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Currency Strength and Weakness for Wednesday 5th June 2013

Discussion in 'Andrew Mitchem- Daily Strengths and Weaknesses' started by Andrew Mitchem, Jun 4, 2013.

  1. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    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.

    FREE TRADING WEBINAR:
    If you are new to trading then this webinar is perfect for you. Register now by clicking on my signature at the bottom of this post.

    Overall there is strength in the EUR, USD, GBP and CHF.

    Overall there is weakness in the AUD, NZD, CAD and JPY.

    Trading Directions I am favouring for the next 24 hours

    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

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

    Sell Trades – CAD/CHF, AUD/USD, AUD/CHF


    To Your Trading Success.
    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>>

     
  2. The_Snowman

    The_Snowman Banned for uncivilized racist postings

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    As a short term outlook, these are bound to wrong, possibly half the time, unless you post setups for newbies, they are pretty useless
     
  3. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    It would be useful if you could read the content of my posts before making these comments. These are the directions that I am looking at taking trades for the day for each of the pairs. These are NOT trades.

    For example: If/when I see a suitable Sell trade on the AUD/USD today between 5pm EST and 5pm EST on any time frame chart that I choose to trade, then I will take that trade as it is trading in the same direction as where I see the AUD/USD trading today. I am therefore trading with the main daily trend.

    If the AUD/USD climbs higher all day today, it is highly likely there will be no or very few good sell trade setups which means that I either choose to take the buy trades or I simply don't take any sell trades today. If I only look for and take the sell trades (and there are none suitable) then it means no loses.


    - 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>>

     
  4. ctl

    ctl Recruit

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    5am est to 5pm est?

    HI Andrew,
    I'm sure thats a mistype... 5pm EST to 5 pm EST?

    And thanks for the tip! Been useful for me these couple of days.
     
  5. JeremySiluf

    JeremySiluf Recruit

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    This reply partially explains to me what is going on and how to interpret currency strength and weakness :)

    I have suggestion. It would be fine if you could prepare some explanatory notes or even thorough article for FPA, concerned about newbies, but something interesting for everyone. I mean some notes how to use such currency strength in practice - detailed info, examples with pictures etc.. ..... Obviously, it is not mandatory, but very welcomed. Would you mind to do it? Thanks for your regular contribs here.
     
  6. John Naluswa

    John Naluswa Private, 1st Class

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    This is quite a hash comment. As a D1 trader, I find the analysis here in sync with mine, not that I use the analysis here because by the time it is posted, I will have already entered my trades. Besides one need not be 100% correct all the time to make money in forex.
     
  7. Onyebuchim C. Obike

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    SELL AUDUSD and AUDCAD is very correct from my outlook this morning. Although i missed the early entry to take advantage from it.

    Thanks for the outlook
     
  8. Andrew Mitchem

    Andrew Mitchem Special Consultant to the FPA

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    Hi,
    Those times are correct. At 5pm EST the following day I make my new assessments for the next 24 hours.


    - 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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    Thanks John
    It just goes to show "you can't please all of the people all of the time" - not even when it's free !!

    Have a great day


    - 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,

    Yes both pairs fell very nicely as anticipated and there were many great opportunities to enter Sell positions and make some good returns.


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

    Try my Free Trading Calculator>>

     

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