The great thing about taking trades in the anticipated direction is it helps to eliminate more of the losing trades. Yesterday there were several excellent opportunities to trade the H4 and H1 charts on 4 of the 6 pairs I suggested. The 2 pairs that moved in the opposite direction did not show any good setups on the shorter time frame charts.
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 NZD with minor strength in the GBP and CAD.
Overall there is weakness in the JPY, CHF and USD.
Trading Directions I am favouring for the next 24 hours
Buy Trades – EUR/JPY, GBP/JPY, GBP/CHF, CAD/JPY, AUD/USD, AUD/JPY, AUD/CHF, NZD/USD, NZD/JPY, USD/JPY
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 help
FREE TRADING WEBINARS:
Once again, I've received some great feedback from FPA members who have attended my Forex traders webinar. If you have not yet attended one of these webinars and you are new to trading and would like some useful trading tips then this webinar is perfect for you. Learn some great trading tips from a Professional Forex trader.
Register now by clicking here.
To Your Trading Success.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator