Currency Strength and Weakness for Monday 17th 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.

There is a public holiday today (Monday) in the USA so there is the potential for a quiet day.

Overall there is strength in the GBP, AUD and JPY.

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


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.

Today there are some weekend gaps, mostly affecting the USD and AUD pairs.



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

Sell Trades - EUR/GBP, CAD/JPY


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.



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

In this week's video I talk about:

"Great Trade Results and the Big Movers for the Week"

Join over 14,500 other traders like you from around the world who listen to my Podcast each week on iTunes.

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
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[Bernhard33]

Hi Andrew
as you know your mail comes to me at 22pm. So I were thinking to put pendings over/under H/L in the direction you predicted. Do you think it will work like that? What would be the best SL/TP in pips? thx

 

[RahmanSL]

Hi Andrew,

Thanks for your daily contributions.

Any idea what is going on with the EUR at this time coz it seems to have gone crazy and making new yearly highs against the USD??

 

[Andrew Mitchem]

Hi Andrew
as you know your mail comes to me at 22pm. So I were thinking to put pendings over/under H/L in the direction you predicted. Do you think it will work like that? What would be the best SL/TP in pips? thx

Hi Bernhard,

My posts on FPA show the likely overall direction for the pair for the day. This means that for today for example (Tuesday 18th Feb) I mentioned I am looking for sell opportunities on the GBP/CAD. Therefore when I see any strong setups on anytime frame chart that are for short positions I am likely to take those trades. If I see a potential buy trade setup, I will likely leave the trade as it is against the overall anticipated direction for the day. The actual stop and profit levels will depend upon each individual trade. You cannot use generic levels, such as a 20 pip stop and 40 pip profit as this is meaningless.

---

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

 

[Andrew Mitchem]

Hi Andrew,

Thanks for your daily contributions.

Any idea what is going on with the EUR at this time coz it seems to have gone crazy and making new yearly highs against the USD??

Hi Rahman,

It's great that the EUR/USD has continued upwards. I suggested a profit target of 1.3747 to my clients on Friday for a profit target on a trade that has just hit the full profit target. The charts were suggesting the uptrend was likely to continue and that is exactly what has happened. Why this has happened? Who knows, I'm just interested in where it is going and being on the right side of the position.

---

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