Currency Strength and Weakness for Friday 28th February 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 NZD and CHF.

Overall there is weakness in the USD, AUD and CAD with minor weakness against some currencies in the GBP.



Trading Directions I am favouring for the next 24 hours


Buy Trades - NZD/USD

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


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".

Download your FREE copy now by clicking on the link in my signature below.


Have a fantastic weekend.

Andrew

---

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

 

[daytraderbt]

Will I be wrong if I say that you look at some form of currency strength meter (indi / app) to gauge strength and then pair strong and weak pairs together. For direction you would also look at the Daily 200 MA and where PA is corresponding to it.
Now, I think for your clients, you would naturally go to lower TF charts to fine tune approx. entries and exits for the day, again using TA
I do the same
Have a great weekend...

 

[FXMastermind]

Will I be wrong if I say that you look at some form of currency strength meter (indi / app) to gauge strength and then pair strong and weak pairs together. For direction you would also look at the Daily 200 MA and where PA is corresponding to it.
Now, I think for your clients, you would naturally go to lower TF charts to fine tune approx. entries and exits for the day, again using TA
I do the same
Have a great weekend...

I think Andrew would complete far greater in-depth analysis than what you have portrayed.

You have completely neglected the fundamentals and economics (the driving forces!) which you need to paint an overall picture of where the various currency pairs are likely to be headed. What you need is greater probability on your side and then trade accordingly (all factors considered)...

FXMastermind..........

 

[daytraderbt]

I was requesting Andrew.

I think Andrew would complete far greater in-depth analysis than what you have portrayed.

You have completely neglected the fundamentals and economics (the driving forces!) which you need to paint an overall picture of where the various currency pairs are likely to be headed. What you need is greater probability on your side and then trade accordingly (all factors considered)...

FXMastermind..........

 

[Andrew Mitchem]

Will I be wrong if I say that you look at some form of currency strength meter (indi / app) to gauge strength and then pair strong and weak pairs together. For direction you would also look at the Daily 200 MA and where PA is corresponding to it.
Now, I think for your clients, you would naturally go to lower TF charts to fine tune approx. entries and exits for the day, again using TA
I do the same
Have a great weekend...

Hi daytrader,

No I don't use any form of currency strength meter as I find that they all lag the actual price too much. I've tried a few of them and most look like a plate of colourful spaghetti.

I cannot tell you exactly how I do this but it is largely technically based by analysing the price.

My clients receive actual trade suggestions each day with the reasons for the trade, the direction and the full entry and exit levels. Over time the aim is for clients to be able to select these trades for themselves without the need to rely on myself. My analysis then becomes simply a backup support if needed.

They can also use my analysis to help select higher probability trades on the shorter time frame charts.

Have a great weekend.

---

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

 

[daytraderbt]

Thanks for that, Andrew
The only other query I guess would be why would you charge so much for a training course if you want everyone to succeed in this business like you?
Particularly, when you yourself are an active trader!
C'mon, lets be honest, if I wanted to earn money and have an edge why would I sell it in the market?
Okay, other thing: If someone is an active trader and really wants others to also succeed as well, then I guess he would either give away for free or charge a fraction just enough to cover all the expenses and the time involved.
Would he start to make a business out of it if he is already an active trader?
P.S.: I know your a good person and your trading ideas could be great, but I had these questions in mind and could not marry with this thought that your charging so much for a forex course when you yourself are an active trader who is consistently winning (according to you)

My Best,

DayTraderBT

 

[Andrew Mitchem]

Thanks for that, Andrew
The only other query I guess would be why would you charge so much for a training course if you want everyone to succeed in this business like you?
Particularly, when you yourself are an active trader!
C'mon, lets be honest, if I wanted to earn money and have an edge why would I sell it in the market?
Okay, other thing: If someone is an active trader and really wants others to also succeed as well, then I guess he would either give away for free or charge a fraction just enough to cover all the expenses and the time involved.
Would he start to make a business out of it if he is already an active trader?
P.S.: I know your a good person and your trading ideas could be great, but I had these questions in mind and could not marry with this thought that your charging so much for a forex course when you yourself are an active trader who is consistently winning (according to you)

