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Looking for the EUR to retrace stronger today – Currency Strength and Weakness for Monday 20th August 2018

Looking for the EUR to retrace stronger today – Currency Strength and Weakness for Monday 20th August 2018

Hi Forex Trader,

I make my Currency Strength and Weakness 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.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.

Overall there is strength in the AUD, CAD and NZD, with minor strength in the EUR

Overall there is weakness in the USD, CHF and GBP 

 

Trading Directions I am favouring for the next 24 hours

IMPORTANT: Just to let you know that Monday's trade analysis, when the market opens at the beginning of the new week (Sunday if you are in the US/Europe) are usually the hardest to pick and if you wanted a day off trading, that would generally be the day to choose. The reason being; I am looking at the previous week's prices and the new open prices for the week when making my analysis on a Monday and of course many things can happen between the close of the market one week and the opening of the market the next week and the market sentiment can often change. Just bear this in mind each Monday (Sunday US time)

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

Sell Trades – USD/CAD, GBP/CAD, GBP/AUD, GBP/NZD 

 

Disclaimer: My clients have full access to my Currency Strength Weakness trading strategy, including specific trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.

WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST:

In this week's video I talk about:

“#286: Why you need patience to trade well”

Click here to subscribe to the RSS Feed

Have a great week ahead.
Andrew Mitchem


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

#286: Why you need patience to trade well

Podcast:
Play

Why you need patience to trade well

In this weekly video:

00:25 – Good trading is boring
00:50 – Trading examples from this week
01:57 – How do we trade these market conditions?
02:29 – Trading different time frame charts
03:19 – Live trading room webinar and examples shown to clients
04:04 – Don’t just look at one time frame chart

Having patience, as a trader, is one of the keys to your success. Let's talk about that and more right now.

Hi Forex traders, it's Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 286.

Good trading is boring

Now, a statement that I like to make quite often is that good trading is boring. Don't take that the wrong way. Trading is fantastic and it's fascinating. I love it; I've been doing it for years. But good trading is actually boring. You see, you have to have patience, and patience means that you have to be disciplined and wait for the good trade setups.

Now, it's quite hard to do in real time and that's where a lot of people struggle.

Trading examples from this week

But I'll give you an example. In the last six days, I have taken no trades on the daily charts. There were two today, being Friday, but previously to that, for the last six days, I have posted and taken no trades at all on the daily charts.

And that is one of the timeframes that I love trading. And so going forward day after day after day is … you think, “Well, I should be taking something.” And as a trader, we kind of feel that we should be taking trades because that's what we feel we're good at; that's what we feel we should do. We feel that we have to force trade sometimes, and it's a very big danger.

The catch is that a lot of traders … Go back and have a look at the daily charts over the last six days, and you'll see that almost all trades have been either big, strong movements down, such as like the euro and the pound, and the kiwi and the Aussie against the US, all been indecision bars … have been very little to take as a new trade for either a continuation trade after a pullback or a reversal.  Been a couple today that look okay, but previous to that, not a great deal has happened.

How do we trade these market conditions?

What do we do about that? Well, first of all, my real job as a Forex trader is to preserve my capital, and that's the important thing. There's no good just taking trades, just for the sake of taking some trades, because ultimately what you're going to do, is probably have more losing trades than winning trades that way. And guaranteed what you are going to do is please your broker because all you're going to be doing is feeding your broker's back pocket by taking the money out of your account unnecessarily, by taking trades that you shouldn't take.

Trading different time frame charts

When I was on my live webinar with my clients last night, we talked about this and thought, “Well, what else do we do? What else can we practically go and do out there?” Well, last week I suggested four trades to my clients based on the weekly charts. All four of them went and hit their profit target. This week, I've taken a buy trade on the US Canadian dollar based on the weekly charts, and again suggested to my clients on Monday. And that trade right now is up about 1.6 to one. So if you'd done nothing else than risked half of one percent on that one trade, and it re-traced beautifully, got in a buy trade, and now it's moved up very, very nicely, it would have made you, right now, as I'm recording this, over 0.8% account return just from that one trade. So there are always opportunities out there.

Live trading room webinar and examples shown to clients

Now on the webinar last night, I also shared with my clients a number of trades that I've taken and other clients have taken and posted on our forum site and emailed through to me, based on the eight- and 12-hour charts.  Now I've created software that works on the MT4 platform.  My clients have all the software. It allows us to trade the offline charts, the non-standard charts, such as six-hour charts, eight-hour charts, 12-hour chats on the MT4, MetaTrader 4 platform. Fantastic trade setups on those timeframes from time-to-time

This week, the eight-hour charts have been particularly good. A number of high probability, high reward-to-risk trades that we've taken, and we've made some great money from it. So think of it this way.

