Currency Strength and Weakness for Wednesday 2nd October 2013

[Andrew Mitchem]

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 AUD and JPY.

Overall there is weakness in the CAD, NZD and CHF.


Trading Directions I am favouring for the next 24 hours


Buy Trades - AUD/USD, AUD/NZD, AUD/CAD, AUD/CHF

Sell Trades - EUR/AUD, GBP/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 help



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To Your Trading Success.
Andrew

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
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[tim61468]

Hi Andrew Do you think its wise to trade any pairs with the AUD at this time since the trade balance and building approvals will be coming out in about 3 and a half hours for the AUD?

 

[Andrew Mitchem]

Hi Andrew Do you think its wise to trade any pairs with the AUD at this time since the trade balance and building approvals will be coming out in about 3 and a half hours for the AUD?

Hi,
I have taken some AUD trades myself based off the daily charts as the news will not likely affect these trades. However overall what I am saying is to look out for trades on the pairs suggested and in the direction suggested. I am not saying go and open trades right now in these directions without any reason.

If the news comes out in the ideal direction then you will likely see many good setups over the next 24 hours, either on a continuation of a trend or after a pullback. However if the news comes out completely against my ideal direction, it is unlikely you will see many good setups for a while today. In that case, look for any pullbacks in the direction I have suggested.

Whatever the news, you still need to wait for a good setup and that will depend upon your trading strategy and the time frame chart(s) you like trading.

I can help you there through my course if it interests you - but I'll leave that up to you to decide otherwise the "do-gooders" will accuse me of selling you my course!

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

 

[tim61468]

snagged about 60 pips tonight playing the range between .9375 and .9400. It finally broke thru the 9375 support but what a great ride!