My Best,

DayTraderBT

Hi DayTraderBT,
For the amount that is included with the course and for the high likelihood that people have of succeeding after taking the course, I wouldn't consider the course expensive at all. I put a lot of time into helping my clients in terms of daily analysis, webinars and helping in terms of answering their questions. Take any university degree course and then after 4 years of doing nothing but that and after searching for a job at the end of it, tell me that the cost of my course is expensive.

In terms of helping people succeed, why not? Trading is much different to almost all other businesses. If I help teach someone to be profitable, that doesn;t take anything away from my chances of being profitable. It's not like I've taught someone how to cook and so they open up a restaurant down the road from me and take away my customers.

Teaching people actually helps my own trading, it helps keep me disciplined and answerable. Each day I have to put my money where my mouth is. I've also met some amazing like minded people through my coaching and I've helped create a great group of traders.

Here's a video I made last week on the subject of paying for education: Is It Worth Paying For Forex Education? | Online Forex Trading Course

---

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

 

[daytraderbt]

Okay, I understand that educating forex is a business for you. Although, I have to say that I know a few other people out there who are very happy to show their strategy for nickels and expect nothing else in return. Why? Because they are not in the mentality of being fearful always, thinking someone will sell their "how to cook" unique trading strategy. They are able to earn more and are happy and contend with what they are achieving from their own live trades.

Why don't you upload your results to myfxbook? This will help you to get more customers as public wants to see real proof, not excel or docs that show past results. Also, you won't have to keep sending people, like you have sent me via email, these files of past performances if you have a live running link with myfxbook.

And, are you saying that your course has 'things' that are not already available freely on the net? For those people who have researched well on the net, spent or ready to spent time learning on the net, there is no need to attend any so called course. If you are saying that yes the net has what is required, but you have packaged the course with all the stuff that is minus all the crap that is available, and for that you are charging so much, then all I would say is this: In an ideal learning experience, it is always better to learn the good and the bad and gradually filter the contents as time passes into your education on the net. This will create a wholesome experience of knowing what is out there and what all is only required to succeed in this market.

Again, another point is, if your course is full of stuff that reflects your many years of experience, then I'm sorry to say that every individual is different in their psychology when it comes to fear and greed. Your experiences may not always be in line with the others and therefore in the end, after paying such a high price, would leave unsatisfied or confused. This is not because your course is at fault, it is just that the content you teach will not apply to everyone as we are all different.

So, for anyone who is looking to tame this beast called forex, I would like to warn you that it is not possible at all and the best in the business accepts losses. Its how you accept these losses and stand up to the next potential trade that matters. Like any business, losses are here too, but if we know how to control it, then no one can stop you from winning in the end.
Instead, learn and work your way in. Learn all the stuff from beginner to advanced level on the net. Keep your senses open for ultimately reaching the level where you can trade only using candle sticks. This will take numerous hours every day to be spent on the charts till you can see how price action works. Then, create a simple strategy like a breakout or candle stick pattern and apply it on a demo account till you have consistently made profits, later on you can conjure up new trading strategies. Initially, stick to TF's not lower than H1.

The lot calculator provided by Andrew is a good tool. You can use it to analyze performance based on percentages and not # of pips. There are other variations of lot calculators available free on the net as well. Good thing in analyzing every trade based on percentages is:
1. Psychology. Reduces the fear and greed factor considerably. This is because right at the onset you know how much you are going to lose and how much you are going to gain.
2. Money Management. Using a lot calculator will help in defining the extent of loss / gain on per trade basis. So, if your strategy helps you to get at least 1:2 risk:reward, then you are sure doing 'very' good at the end of the month. Your loss is always a limited number.
Hope this helps newbies...

-DayTraderBT