Currency Strength and Weakness for Tuesday 22nd October 2013

Andrew Mitchem

Special Consultant to the FPA
Messages
3,130
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.


As anticipated yesterday, we saw a fairly quiet day all round so it was definitely a day to be trading on the shorter time frame charts. Today is likely to be much the same as later on we have the release of the October US Non-Farm Payrolls so be careful with any open trades around that time. Once that announcement has been made we should then see some clearer price action which will help us during the rest of the week.


Overall there is minor strength in EUR, USD and CHF.

Overall there is minor weakness in the NZD, JPY and GBP.


Trading Directions I am favouring for the next 24 hours


Buy Trades - EUR/JPY, CHF/JPY

Sell Trades - GBP/CHF



VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given below. 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.



Free Webinar for Frustrated Forex Traders:
I am holding a live webinar designed especially for you if you have been trading for 6 months or more and you're not making consistent profit from your trading and you'd like to turn that around. The webinar is on Wednesday 23rd October There are only 35 places left and you can register to attend by clicking here.


To Your Trading Success.
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:
Hi Andrew,

Though you analysis really work but I have been facing one issue with the forecast.
I reside in India (Part of Asia) and every day I receive your email on the strength and weaknesses of currency for the next 24hrs but the issue is the weakness or the.strength I receive is of previous day.
For example today that is 18th Oct you say to buy EUR/USD and sell USD/CHF but this has already taken place on 17th Oct, so please help in this regards.

Thanks
Gopi
 
Hi Gopi,

Andrew posting here 3.00AM-3.30AM Indian time.

Hi Andrew,

Though you analysis really work but I have been facing one issue with the forecast.
I reside in India (Part of Asia) and every day I receive your email on the strength and weaknesses of currency for the next 24hrs but the issue is the weakness or the.strength I receive is of previous day.
For example today that is 18th Oct you say to buy EUR/USD and sell USD/CHF but this has already taken place on 17th Oct, so please help in this regards.

Thanks
Gopi
 
Hi Gopi,

Andrew posting here 3.00AM-3.30AM Indian time.

Hi Sheriff,

Thanks for answering this for me. That's right, I was in India in May (sightseeing plus watching the IPL cricket) and I posted trades for my clients and my analysis on this site between 2:30 and 3:30am each morning.

I work off the 5pm New York close which is your early hours of the morning. However you can take trades at anytime during the day.

For example I have just taken a sell trade on the NZD/USD which has just hit full profit. You would have noticed that I was suggesting NZD$ weakness and USD$ strength for today.

See here for the trade - it was taken off a short time frame chart but still made a 1.9:1 reward:risk return.

Here is the result NZDUSD.png


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

Learn how I do it>>

 
Last edited by a moderator:
Excellent entry Andrew. may i know which short time frame you choose for entry point?

Hi Sheriff,

Thanks for answering this for me. That's right, I was in India in May (sightseeing plus watching the IPL cricket) and I posted trades for my clients and my analysis on this site between 2:30 and 3:30am each morning.

I work off the 5pm New York close which is your early hours of the morning. However you can take trades at anytime during the day.

For example I have just taken a sell trade on the NZD/USD which has just hit full profit. You would have noticed that I was suggesting NZD$ weakness and USD$ strength for today.

See here for the trade - it was taken off a short time frame chart but still made a 1.9:1 reward:risk return.

Here is the result View attachment 11767
 
Very nimble picking off those pips in a tiny 17 pip range. And with a microscopic 5 pip stop. Nicely done. My question, since you did not heartily highlight the NZDUSD pair, both garnering only weak momentum nominations, but you specifically suggest selling GBPCHF, would you recommend selling the pair right now (the 12:00, 13:00, 14:00 bars MT4) around 1.4574 looking for 1.4515? Well, I just shorted it as per your last night suggestion. But would like to know if you still favor this.

Hi turtle,

It looks like you did very well from taking those short GBP/CHF trades.


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

Learn how I do it>>

 
Last edited by a moderator:
Excellent entry Andrew. may i know which short time frame you choose for entry point?

Hi Shefiff,

I went right down to a 1 minute chart - only because the likely profit target was so small so I wanted the best entry. A client of mine also emailed me this morning saying he took a trade around the same time based off the 5 min chart which was also a good setup.


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

Learn how I do it>>

 
Last edited by a moderator:
Back
Top