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Currency Strength and Weakness for Monday 12th May 2014

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, May 11, 2014.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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 USD, JPY and AUD.

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


    Trading Directions I am favouring for the next 24 hours

    IMPORTANT: Just to let you know that Monday's trade analysis, when the market opens at the beginning of the new week (Sunday if you are in the US/Europe) are usually the hardest to pick and if you wanted a day off trading, that would generally be the day to choose. The reason being; I am looking at the previous week's prices and the new open prices for the week when making my analysis on a Monday and of course many things can happen between the close of the market one week and the opening of the market the next week and the market sentiment can often change. Just bear this in mind each Monday (Sunday US time)



    Buy Trades – USD/CAD, USD/CHF, AUD/CHF

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


    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.



    WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST: Watch my weekly Forex news video.

    In this week's video I talk about:

    "Learning to trade Forex is no different from learning how to fly a helicopter"


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


    Have a great week ahead.
    Andrew


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

    Watch My Weekly Video>>

     
  2. ahmer

    ahmer Recruit

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    Buy Trades
    USD/CAD (Wrong)
    USD/CHF (Right)
    AUD/CHF (Right)

    Sell Trades
    EUR/USD (Wrong)
    EUR/AUD (Wrong)
    CAD/JPY (Wrong)
    CHF/JPY (Wrong)

    5 out of 7 Predictions were wrong today
     
    #2 ahmer, May 12, 2014
    Last edited: May 12, 2014
  3. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Ahmer,

    I've tried explaining this to you in private messages many times so I'll try again now.

    I am not trading Binary Options here I am trading Forex. I am not stating the close direction for the day. I am stating (as I very clearly explain every single day without fail) that I am looking at taking trades in these directions on the charts - on any time frame chart that I see a suitable setup - in the anticipated direction. It is not a case of being right or wrong.

    Take the USD/CAD for example which you said was "wrong". I am currently in a buy trade from 1.0879 which is currently in good profit. I traded according to my plan and my strategy and I traded in my anticipated direction for the day. This same trade was posted in my membership area for my clients to take with a specific entry and exit levels plus the reasons for taking the trade.


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

    Learn How To Be Profitable with Forex Trading in the next 90 Days - FREE Webinar>>

     
    1 person likes this.
  4. ahmer

    ahmer Recruit

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    I am fully aware of what you are predicting here. You always told in your several videos that you don't trade New York Session at all then how your USD/CAD is still running ?

    USD/CAD showing strength in USD and weakness in CAD.

    [​IMG]
     
    #4 ahmer, May 12, 2014
    Last edited: May 12, 2014
  5. ahmer

    ahmer Recruit

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    See Daily Candle to confirm strength in USD and Weakness in CAD

    [​IMG]
     
  6. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    I don't trade the NY session as it is the middle of the night for me.

    I use limit orders so I was not at my computer at the time the trade filled.

    I'd suggest you attend one of my free webinars for new traders as you'll likely gain a lot of useful information from that which will help your understanding of trading. See below for the link:


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

    Learn How To Be Profitable with Forex Trading in the next 90 Days - FREE Webinar>>

     
  7. ahmer

    ahmer Recruit

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    Your free webinar is an old video recording for newbies, The whole webinar can be be summarize in few lines.
    At the end of webinar you just emphasis newbie to buy your $$$$ course in discount. FREE is a marketing tactic to catch the fish.
     
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Ahmer,

    There is a huge amount of valuable information given out on the webinars for free and that in itself will help people a huge amount. If they want more help then it's available - but if not that's fine also. Look for the positives, use the information that is being handed out. If my course is not for you don't buy it.


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

    Learn How To Be Profitable with Forex Trading in the next 90 Days - FREE Webinar>>

     
  9. BillTheButcher

    BillTheButcher Private

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    Andrew - you have the patience of a saint.

    Ahmer - if you don't like what Andrew is saying then go elsewhere.
     
  10. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi BillTheButcher,

    Thanks - 5 kids does that to me!!

    Happy Trading,


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

    Try my Free Trading Calculator>>

     

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