Currency Strength and Weakness for Wednesday 12th February 2014

Andrew Mitchem

Special Consultant to the FPA
Messages
2,154
Hi Forex Trader,

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 NZD, AUD and CAD.

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


Trading Directions I am favouring for the next 24 hours


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

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


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 some suggestions


FREE FOREX WEBINARS THIS WEEK FOR NEW FOREX TRADERS; click on my signature at the bottom of this post for more details.


Regards
Andrew


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

Learn how I do it>>

 
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Alonedevils

Master Sergeant
Messages
277
Hi Andrew Mitchem,
Thanks for your daily signal, every Morning i always read your recomendation, and its helping me for my trading decision.
:)
 

Andrew Mitchem

Special Consultant to the FPA
Messages
2,154
0 for 2 yesterday, Andrew. Apparently the CAD was a buy. I really do think it's 50/50. Can't read too much into yesterday, too small sample size.

On another note why do you think markets that trade 120 straight hours a week should be evaluated on a daily basis not to mention basis 5:00 NY time. What relevance is there? Momentum can change anytime, at a moment's notice. You think the AUD is a buy against the USD and CHF. Would you be surprised if the AUD turns down again?
Hi turtle,

Sorry but you are incorrect my friend. Both suggestions yesterday ended up providing some great setups.

I suggested a Buy Trade to my clients yesterday and here was the result from an account of mine. Either click on the link or on the small image below to see the trade.



EURCAD.png



- 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
2,154
Hi Andrew Mitchem,
Thanks for your daily signal, every Morning i always read your recomendation, and its helping me for my trading decision.
:)
Thank you for your reply. I appreciate it.


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

Learn how I do it>>

 
Last edited by a moderator:

Andrew Mitchem

Special Consultant to the FPA
Messages
2,154
You should take his video trading course. It's only a couple of thousand US dollars. If you benefit from the strengths and weaknesses predictions you'll love what you can garner from the course. You'll make back the 2 grand in no time.
Hi Turtle,

Maybe your right because knowing the target area on yesterday's EUR/CAD buy trade that I suggested to my clients meant that we were in and out of the trade for full profit before the reversal - making a reasonable profit in the process. Not a massive trade but still a 1.7:1 reward:risk trade that took me 30 seconds to place.

See here and the small image below:
EURCAD.png


- 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
2,154
Andrew, your direction was wrong yesterday. It's right, so far, today. At the end of the day it's 50/50. And actually much less than that as you well know as you plan your trades so the winners are way bigger than the losers. Which brings me to your EURCAD trade. Maybe you could treat your readership to a peak inside that winning trade. What time frame did you go off? You paid 1.5084 with a 57 stop. Why was your target area 1.5131? Yesterday's key levels are off my charts but I do believe they may have looked like this:

R3 1.5185
R2 1.5137
R1 1.5112
Pivot point 1.5064
S1 1.5039
S2 1.4991
S3 1.4966

So you placed your stop 7 pips below the pivot point and your take profit 6 pips below the second resistance and ahead of the high from the 6th.

But it doesn't seem quite right. And here's why. You typically look for trades with at least a 3:1 ratio. This one was 1.7:1. Not like you. You could at least have made your stop and TP a couple of pips more favorable to improve the ratio. But on a day when the pair was primarily down you were so bullish that you bought it right away knowing there'd be a quick sweep up? And you told your clients about this trade? What about all your devoted FPA followers? Pretty unlikely they would have got on that one what with your suggestions going out a half hour after you took the trade. There was nothing left of that trade but the dregs. It's 100 lower now.

Really, just tell FPA-ers to buy at the market and get out quick, not the EURCAD will be strong today.

Hi Turtle,

I'm not interested in where the pair closes the day so long as I have taken trades in the anticipated direction at sometime during that day. The fact that the EUR/CAD ended lower yesterday is completely irrelevant as I saw an opportunity to go long (Buy) as anticipated and the trade hit the profit target - I made money, my clients made money - that is all that really matters.

My suggestions have nothing to do with getting in and out quickly and as I say EVERY day - they are not specific trades.

You need a strategy first. Once you have that (such as my clients) I am then saying that ideally you should be looking at trades in the anticipated direction as they have a higher probability of success for that day.

Once the pair had reached a certain level for the day (which they both did yesterday) I am no longer looking for buy trades in that direction unless there is a setup again after a retracement.


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

Learn how I do it>>

 
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Bernhard33

Private, 1st Class
Messages
42
hi andrew
i watched over a time your advice and it looks good to me, just one problem. its your time zone. i have london time zone and we are almost 12h out. so when my trading day starts your suggestions are 12h off and often i see market has changed in that time. as today usdcad already got a nice move and i would be very late to enter. is it asked too much to make updates for european traders? now i have 8h52 a.m.
 

Alonedevils

Master Sergeant
Messages
277
You should take his video trading course. It's only a couple of thousand US dollars. If you benefit from the strengths and weaknesses predictions you'll love what you can garner from the course. You'll make back the 2 grand in no time.
Sorry,
i use Andrew Prediction for compare my trading analysis, not only Juast Using Andrew Sugestions.
:)
 
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