Currency Strength and Weakness for Thursday 4th April 2013

Andrew Mitchem

Special Consultant to the FPA
Messages
2,281
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.


The market is showing mixed signals today. Many pairs had small movements yesterday while others are stuck in a range bound price area. This makes predicting strengths and weaknesses very hard for the upcoming day.

Overall there is renewed strength in the CHF and JPY.

Overall there is weakness in the USD and CAD.


Trading Directions I am favoring for the next 24 hours

Buy Trades – None

Sell Trades – USD/JPY, USD/CHF, CAD/JPY


* My latest trading commentary video has been uploaded to my site.

* You can also subscribe to my Podcasts for FREE on iTunes.

To get access, please click on my signature below.

To Your Trading Success.
Andrew


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

Learn how I do it>>

 
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amilew1011

Recruit
Messages
2
Dear Andrew,

thank you for posting your trading directions that you favor every day... I made lots of pips just by fading your favorite trading directions

expample:
it's 3 am NY time... please take a look at the USD/JPY, USD/CHF charts and compare to what you posted last evening and do tell me I'm not right

I've been followed your posts for few weeks and I state that above example is NOT an exemption

I'll keep reading your posts and do opposite

thank you again !
 
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Joh

Sergeant Major
Messages
976
Hi Andrew was so pleased to read sell Usd/Y as i had an old trade and wanted to hurry the tedious process of getting out of that trade- So full of hope entered a second 'small ' trade to get out faster -
but alas it looks like you do not have any control over the BOJ managers and their announcements - what????? :confused:
now it looks like i have to wait another long time to get out. On top of that all the Y's flew up, how dare they when i least expect it.
But that could be Forex Trading, i suppose . :)
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,281
Dear Andrew,

thank you for posting your trading directions that you favor every day... I made lots of pips just by fading your favorite trading directions

expample:
it's 3 am NY time... please take a look at the USD/JPY, USD/CHF charts and compare to what you posted last evening and do tell me I'm not right

I've been followed your posts for few weeks and I state that above example is NOT an exemption

I'll keep reading your posts and do opposite

thank you again !


Hello amilew1011

I find it strange why someone would write such a comment when another person is giving their professional opinion on this forum for free and trying to offer their help?

You obviously have NOT read the comments about HOW to use my analysis.

These are NOT TRADING SIGNALS - they are likely overall directions so you can use you own analysis and look for setups in the same direction. I have literally just got off a live 2 hour trading room webinar with my clients and they are making some great profits using a strategy that incorporates my analysis.

I made over 1% on my account yesterday from the H4 charts by risking just 0.125% per trade (again all shown to my clients on a live account). Today I am up over 0.5% with 2 trades off the H1 charts still open.

You are correct that the USD/JPY and USD/CHF have risen today - that's fine, it just means that no short trades have been taken on these pairs. No gains but more importantly no losses either on those pairs.

I hope you understand.

Andrew


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

Learn how I do it>>

 
Last edited by a moderator:

Andrew Mitchem

Special Consultant to the FPA
Messages
2,281
Hi Andrew was so pleased to read sell Usd/Y as i had an old trade and wanted to hurry the tedious process of getting out of that trade- So full of hope entered a second 'small ' trade to get out faster -
but alas it looks like you do not have any control over the BOJ managers and their announcements - what????? :confused:
now it looks like i have to wait another long time to get out. On top of that all the Y's flew up, how dare they when i least expect it.
But that could be Forex Trading, i suppose . :)

Hi Joh,

Thanks for your comments. I'm glad someone understands here !!

It's a shame but I don't have a crystal ball and complete control over the BOJ for you.

Strange business this Forex trading. A true trader expects and understands losses are a part of the business. Unfortunately the majority base their entire opinion on only the last trade - if it losses you are no good, if it wins you are a legend.

Maybe that's why the stats say 98% lose?

I'm here giving my time to try to help others.

Thanks again Joh.

Regards
Andrew


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

Learn how I do it>>

 
Last edited by a moderator:

amilew1011

Recruit
Messages
2
Dear Andrew,

I find it strange that you find strange that someone finds your FREE opinion misleading... I'm sure you're nice guy and you want to help others, however I do not value your "likely overall directions" unless you fade them - and that is my point, ONLY.

You're right -- I do not know HOW to read your analysis... I do my own homework and I managed to stay in FOREX business since 2008 and collected enough pips to provide my family living standards on higher than average level.

I'm quite impressed with your trading achievements you mentioned... CONGRATULATIONS!!!

"my clients are making some great profits using a strategy that incorporates my analysis" -- so lets take a look : at 6 pm NYC time you're wrote:

"Overall there is renewed strength in the CHF and JPY.

Overall there is weakness in the USD and CAD."

How did you come up with above conclusion? Did you include above conclusion to your trading analysis? Does your conclusion proved to be right? Well, the answer to the last question is NO.
So Andrew, do tell me what is your strategy? on one hand you post your prediction that fails and on the other hand you say that you had great trades.... Andrew, do you fade your own analysis?

"You are correct that the USD/JPY and USD/CHF have risen today - that's fine, it just means that no short trades have been taken on these pairs." well, you recommended to sell both pairs based on your analysis but you failed to take any action on your account... why? weren't sure?

So making the long story short... I keep fade your recommendation/analysis/strategy as you post them here
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,281
Dear Andrew,

I find it strange that you find strange that someone finds your FREE opinion misleading... I'm sure you're nice guy and you want to help others, however I do not value your "likely overall directions" unless you fade them - and that is my point, ONLY.

You're right -- I do not know HOW to read your analysis... I do my own homework and I managed to stay in FOREX business since 2008 and collected enough pips to provide my family living standards on higher than average level.

I'm quite impressed with your trading achievements you mentioned... CONGRATULATIONS!!!

"my clients are making some great profits using a strategy that incorporates my analysis" -- so lets take a look : at 6 pm NYC time you're wrote:

"Overall there is renewed strength in the CHF and JPY.

Overall there is weakness in the USD and CAD."

How did you come up with above conclusion? Did you include above conclusion to your trading analysis? Does your conclusion proved to be right? Well, the answer to the last question is NO.
So Andrew, do tell me what is your strategy? on one hand you post your prediction that fails and on the other hand you say that you had great trades.... Andrew, do you fade your own analysis?

"You are correct that the USD/JPY and USD/CHF have risen today - that's fine, it just means that no short trades have been taken on these pairs." well, you recommended to sell both pairs based on your analysis but you failed to take any action on your account... why? weren't sure?

So making the long story short... I keep fade your recommendation/analysis/strategy as you post them here


Yesterday I clearly stated that the market was giving mixed signals which meant giving any analysis was difficult.

I then suggested to "look for trades" that showed strength in the CHF and JPY. Clearly the JPY news meant complete weakness in that currency so there were no suitable setups. However the CHF did strengthen against the USD (which by the way I suggested some weakness). It also strengthened against the JPY, AUD and CAD (which I also suggested may be weak).

I suggested weakness in the USD - which weakened against the EUR, GBP, CHF, CAD and NZD.
I suggested weakness in the CAD - which weakened against the CHF, GBP and EUR.

So for a day that I suggested before it even began would be a difficult day to predict, the overall results were fairly healthy.

Actual trading suggestions, signals, trades and setups are reserved for my clients.

Andrew


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

Learn how I do it>>

 
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