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In this video:
00:46 Euro continues to fall this week
01:04 Lot of strength on the British Pound
01:23 Hitting the full profit perfectly
01:44 Trading stong and weak currencies
02:12 Looking for good opportunities
03:03 Trading the Non Farm Payroll announcement
Hi everybody Andrew Mitchem here the Forex Trading Coach.
Welcome along! Today is Friday, the 26th of October.
It’s been a really exciting week for me personally.
As I mentioned last week, I’m moving home. And so there won’t be another video this time next week because it’s my moving day. So I’ll be lifting boxes and getting fit that way.
So the next video will be in two weeks from today.
Euro Weakness Set To Continue
Just a recap of this week, well we’ve seen the Euro continue to fall this week and I’ve been short on a lot of the Euro pairs throughout the week, and for what I can see right now (and I’m in the Asian session right now on Friday) I can see that the Euro weakness looks like it’s likely to continue.
The British Pound Gets Stronger
On the opposite side of the scale, we see the British Pound has had a lot of strength this week. And I’ve been trading the British Pound long. Yesterday I suggested the British Pound/US Dollar on the daily chart long to my clients.
It didn’t retrace to my exact entry level but for those people that entered at the market it went up and hit the full profit perfectly – made about 75 pips on that trade.
That was a really nice trade!
And likewise I can see the strength in the British Pound continuing well into next week at this stage.
The Yen Weak Too
The Japanese Yen pairs have shown a lot of weakness against most of the Yen pairs. I can see weakness continuing there.
The Importance of Trading Strengths and Weaknesses
Elsewhere, I’ve been looking at emphasizing the importance of trading – the strengths and weaknesses. I will look in for strong currencies like the British Pound.
Looking at weak currencies like the Euro.
I’m putting the two together so in that example we’ll be taking short positions on the Euro/British Pound.
But I’ll be doing that with all currencies and really emphasizing to my clients the importance of doing that.
Especially in shorter time frames
And that really helps us with all timeframes especially if we get into the shorter timeframe charts looking for good opportunities throughout that day.
Moving on to the next week:
In Europe and also in England there’s a time shift next week into the end of daylight savings and so into the Northern hemisphere winter time – that would affect you if your trading in Europe and if you’re trading breakouts of the European session.
Non-Farm Payroll Warning
And also the end of next week, so this time next week, next Friday – Saturday morning if you’re in Australia or New Zealand, Friday morning if you’re in the States, it’s the monthly Non-Farm Payroll announcement. So that’s one thing to just be careful of there because that news announcement does generate course a lot of volatility.
So daily charts are ok to keep in the market at that time, but shorter timeframe trades I’d definitely be looking at exiting the market prior to that Non-Farm Payroll announcement (which is always at 8:30am Eastern Standard Time in New York).
So that’s all for now!
Great talking to you and like I said I won’t be here this time next week. I’ll be shifting boxes into my nice new house but I’ll be back the following week.
I look forward to talking to you then.
