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Currency Strength and Weakness for Tuesday 26th February 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Feb 25, 2013.

  1. George Mcall

    George Mcall Corporal

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    Thank you again for your analysis. I am puzzled by the suggestion of GBP strength. I attach a copy of the daily EUR/GBP, GBP/CAD, and GBP/AUD charts with equidistant channels shown. At present GBP would appear to be at the top of the channel (bottom for EUR/GBP). This the probability would be for GBP to go short. If there were to be a break of the channel, then I agree that the probabilities that GBP would go long. However there has not been a break yet.

    I agree with your suggestion that EUR/GBP has a greater probaility going of going long. However I do feel that in this case you might just be trading a couple of duds. The EUR over the last 24 hours has drop over 200 pips across most pairs and GBP whist having strengthened just a bit over the last 24 hours has dropped over 1,000 pips against some pairs since the start of the year. I agree that it is probably heavily oversold though I do not have the courage to fade such a strong trend.

    I agree that JPY has found significant strength. Having been flat on its back for most of this year, over the last couple of weeks it has been the 'come-back kid'.

    I agree that USD/CAD is likely to continue to go long. However entering at the current levels is chasing the trade. However entering at the daily Tenkan level which is 1.01375 would make sense though in all probabilities it is unlikely to be seen today (though after yesterday with say EUR/JPY - you never know).

    Anyway thank you for your post and your thoughts.
     

    Attached Files:

  2. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi greet86,

    I am not looking at buying the USD/JPY due to the large amount of strength the JPY has shown over the last day or so. As I stated earlier the USD is showing strength against certain currencies but right now the JPY is not one of them.

    I hope this helps.
    Andrew


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

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  3. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi PetDane,

    Thanks for posting your trades. Shame you took that USD/JPY trade.

    Just on another note it looks like you have not placed any stop losses on these trades - be careful with that.

    Andrew


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

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  4. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi George,

    Thanks for posting your comments and charts.

    I'm not saying that the GBP has suddenly gained huge strength but what I am saying is that for the past day I am preferring to look for buy trade opportunities on the GBP/AUD, GBP/NZD, GBP/CAD and GBP/CHF.

    Depending upon what time frame charts you prefer to trade, there have been a few good setups in the direction mentioned, especially with the GBP/NZD which has risen by 200 pips from the open so far today. The others have been flat overall which may well be just a stalling before they continue to fall again longer term but for today I was happy to look for any long trades if they showed.

    I hope this helps you.
    Regards,
    Andrew



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

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