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Currency Strength and Weakness for Monday 25th February 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Feb 24, 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.

    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 massive weekend gaps which may make trading very difficult today.

    Overall there is strength in the EUR, USD, AUD, CHF and NZD

    Overall there is weakness in the GBP, CAD and JPY



    Today’s Trading Pairs - Likely Strengths and Weaknesses

    Buy Trades - EUR/GBP, CHF/JPY, AUD/JPY, NZD/JPY

    Sell Trades - CAD/CHF, GBP/AUD, GBP/NZD, GBP/CHF


    Happy Trading,
    Andrew


    - 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>>

     
  2. FreddyFX

    FreddyFX Sergeant

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    LOL, I trade ONLY EU, so guess I can take the day off.
     
  3. Joh

    Joh Sergeant Major

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    Thank you Andrew it is appreciated.
     
  4. CYMAN

    CYMAN Recruit

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    In that case Can buy EUR/JPY?
     
  5. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Cyman,

    I am not looking to trade the EUR/JPY today at this stage as there was a gap up of around 160 pips which is a huge weekend gap. The opening price for the week is also beyond where I would normally be looking as the high for today. Luckily these type of massive weekend gaps are fairly rare but when they do occur it makes trading quite difficult as most of the technical levels for the day have been blown out of the water.

    I hope this helps,
    Andrew


    - 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>>

     
  6. manny

    manny Private

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    thanks andrew for the tip.:cool:
     
  7. PetDane

    PetDane Private, 1st Class

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    That's a nice simple, useful analysis - thanks for posting
    Yeah see what you mean about hike! Seems to be in line with previous trend though. Should be OK a bit later in the day when it has retraced a bit and go back to trend.
     
  8. tuff2trade

    tuff2trade Recruit

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    Will be following your thread with interest Andrew. Simple concise format - I like it.
     
  9. PetDane

    PetDane Private, 1st Class

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    Nice simple useful analysis - thanks for posting.
     
  10. tonney

    tonney Recruit

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    Thank you once again Andrew.I find your daily analysis very beneficial.Predicting the daily forex market trends, strengths & weakness is not an easy thing to do with it being such a volatile instrument to trade.Especially mondays.Kind regards Anthony.
     

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