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Currency Strength and Weakness for Tuesday 6th May 2014

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, May 5, 2014.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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.


    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
    Professional Forex Trader and Educator

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    1 person likes this.
  2. peeterwoolf

    peeterwoolf Corporal

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    Thanks for sharing!
     
  3. deadant

    deadant Private

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    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)?
     
  4. ahmer

    ahmer Recruit

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    Will you post your results trading daily ?
    If you don't mind can you please also share your trading history for Wednesday 30 April 2014


    Thanks
     
  5. peeterwoolf

    peeterwoolf Corporal

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    I will follow everyday, it's really worth to have a look.
     
  6. Erkin

    Erkin Private

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    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
    Professional Forex Trader and Educator

    The 5th Birthday Offer Is Now Live, 5 Day Only, 5th-9th May
    *Join Now >>

     
    #6 Erkin, May 6, 2014
    Lasted edited by : May 7, 2014
  7. ahmer

    ahmer Recruit

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    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.
     
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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
    Professional Forex Trader and Educator

    The 5th Birthday Offer Is Now Live, 5 Day Only, 5th-9th May
    *Join Now >>

     
  9. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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
    Professional Forex Trader and Educator

    The 5th Birthday Offer Is Now Live, 5 Day Only, 5th-9th May
    *Join Now >>

     
  10. ahmer

    ahmer Recruit

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    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
     
    #10 ahmer, May 7, 2014
    Last edited: May 7, 2014

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