Currency Strength and Weakness for Wednesday 4th December 2013

[Andrew Mitchem]

Hi Traders,

** Important ** – I will be flying at the time tomorrow’s (Thursday’s) daily trades are posted so I will not be posting them until well into the Asian session. I am aiming to have them posted by 4pm NZT (9pm EST) which will be 5 hours later than usual. I apologise for any inconvenience.


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 CHF, JPY and NZD.

Overall there is weakness in the USD, GBP and CAD.


Trading Directions I am favouring for the next 24 hours


Buy Trades - EUR/USD, NZD/USD, EUR/CAD

Sell Trades - USD/JPY, USD/CHF, GBP/CHF, CAD/JPY, GBP/NZD, CAD/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 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?
Learn how I do it>>

 

[akintunde emmanuel]

hell brother

how is a good way to follow your predictions?
i'm thinking, taking the direction of your prediction with a 50pips SL and lets say 100pips TP. what you think about this approach?
let me here what you have to say. thanks

 

[Andrew Mitchem]

how is a good way to follow your predictions?
i'm thinking, taking the direction of your prediction with a 50pips SL and lets say 100pips TP. what you think about this approach?
let me here what you have to say. thanks

Hi akintunde

No I don't think that using some made up guess like that would be a good idea at all. Why 50 pips for a stop loss - what does that mean and why would that be a good idea. Also why 100 pips on every trade - where does that come from.

If you want to trade profitably you would need to learn to trade from the charts and use the information that the charts are showing you Trade the setups you like and the time frame charts that suit you.

I would suggest you download my free forex position size calculator from the link below and forget about pips.

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