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Currency Strength and Weakness for Thursday 7th March 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Mar 6, 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.


    Overall there is strength in the USD and AUD.

    Overall there is weakness in the CHF, JPY, EUR and GBP.


    Trading Directions I am favouring for the next 24 hours

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

    Sell Trades - EUR/USD, EUR/AUD, GBP/USD, GBP/AUD


    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. L Herman

    L Herman Recruit

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    Information one can use with confidence. Thank you for your trouble and sharing!
     
  3. George Mcall

    George Mcall Corporal

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    This makes a lot of sense - buy Dollars and the Aussie which are two of the strongest kids on the block and sell the Euro and the Pound which are the two weakest. The only challenge is Draghi being on the jaw later today. A roulette wheel maybe more predicable!!!!! If he mentions a rate cut or possibly even negative interest rates, that will almost certainly floor the Euro. However if he says that everything in the garden is lovely (as he so often does) next stop 1.40000!!!! With his home country Italy currently being rudderless without any real prospect of forming a new government in the immediate future together with both Germany and France disappointing the markets, it is difficult to know what positive spin he can add whist still retaining credibility.

    The other factor is that the market is heavily short the Euro with any 'good surprise' likely to trigger stops and send the Euro lurching to the longside.

    I am currently flat having closed all my positions. I sadly have missed much of the plunge in the Pound though have made a nice little profit out of the Euro and the Yen. I keep thinking that the Pound cannot go lower and it does!!! However I have not sought to fade this very strong trend and sat on the sideline.
     
  4. ochills

    ochills Master Sergeant

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    Good day Andrew,
    pls can U share your currency strength tool with the public so that we can appreciate it more.
    thanks
     
  5. fmlbfx2010

    fmlbfx2010 Private

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    Hey all traders,
    Mr Andrew is here for just to promote his product course at 2000$
    He sais that we have to sell gbpusd so it goes up at noon gmt time
    Take care
     
  6. CFLFX

    CFLFX Private, 1st Class

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    LOL!!! So true!
     
  7. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi ochills

    Thank you for your question. I don't use a currency strength tool - my analysis is all from chart observations and is taught as a part of my course.

    Regards
    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>>

     
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi fmlbfx2010

    That's correct I was favouring sell trades on the GBP/USD. There was no possibility of me looking for any buy trades yesterday on that pair. In the end there were a few good sell trade setups but mostly on the 1hr and 15 min charts. I hope you got some of them.

    Please also remember to read what I have said here many times already. These are not actual trades I'm suggesting here, but directions that I am favouring for the day, in other words I was preferring to look for short trades on the GBP/USD yesterday. There is nothing about "he said we have to sell gbpusd" as you incorrectly said.

    As for my course, well it's there if you want it - if not that's fine also, it's your choice.

    Regards
    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>>

     

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