Currency Strength and Weakness for Wednesday 20th March 2013

[soneye]

sorry about your son

Hi Andrew thanks for ur support always as i pray ur son gets quick recovery.

 

[jontancock]

Sorry to hear of your sons tribulations Andrew - hope he is soon on the mend.

Thanks for your valuable daily insights.

All the best

Jon

 

[simonbriggs]

hmm!!!!the devil is a lier!ur son shall get well soon.can u kindly be specific when we shld enter those signal u do giv,bcos some times d market does opposite.thanks.

 

[George Mcall]

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 the USD, GBP and CHF

Overall there is weakness in the EUR and CAD



Trading Directions I am favouring for the next 24 hours

Buy Trades – GBP/CAD, USD/CAD

Sell Trades – EUR/USD, EUR/GBP, EUR/CHF


Happy Trading,
Andrew

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

Thank again for your suggestions. I do hope your son is making a speedy recovery. My thoughts and prayers are with you.

I agree that the only direction for the EUR/USD is short. I was looking at an entry at 1.29524 being the daily R1 level. The resistance zone starts at about 1.29250. Should the price action start breaking above 1.30000, then clearly 'I have got it wrong' and time to exit. I am not too keen on a 75 pip stop thought do feel comfortable with a 50 pip stop. Hence my entry order at 1.29524 with a stop at 1.30024 which is 50 pips. Sadly the price action has seen a high of only 1.29344 which is just under 10 pips into the resistance zone. It has now bounced (or fallen depending on how you view it) to below the resistance zone. The other thing I like about the 1.29524 level is that the weekly SI level comes in at 1.29537. Thus I would be looking to go short at below the weekly pivot level which always makes me feel easier. I never like to fight the trend. Just my thoughts on EUR/USD - though possibly I should have been brave with a short at 1.29250 and a 50 pip stop. After all the 200 SMA on the 15 minute chart comes in at 1.29211 and that can generally provide good resistance.

Having said all of that this market is very difficult to trade bought about by what is going on in Cyprus. My view is that Cyprus will threaten to leave the Euro which is beginning to happen already and that will really disturb the markets which will lead EUR/USD to head down towards 1.20000 and possibly below. It is quite incredible how two of the smallest economies in the Eurozone (Greece and Cyprus) can have this level of impact. Not even Italy or Spain have been able to move the market this amount.

 

[George Mcall]

Something that I should have mentioned is the target. With a 50 pip stop, the obvious target is 100 pips giving a 2:1 risk reward. The recent lows are 1.28423 which is 110.1 pips below entry. Thus a target of 100 pips at 1.29524 makes a lot of sense.

 

[Andrew Mitchem]

Thank you everyone for your very kind words.

Thomas has a broken wrist and some bad cuts but otherwise is all ok and very lucky. His arms took the fall rather than his head which is the main thing.

Kids !!

Thanks again.
Andrew

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

 

[Damo]

Hey Mitchem Sorry about Your Son, Wish him a quick recovery!! I appreciate that even with this challenge U could still take time out to post your analysis, May God bless U richly and real Good

Sorry to hear about your son i hope he gets well soon