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Currency Strength and Weakness for Wednesday 23rd April 2014

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Apr 22, 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.


    Overall there is strength in the AUD, NZD and GBP.

    Overall there is weakness in the CAD, USD, JPY and CHF.


    Trading Directions I am favouring for the next 24 hours


    Buy Trades – GBP/USD, GBP/CAD, AUD/USD, AUD/JPY, AUD/CAD, AUD/CHF, NZD/USD, NZD/CAD

    Sell Trades - EUR/AUD


    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. 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>>

     
    1 person likes this.
  2. B0jA

    B0jA Recruit

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    now Strength of the euro!,can you tell me What's the best way Reliable,to know Currency Strength?
     
  3. Joh

    Joh Sergeant Major

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    Buying the AU today! Hmmm just took a dive 60pip Oops!
     
  4. seun04

    seun04 Recruit

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    you mislead me i just join this forum I saw from my strategy that AUDUSD is a sell trade and i remove my sell position to watch the market but it follow my former sell position. I suppose to have catch cool 90 pips now and move out of the trade. Am sure now that my new strategy is working now because it always deliver profit.Anyway you are doing a good job keep it up
     
  5. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Boja,

    I analyse the charts for this information. On most occasions they tell me everything I need to know (except for today with the AUD!!)


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

    Try my Free Trading Calculator>>

     
  6. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Joh,

    Yes I got caught out by that on the daily charts but that is also the benefit of a low risk per trade approach.

    There have not been any good setups on the shorter time frame charts yet and may not be, so nothing lost there.


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

    Try my Free Trading Calculator>>

     
  7. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi seun04

    Not sure I misled you - I just wrote what I saw at the time. Most people will tell you how they "might have done this and that". I always state in advance what I am looking at doing. Some days the market does the opposite. That's trading!


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

    Try my Free Trading Calculator>>

     
  8. seun04

    seun04 Recruit

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    thanks i appreciate you keep it up
     
  9. Barry Gordon

    Barry Gordon Recruit

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    Andrew.......That drop, which went against your strength call in aud was all news related, it dumped on the bad numbers. Do you hold through news events ? I see that as a coin flip strategy if you do. Nice thread buy the way, looking at your calls I would say they are pretty good overall.
     
  10. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi Barry,

    It would depend upon what time frame charts I was trading and if they involved the currency affected by the news.

    The W1 and D1 charts are rarely affected by the news announcements. I would only be concerned if trading H1 and lower charts.


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

    Watch My Weekly Video>>

     

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