Currency Strength and Weakness for Monday 14th 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 mentioned on Friday, it was all about the JPY weakness. This certainly followed through with the JPY showing a lot of weakness.

There is a public holiday in Japan, the US and Canada today so it is likely we’ll see a quiet day.


Overall there is strength in the NZD, CAD and EUR.

Overall there is weakness in the JPY and GBP.



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.



Buy Trades - EUR/JPY, NZD/USD, NZD/JPY

Sell Trades - GBP/NZD

Be aware that the large weekend gaps on most pairs, plus the 3 main public holidays could lead to some tricky trading conditions today.

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.




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Have a great week ahead.
Andrew

---

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

 

[Prof8]

Well, Professor, Using dynamic S/R I can more easily envision a signal off the bar AFTER your 2300 GMT bar coincident with a bounce off the middle BB. And perhaps your goal was a retest of the previous day low which would yield you 40 pips. Zero risk after entry, cover at the low. That works. Couldn't you have done that without outside assistance. If you were using dynamic S/R you apparently recognized that GBPUSD was in a trending state from the prior day. Actually you were lucky to squeeze out the last 40 pips. In spite of the daily suggestion the pair's been flat since (non-trending).

Yes... I could easily have done this without assistance however... the advantages of using Andrew's reports is that they save me the time of constantly having to try to check so many pairs in order to find ones that move. All I'm looking for are pairs that have a potential to move in the next twenty-four hours. Whether Andrew is correct in his direction is irrelevant but he does seem to always select pairs that move either in his favored direction or the other way. With my strategy, I can (and have) made profitable trades against his selections when they have moved opposite of what he has protected. But it's much easier when they move they way he projects. So... for the sake of time, his reports are excellent. Also, I'm only looking to make an average of 20 pips a day (100 pips a week). That's enough for me to make a nice income.

BTW... both GBP/NZD and EUR/JPY both hit my targets today...

 

[Andrew Mitchem]

Yes... I could easily have done this without assistance however... the advantages of using Andrew's reports is that they save me the time of constantly having to try to check so many pairs in order to find ones that move. All I'm looking for are pairs that have a potential to move in the next twenty-four hours. Whether Andrew is correct in his direction is irrelevant but he does seem to always select pairs that move either in his favored direction or the other way. With my strategy, I can (and have) made profitable trades against his selections when they have moved opposite of what he has protected. But it's much easier when they move they way he projects. So... for the sake of time, his reports are excellent. Also, I'm only looking to make an average of 20 pips a day (100 pips a week). That's enough for me to make a nice income.

BTW... both GBP/NZD and EUR/JPY both hit my targets today...

Hi Prof8,

Great news about your trades yesterday - well done and it's great to know you are making good profits with the help of my analysis on this site.

---

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

 

[Prof8]

Nice profits on GBP/NZD and EUR/JPY...

 

[Prof8]

Well, Professor, Using dynamic S/R I can more easily envision a signal off the bar AFTER your 2300 GMT bar coincident with a bounce off the middle BB. And perhaps your goal was a retest of the previous day low which would yield you 40 pips. Zero risk after entry, cover at the low. That works. Couldn't you have done that without outside assistance. If you were using dynamic S/R you apparently recognized that GBPUSD was in a trending state from the prior day. Actually you were lucky to squeeze out the last 40 pips. In spite of the daily suggestion the pair's been flat since (non-trending).

I'm using Andrew's report to minimize monitoring multiple pairs for setups on pairs that will move in the next twenty-four hours... that's all.