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Currency Strength and Weakness for Wednesday 13th March 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Mar 12, 2013.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Traders,

    I've just uploaded a new video for you here:

    [video=youtube;HtR_q0NzbGs][/video]

    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.

    The market was very quiet yesterday which makes the task of selecting trade strengths and weaknesses for the next 24 hours a more difficult task than usual.

    Overall there is strength in the AUD.

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


    Trading Directions I am favouring for the next 24 hours

    Buy Trades – AUD/USD, AUD/NZD, AUD/CHF

    Sell Trades – EUR/AUD, GBP/AUD


    Don't forget to download your FREE copy of my MT4 Lot Size Calculator Trading Script. It's an amazing tool which will help you keep your trade risk consistent regardless of the pair, time frame chart and stop loss your take. Click on my signature below to access your own copy.


    To Your Trading Success,
    Andrew


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

    Try my Free Trading Calculator>>

     
    #1 Andrew Mitchem, Mar 12, 2013
    Lasted edited by : Aug 15, 2015
  2. TheHacker

    TheHacker Recruit

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    Thanks for the strategy for today. It turned out that there were bad news for Australia after Home Loans report came up - indicating a fall.

    So my question is... when situations changes against our original expectations, how do we deal with it? Do we cut loss and immediate trade the other way?

    For me I have cut my loss quickly and spent the rest of the day watch prices and opportunities go by me. Not sure if that's the best approach.
     
    #2 TheHacker, Mar 12, 2013
    Last edited: Mar 13, 2013
  3. George Mcall

    George Mcall Corporal

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    I am a real fan of the idea of your trading calculator. I use a very basis and primitive method myself. I am not a great fan of metatrader 4 however I am running a demo account using metatrader 4. I am slowly learning it and I guess as I really start to get it know it, I will like it. I am having a problem uploading your calculator to metatrader 4. What would be good is if you were to do a video showing how to upload your indicator.

    Also YouTube has very little on metatrader 4 apart from very basic stuff which I have already mastered. For example I really like Donchain Channels for determining breakouts and I do not know how to upload the indicator.
     
  4. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi,

    I only trade when I see a suitable candle pattern and overall good setup. If the trade goes against me, I generally only exit early if there is an obvious reversal signal. However if the trade gets stopped out I would not simply enter in the opposite direction.

    The news yesterday was not a problem as the AUD$ soon rallied against most of the currencies I suggested on yesterdays analysis.

    I hope this helps.
    Andrew


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

    Try my Free Trading Calculator>>

     
  5. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

    Joined:
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    Hi George,

    I'm pleased you like the idea of my trading calculator. When you downloaded the calculator from my site, you should have received an email with a link to a video I've made showing you exactly how to install the script.

    If you didn't get that email, please send me an email and I'll send you the video link.

    Andrew


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

    Try my Free Trading Calculator>>

     

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