Currency Strength and Weakness for Wednesday 19th February 2014

[Andrew Mitchem]

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.

IMPORTANT: Tomorrow’s (Thursday) suggestions will be posted here around 2 hours later than usual as I will be attending a funeral.

Overall there is strength in the EUR, CHF and CAD.

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


Trading Directions I am favouring for the next 24 hours


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

Sell Trades - GBP/CAD, GBP/CHF, NZD/USD, NZD/CAD, NZD/CHF, USD/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 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>>

 

[ALEXPAILOT444]

I have the same conditions. Andrew.

 

[Bernhard33]

Hi Andrew
as you know your mail comes to me at 22pm. So I were thinking to put pendings over/under H/L in the direction you predicted. Do you think it will work like that? What would be the best SL/TP in pips? thx

Hi Bernhard,

My posts on FPA show the likely overall direction for the pair for the day. This means that for today for example (Tuesday 18th Feb) I mentioned I am looking for sell opportunities on the GBP/CAD. Therefore when I see any strong setups on anytime frame chart that are for short positions I am likely to take those trades. If I see a potential buy trade setup, I will likely leave the trade as it is against the overall anticipated direction for the day. The actual stop and profit levels will depend upon each individual trade. You cannot use generic levels, such as a 20 pip stop and 40 pip profit as this is meaningless.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

you are right. I didnt expecting this. I have set pendings over/under last H/L with a SL/TP of 20 pips (in a demo ofc)
this morning i look and found 1 winner, 7 looser, 5 not triggered

 

[FXMastermind]

You would be very wise to do your own comprehensive analysis of the markets.

Be very careful particularly on Mondays as the general direction of a particular currency can change rapidly.

I simply use what fits with my own analysis and discard the rest.

ps. remember that his guide is simply that....a guide of where he thinks the markets are heading.
pps. he clearly advises traders to NOT to open orders blindly in the general direction. This is very important especially as you have found out that losers are very much a part of trading....Monday just gone would have been a good example that proves this!

FXMastermind...........

 

[Andrew Mitchem]

you are right. I didnt expecting this. I have set pendings over/under last H/L with a SL/TP of 20 pips (in a demo ofc)
this morning i look and found 1 winner, 7 looser, 5 not triggered

Hi Bernhard

That's why trading in pips does not work. You still need a good technical setup first before taking any new trade. Trading a breakout strategy with a set number of pips as the breakout range is hard to profit from.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[Andrew Mitchem]

You would be very wise to do your own comprehensive analysis of the markets.

Be very careful particularly on Mondays as the general direction of a particular currency can change rapidly.

I simply use what fits with my own analysis and discard the rest.

ps. remember that his guide is simply that....a guide of where he thinks the markets are heading.
pps. he clearly advises traders to NOT to open orders blindly in the general direction. This is very important especially as you have found out that losers are very much a part of trading....Monday just gone would have been a good example that proves this!

FXMastermind...........

Hi FXMastermind,

Well said, I agree with everything you mentioned.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[jadgekumar]

Firstly, I would like to thank Andrew for his time and contribution. Really appreciate it mate. Now, I would like to talk about my naive nature in forex.
I receive Andrew's analysis in my inbox around 4:10 AM which I believe is when Tokyo opens give or take 30 minutes. In 19th Feb analysis, I jumped straight into buying EurNzd on Daily as it was 3rd bullish candle.

Mistakes I made:

1. Jumping straight and buying EN on daily.
2. Without checking H4 which was bearish at that time. See chart below.
eurnzd-h4-Chart
3. Without checking H1 which confirmed a possibility of EN going short
eurnzd-h1-chart
What did I lose?

I was -94 pips and thought it will retrace back soon (A big mistake)
When I closed my trade, it retraced back and turned into bullish again. At the end of the day EurNzd turned bullish on daily with 50 plus pips last time I saw.

Lessons learned

1. Always see these analysis as the overall picture for your trading. Never jump on a trade blindly.
2. See the Price action on daily, H4, H1 charts to get the overall idea.
3. Most important, look for the best opportunity to trade.

Regards,

P.S. Thanks Andrew

 

[Andrew Mitchem]

Firstly, I would like to thank Andrew for his time and contribution. Really appreciate it mate. Now, I would like to talk about my naive nature in forex.
I receive Andrew's analysis in my inbox around 4:10 AM which I believe is when Tokyo opens give or take 30 minutes. In 19th Feb analysis, I jumped straight into buying EurNzd on Daily as it was 3rd bullish candle.

Mistakes I made:

1. Jumping straight and buying EN on daily.
2. Without checking H4 which was bearish at that time. See chart below.
eurnzd-h4-Chart
3. Without checking H1 which confirmed a possibility of EN going short
eurnzd-h1-chart
What did I lose?

I was -94 pips and thought it will retrace back soon (A big mistake)
When I closed my trade, it retraced back and turned into bullish again. At the end of the day EurNzd turned bullish on daily with 50 plus pips last time I saw.

Lessons learned

1. Always see these analysis as the overall picture for your trading. Never jump on a trade blindly.
2. See the Price action on daily, H4, H1 charts to get the overall idea.
3. Most important, look for the best opportunity to trade.

Regards,

P.S. Thanks Andrew

Hi Jadgekumar,

Thank you for your post, you are most welcome.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>