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Currency Strength and Weakness for Friday 3rd May 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, May 2, 2013.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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.

    ACCURATE MONEY MANAGEMENT: 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".

    Find out more by clicking on my signature at the bottom of this post.

    Today is a public holiday in Japan so be careful when trading the JPY. There is also the US Non-Farm Payroll announcement at 8:30am EST on Friday.

    Overall there is strength in the USD, GBP and NZD.

    Overall there is weakness in the EUR and CHF.


    Trading Directions I am favouring for the next 24 hours

    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

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

    Sell Trades – EUR/USD, EUR/GBP, EUR/NZD, EUR/CAD

    To Your Trading Success.
    Andrew


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

    Try my Free Trading Calculator>>

     
  2. JXXXX

    JXXXX Private

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    Hi Andrew, Thanks for your efforts! Had a bit of difficulty getting the calc to work, but after a couple of reboots, it was fine. Should be a big help as I already use 'lot size' and percent of account to calculate trades, but do it in my head by rule of thumb. I usually manage 2 percent per day, so with this greater accuracy I should get more!
     
    #2 JXXXX, May 3, 2013
    Last edited: May 3, 2013

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