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Currency Strength and Weakness for Wednesday 21st May 2014

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, May 20, 2014.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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.


    Yesterday I suggested we trade looking for a weak AUD$ and that is exactly what happened. Today I am looking for more of the same.

    Overall the strength remains in the USD, GBP, CHF and JPY.

    Overall the weakness remains in the AUD, NZD and CAD.


    Trading Directions I am favouring for the next 24 hours


    Buy Trades – GBP/AUD, GBP/NZD, GBP/CAD, EUR/AUD, USD/CAD

    Sell Trades - AUD/USD, AUD/JPY, AUD/CHF, EUR/JPY, CAD/JPY, CAD/CHF, NZD/USD, NZD/JPY, NZD/CHF


    VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given above. 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. There are 2 webinar times this week.


    Regards
    Andrew


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

    Learn How To Be Profitable with Forex Trading in the next 90 Days - FREE Webinar>>

     
    3 people like this.
  2. 4xpipsense

    4xpipsense Private

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    Thank you Mr. Andrew. I think AUD/USD has a nice set-up here.
    My eyes are open for the pair in today's trade.

    It really tally with my little system.
     
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  3. Brett Reynolds

    Brett Reynolds Sergeant Major

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    Listen mate...after 2 yrs..of not making any money...I'm actually starting to think your 'onto something'.!!??
     
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  4. darellano724

    darellano724 Recruit

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    Thank you Andrew. Woke up to a nice surprise in my practice account

    Dan
     
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  5. tim61468

    tim61468 Private, 1st Class

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    Great call on the GBP/AUD pair. snagged over 80 pips buying this!
     
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  6. Di Wardman

    Di Wardman Recruit

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    Hi Andrew...Thanks for the great insights...I always use your advice to guide me and so far mostly spot on...Can you please advise which trading session you use for this analysis and do you generally place long day trades...Or does this vary from time to time....Thanks Again.:confused:
     
  7. debs

    debs Private

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    Hi Andrew,
    Thank you for your trading recommendations. It is really helpful for me.
    But i don't usually get in the direction you suggested on time as i usually wait for a retracement before following the trend you suggested but i noticed the direction would have gone and i will not be able to take the trade again. Please can you be a bit precise on the price range of any of the Currency pair where we can take either the BUY or SELL.

    Thank you in anticipation of your helpful reply.

    Debs
     
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi,

    I hope you were able to find some good positions yesterday.


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

    Try my Free Trading Calculator>>

     
  9. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Brett,

    Thanks for that. It took me almost 4 years to make anything!

    Here are a few trades I took yesterday - patients and a willing to not give in pays off in the end.

    Click here to view the trades.


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

    Try my Free Trading Calculator>>

     
  10. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Dan,

    Great news, thanks for letting me know.


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

    Try my Free Trading Calculator>>

     

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