy of my MT4 trading tool which will help you trade with low risk per trade, remove much of the emotion involved with taking trades and take away the focus on making "Pips".
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    Have a fantastic weekend.
    Andrew


    - Andrew Mitchem
    The Forex Trading Coach
    Professional Forex Trader and Educator

    Try my Free Trading Calculator>>

     
    #1 Andrew Mitchem, Oct 31, 2013
    Last edited: Oct 31, 2013
  2. Laurie Gold

    Laurie Gold Corporal

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    Hi Andrew; I have been following your posts for about a month now and I like your methodology. That said, I am little confused about the buy trade for AUDCAD since you stated the CAD is strong and the Aud weak, should that be a sell trade?

    Thanks
     
  3. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Laurie,

    Thanks for pointing this out. I edited the page about 5 minutes ago once I realised my mistake. Please refresh your page and there should be a sell bias for that pair for today showing.


    - Andrew Mitchem
    The Forex Trading Coach
    Professional Forex Trader and Educator

    Try my Free Trading Calculator>>

     
  4. yetiman

    yetiman Private

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    Hi turtle360, just as a supportive thought for you it sounds like a little panic has entered your mindset and trading and no stop is quite risky and hinting towards a revenge trade. Maybe revisit your trading plan?
    cheers Brian
     
  5. yetiman

    yetiman Private

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    no worries I know too well that it's frustrating at times
     
  6. Red Herring

    Red Herring Corporal

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    Thanks Andrew for the forecast.
    I am on the AUDJPY
    Cheers
     
  7. Prof8

    Prof8 Private

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    Nice early finish to the week with a win on the EUR/JPY... Good luck everyone...
     
  8. Prof8

    Prof8 Private

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    What type of trading strategy are you using? How are you using the recommendations in relation to your trading strategy?
     
  9. Silver Future

    Silver Future Recruit

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    Aud/usd short trade

    Hello,

    I went short on AUD/USD during the daily hammer can candle was being made nearly 0.9460. And, now its going up again. I fear this green candle could reverse the effect of 31st Oct's candle.
     
  10. Sunny Miami

    Sunny Miami Private

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    So happy!!!!!

    Thank you Andrew!!!! I went for the USD/JPY and got a total winning yesterday, I'm just going step by step, before going big.:)
     

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