Currency Strength and Weakness for Tuesday 6th May 2014

Andrew Mitchem

Special Consultant to the FPA
Messages
2,098
Hi Forex Trader,

I often get asked about my own trading results. Here are 4 trades that I took yesterday - all in the direction of the strength/weakness analysis that I made yesterday. Click here to view. A_Mitchem_trades_5th_May_2014_001.png


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 Japan today.

Yesterday was a very quiet day once again for many pairs. The EUR/USD moved only 21 pips, the GBP/USD moved 31 pips and the USD/CHF moved 17 pips in the entire day! This makes predicting directions and trades a very difficult task for today.


Overall there is minor strength in the CAD and NZD.

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


Trading Directions I am favouring for the next 24 hours


Buy Trades – CAD/CHF

Sell Trades - EUR/CAD, GBP/NZD, GBP/CAD, AUD/NZD, AUD/CAD

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.




5th BIRTHDAY PROMOTION:

Forex traders from 48 Countries have joined The Forex Trading Coach course over the last 5 years and to celebrate I am holding a 5 day discounted course promotion. To find out more please click on my signature below.


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

Learn how I do it>>

 
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deadant

Private
Messages
10
Very interesting, thanks a lot (no pun intended:)

May I ask on what time frame you based the trades on (I like the tight stops and would like to try to "find" them on my platform)?
 

Erkin

Private
Messages
16
Здравствуйте Андрей
Я не умею торговать на форекс и у меня нет никаких стратегии , вы можете помочь в этом
С уважением,
Эркин
Hi Erkin,

Please send me an email and I'll send you some info.


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

Learn how I do it>>

 
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ahmer

Recruit
Messages
147
Andrew Mitchem said:
Buy Trades – CAD/CHF

Sell Trades - EUR/CAD, GBP/NZD, GBP/CAD, AUD/NZD, AUD/CAD


Buy Trades

CAD/CHF The pair went down too much to hit the SL.

Sell Trades

EUR/CAD The pair went up too much to hit the SL.
GBP/NZD Right Prediction.
GBP/CAD Wrong Prediction
AUD/NZD Right Prediction
AUD/CAD Wrong Prediction


Please post your trading history for today.
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,098
Very interesting, thanks a lot (no pun intended:)

May I ask on what time frame you based the trades on (I like the tight stops and would like to try to "find" them on my platform)?
Hi deadant,

I trade D1, H4 and H1 chart most of the time.

I'll trade 30m, 15m, 5m and 1min charts when I hold my live webinars for clients but don't really trade those short t/f charts outside of the webinars as they don't suit my personality. However many of my coaching clients make excellent returns from 5 and 15min charts.

A tight stop loss means nothing. There's no difference with a 10 pip stop and a 30 pip profit from a 50 pip stop and a 150 pip profit - they are identical.


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

Learn how I do it>>

 
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Andrew Mitchem

Special Consultant to the FPA
Messages
2,098
Buy Trades

CAD/CHF The pair went down too much to hit the SL.

Sell Trades

EUR/CAD The pair went up too much to hit the SL.
GBP/NZD Right Prediction.
GBP/CAD Wrong Prediction
AUD/NZD Right Prediction
AUD/CAD Wrong Prediction


Please post your trading history for today.
Hi,

I'm not sure where you get your results from as:

1. I don't post a stop loss here.
2. I am not saying what direction the pair will close the day in.


I am saying it is best to look for trades during the day on those pairs and in those directions.


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

Learn how I do it>>

 
Last edited by a moderator:

ahmer

Recruit
Messages
147
Hi,

I'm not sure where you get your results from as:

1. I don't post a stop loss here.
2. I am not saying what direction the pair will close the day in.


I am saying it is best to look for trades during the day on those pairs and in those directions.


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

Learn how I do it>>

From today I Will try to post screenshots of Daily Candles.

Sir, Why did you post your profitable trades for just a single day? 100% efficiency does not exist.
Trading History for at least 50 trades shows the actual picture. I am sure you will never post it.

You forgot to answer my post #4
 
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