Currency Strength and Weakness for Wednesday 13th November 2013

Andrew Mitchem

Special Consultant to the FPA
Messages
3,130
Hi Traders,

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 EUR, CHF and USD.

Overall there is weakness in the AUD, GBP and JPY.


Trading Directions I am favouring for the next 24 hours


Buy Trades - EUR/JPY, EUR/GBP, EUR/CAD, EUR/AUD, CHF/JPY, USD/JPY

Sell Trades - GBP/USD, AUD/USD, AUD/CHF, CAD/CHF


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 help



FREE TRADING WEBINARS:

Have you been trading Forex for less than 6 months?
If this is you and you have not yet attended one of my free webinars then jump on board this week. If you'd would like some useful trading tips then this webinar is perfect for you. Learn some great trading tips from a Professional Forex trader.

Register now by clicking on my signature at the bottom of this post.


To Your Trading Success.
Andrew


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

Learn how I do it>>

 
Last edited by a moderator:
Very good analysis!

Hi ai007,

Thanks for your feedback, I appreciate your comment.

Have a great trading day. Things are a bit quiet on the charts right now so hopefully things will kick into action soon.


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

Learn how I do it>>

 
Last edited by a moderator:
Can anyone describe a winning trade they took today?

Hi turtle,

I didn't see anything worth taking today. I mentioned to my clients that there were no suitable D1 chart setups due to all of the support and resistance bounces that had occured. That filtered down to the shorter time frame charts where nothing developed.

Just a quiet day for me. No trades.


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

Learn how I do it>>

 
Last edited by a moderator:
Well, you're the boss so if you say so. But, it's a little disquieting when in the event your suggestions are correct there are conveniently setups beckoning winning trades, but when they're not so good somehow the setups are not so good. Wouldn't that happenstance make any follower wary of taking a trade in the direction of a pair you support, after all we only know in retrospect that our eyes have deceived us. Let me ask one specific thing. The EURJPY, the 15:00 bar on MT4's H1 charts. Please tell me how one might not be persuaded to construe that as an opportunity to get long? (Which if you had placed your stop below the low of the bar would still be viable if just barely for a time)


Hi turtle,

That's actually a really nice setup apart from there are a couple forms of resistance that I use on my charts that are right at the high of that candle which you'd be buying into so I would avoid the trade for those reasons.


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

Learn how I do it>>

 
Last edited by a moderator:
Back
Top