Currency Strength and Weakness for Monday 18th March 2013

Andrew Mitchem

Special Consultant to the FPA
Messages
2,259
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.

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.

There have been some enormous weekend gaps which will make trading those particular pairs very difficult for today. Will the trends continue in the direction of the gaps or will we see retracements now?

I have just uploaded a new trading commentary video to my website. In the video I discuss the strong AUD$ resistance levels on many pairs, why you should trade less and the importance of keeping yourself fit. At the end of the video you can sign up to receive each new weekly video as soon as it is posted. Please click on my signature below to view the video


Overall there is some strength in the USD, JPY and GBP.

Overall there is weakness in the EUR and AUD.



Buy Trades - NONE

Sell Trades - AUD/CHF, AUD/NZD


Happy Trading,
Andrew


- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?

Learn how I do it>>

 
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Nirtara

Private
Messages
26
hi Andrew,

thanks lots for all of your suggestions.

i really like your video when you mentioned about psychology of trading ( trading style, keeping fit etc ). This is true. I agree. Please don't get bored to remind us about this. Thank you very much. Have a great weekdaysss and all the best.

Nirtara
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,259
AUD/CHF was way off ...
Hi FM1

I don't follow you there. I haven't seen a single Sell trade setup on the AUD/CHF today on the H4 and H1 charts, so even though the pair has risen today is doesn't matter as there have not been any trades (with my strategy anyway). If you think you saw any setups, let me know what time frame chart and what time of day.

As mentioned, with all of those huge weekend gaps, there was nothing much worth trading yesterday. Let's hope for some good setups for the remainder of the week.

Andrew


- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?

Learn how I do it>>

 
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FM1

Private, 1st Class
Messages
33
Thanks Andrew,

Maybe I'm misinterpreting the suggestions, I was assuming from your suggestions that there would've been a tendency for the AUD/CHF to

have moved down during the day. I didn't realize I had to wait for the set-up.

Thanks again .... hopefully it will all become a bit clearer to me as time goes on
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,259
Thanks Andrew,

Maybe I'm misinterpreting the suggestions, I was assuming from your suggestions that there would've been a tendency for the AUD/CHF to

have moved down during the day. I didn't realize I had to wait for the set-up.

Thanks again .... hopefully it will all become a bit clearer to me as time goes on
Hi FM1,

You are correct that I was looking to favour the AUD/CHF going down yesterday. Obviously from the price action that did not happen. However, just because yesterday I was looking for the AUD/CHF to fall in price, it does not mean you simply take a random sell trade at the market. What I am saying is that based on the overall currency strengths and weaknesses I was preferring sell trades when they occurred using your own strategy. I didn't spot any good sell trades on that pair yesterday so therefore there were no trades, therefore no losses even though by the end of the day the pair actually increased in value - against my initial thoughts.

I hope this helps explain the suggestions.

Regards
Andrew


- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?

Learn how I do it>>

 
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