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Currency Strength and Weakness for Monday 2nd June 2014

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Jun 1, 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.

    There is a public holiday in New Zealand, China and Italy today.

    Overall there is strength in the CHF, EUR and GBP.

    Overall there is weakness in the USD, CAD, AUD and JPY.


    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 – EUR/USD

    Sell Trades - USD/CHF, CAD/CHF


    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:

    "Trade Forex and Forget Savings in the Bank"


    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. piggywiggy

    piggywiggy Private, 1st Class

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    Must be spam.

    I got a video in my email. Someone masquerading as Andrew Mitchum suggesting that people should not keep money in the bank. They should instead withdraw it, give it to Andrew, and proceed to invest it in the forex markets. This is preposterous. Anyone knows (even Andrew) the statistics, the probability of making out in the forex markets. Overwhelmingly against you. Anyone get this thing?

    Andrew, they're slandering you.
     
  3. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi,

    I'm not sure what video you received? My own video (click on the link below) for this week was on that same subject.

    If you are referring to my recording, I did not say to withdraw funds from a bank and give it to me to trade. What I said was the returns you can make from trading (if you know what you are doing) are far more than the current rates most banks around the world are paying on savings.

    Please can you confirm if you are referring to my own video or someone else's?


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

    Watch My Weekly Video>>

     
  4. uysie

    uysie Recruit

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    Jarrat Davis says SELL this pair, you say buy????
    Confusing.....
     
  5. ahmer

    ahmer Recruit

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    Today I received his email where he suggest trading Forex is better than securing money in Bank :rolleyes:
    I never found any professional trader give that stupid advise to general public.

    Screenshot of email:
    [​IMG]

    opn4lz.
     
    #5 ahmer, Jun 2, 2014
    Last edited: Jun 2, 2014
  6. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Ahmer,

    You seem to be taking my post out of context. My video was clearly highlighting the fact that interest rates are low and that a good trader can easily out perform the rates on offer, as was shown last week with my +6.5% gain for the week as opposed to less than 2% return in 1 year from savings in a bank. As an investor, I'll stick with Forex thanks!!

    It was also not "advise to the general public" as you stated.


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

    Watch My Weekly Video>>

     
  7. ahmer

    ahmer Recruit

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    DISCLAIMER: Trading in the Foreign Exchange market involves a significant and substantial risk of loss and may not be suitable for everyone. You should carefully consider whether trading is suitable for you in light of your age, income, personal circumstances, trading knowledge, and financial resources. Only true discretionary income should be used for trading in the Foreign Exchange market. Any opinion, market analysis or other information of any kind contained in this website is subject to change at any time. Nothing in this website should be construed as a solicitation to trade in the Foreign Exchange market. If you are considering trading in the Foreign Exchange market before you trade make sure you understand how the spot market operates.


    Why don't you show RISK WARNING DISCLAIMER in your videos ? :D

    It is better to do nothing then to make something into nothing.
    Saving account in a bank has Zero percent risk of loss as compared to 100% risk in forex. Generally speaking, Forex Trading is a most stressful and difficult business on earth. 95% traders lose money in this game. Ask your broker for statistics.

    A verified track record of 6 months trading generally considered minimum criteria to identify a successful forex trader.

    Btw, your strength and weakness analysis for 2nd june was completely failed.
     
    1 person likes this.
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Ahmer,

    Maybe Forex trading is not for you then?

    I agree it is very difficult but like anything that's good in life, it generally takes some dedication, commitment and a few hard times before it comes good. Most people don't have this dedication which is why the rate of those who lose money is so high.

    As for yesterday's trades, I disagree. There were some great setups on the AUD pairs yesterday following the AUD news (which I predicted would be weak for the AUD) - AUD/CHF, EUR/AUD, EUR/CAD, GBP/CAD and CAD/CHF for instance - all in the directions I anticipated. I didn't see any good setups on the EUR/USD or USD/CHF.

    However, for a Monday which can often be quiet, it was a really good start to the week.


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

    About to Give Up? | From Frustrated to Profitable in the next 60 days - FREE Webinar>>

     
  9. Brett Reynolds

    Brett Reynolds Sergeant Major

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    I can't understand why you didn't suggest buy on GBP/JPY..or €/¥..????
     
  10. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Brett,

    Are you referring to yesterday (Monday) or today (Tuesday) ?

    Either way, I was favouring Buys on the GBP/JPY yesterday (I said a strong GBP and weak JPY) and today is the same.


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

    About to Give Up? | From Frustrated to Profitable in the next 60 days - FREE Webinar>>

     

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