Don’t just look at one time frame chart

You know, don't just look at one timeframe chart. If all you want to do is say, look at the hour chart or four-hour chart, or only at the daily chart, and nothing happens, that's when the temptation or nothing shows. That's when the temptation is to start taking bad quality, low probability, trades. So my suggestion is that you have a look at a variety of different timeframes because, depending on the week and depending on the conditions, the quality of trades may or may not be there just on one timeframe.  So as I've mentioned this week, nothing at all really until today on the daily chats, yet the 12-hour charts and to a bigger extent, the eight-hour charts, just a tremendous amount of really high quality trades.

So patience is the key; being disciplined is the key; preserving your capital is the key. Taking high quality, high reward-to-risk, high probability trades is the key. Don't just go out there forcing trades, feeling that, just because you're set at your charts, you have to take a trade. That is not the way that you're gonna become longterm profitable. So think about that, and remember, good trading is actually boring because you're doing the same thing methodically, looking for those high quality trade setups.

So once again, this is Andrew Mitchem, the Forex Trading Coach. Have a great weekend. I'll see you back here this time next week for more trading tips and information. Bye for now.

Click here to know more about my Forex Coaching Course

Play

Swiss Franc falls as the AUD and NZD $ climb once again – Currency Strength and Weakness for Friday 17th August 2018

Swiss Franc falls as the AUD and NZD $ climb once again – Currency Strength and Weakness for Friday 17th August 2018

Hi Forex Trader,

I make my Currency Strength and Weakness 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.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.


Overall there is strength in the AUD, NZD, with minor strength in EUR, GBP

Overall there is weakness in the CHF, JPY, and CAD 



Trading Directions I am favouring for the next 24 hours

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

Sell Trades – NONE




Disclaimer: My clients have full access to my trading strategy, including specific Currency Strength Weakness trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.

.



A free copy of my Forex journey “From Dairy Farmer to Forex Trader” is available on video, mp3 or PDF file by clicking here

 

Click here to subscribe to the RSS Feed

 

Have a fantastic weekend,

Andrew

 


 

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

Canadian Dollar weakens as indecision dominates market- Currency Strength and Weakness for Thursday 16th August 2018

Canadian Dollar weakens as indecision dominates market- Currency Strength and Weakness for Thursday 16th August 2018

Hi Forex Trader,

I make my Currency Strength and Weakness 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.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.


Overall there is minor strength in the JPY, EUR, CHF

Overall there is weakness in the CAD, with minor weakness in GBP, NZD, and USD



Trading Directions I am favouring for the next 24 hours

Buy Trades – EUR/GBP, EUR/CAD, AUD/CAD, USD/CAD 

Sell Trades – USD/JPY, CAD/CHF, CAD/JPY, XAG/USD, XAU/USD




Disclaimer: My clients have full access to my trading strategy, including specific Currency Strength Weakness trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.

.



A free copy of my Forex journey “From Dairy Farmer to Forex Trader” is available on video, mp3 or PDF file by clicking here

 

Click here to subscribe to the RSS Feed

 

Have a fantastic weekend,

Andrew

 


 

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

The Euro, Aussie and Pound continue to slide further – Currency Strength and Weakness for Wednesday 15th August 2018

The Euro, Aussie and Pound continue to slide further – Currency Strength and Weakness for Wednesday 15th August 2018

Hi Forex Trader,

I make my Currency Strength and Weakness 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.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.

Overall there is strength in the CAD and USD with minor strength in the NZD and CHF

Overall there is weakness in the EUR, GBP, AUD and JPY


Trading Directions I am favouring for the next 24 hours

Buy Trades – USD/JPY, CHF/JPY, CAD/JPY, CAD/CHF

Sell Trades – EUR/USD, GBP/USD, USD/CAD, AUD/USD, GBP/CHF, EUR/CAD, EUR/NZD, GBP/CAD, AUD/CAD, GBP/NZD

 

Disclaimer: My clients have full access to my trading strategy, including Currency Strength and Weakness specific trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.



FREE FOREX WEBINARS THIS WEEK FOR NEW FOREX TRADERS – Click here

There are 2 webinar times this week.


Click here to subscribe to the RSS Feed

Regards
Andrew


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