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Weakness in the EUR and GBP – Currency Strength and Weakness for Monday 21st May 2018

Weakness in the EUR and GBP – Currency Strength and Weakness for Monday 21st May 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 NZD and CHF  

Overall there is weakness in the CAD, GBP and EUR            

 

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 – USD/CAD, NZD/JPY, NZD/CAD, CHF/JPY, AUD/CAD    

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

 

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:

“#273: So you want to Scalp the Forex Market?”

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

#273: So you want to Scalp the Forex Market?

Podcast:
Play

So you want to Scalp the Forex Market?

In this weekly video:
00:24 – The high paced action of the 1 and 5 minute charts
01:20 – The reality is much different
02:18 – The spread becomes such a big part of your trade
03:30 – The Reward:Risk of Scalping is not good
02:57 – The Price can change so quickly against you
04:24 – My Suggestions to help you

So you want to be a scalper in the Forex market, do you? Let's talk about that and more right now.
Hey Forex traders, it's Andrew Mitchem here. The Forex Trading Coach video and podcast number 273.

The high paced action of the 1 and 5 minute charts

And I want to talk about the high paced action, where all the action happens in the one and five minute charts. Because that's what you need to trade if you want to be a scalper, don't you. And do you want to be a scalper? Well, that's what I get told by so many people. I had another email just this morning saying, “Hey Andrew. Please, can you teach me strategies so I can be a scalper?”

I'm going to talk about the pros and cons of scalping. And by the end of this video and podcast, you can make your own decisions. But let's talk about it. What is it? It's trading five minute charts, maybe one minute charts. And it's looking for small, incremental gains all the time. Sounds real cool. Sounds amazing, because as Forex traders, we think that we need to be sat there watching the charts all the time, taking every little pip up and down. And that's unfortunately what so many new traders think.

Look, I did the same, 15 years ago. All I wanted to do was to take little trades, watching every pip move up and down.

The reality is much different

I can promise you the reality is that, on those shorter time frame charts, the probability of you using a really high quality trade set up on that pair that you're trading at that time that you happen to be looking at your charts is quite slim. And with hindsight, with the benefit of hindsight, I can go back through on five minute charts and go, “Oh look, that was a great set up here and there's a perfect set up there.” But the chances of me being at the computer at that time, is quite slim.

So, the reality is that most people then start to force trades to happen. Because I'm sat there ready at my computer. So I'm ready, so where's the trade? And that's what most people think. The reality is that the market will show the right set ups when the market is ready. Not when you're sat there ready. And that's quite a hard thing to understand for many new traders. So therefore, what you start to do is you take trades that are not really that great a set up.

The spread becomes such a big part of your trade

Then the problem being is the spread becomes such a big part of your trade. So let's say as an example, you are wanting to take a 10 pip profit target. Now, I don't know who you pick 10 pips, but most people seem to think 10 pips is because it's an easy round number. The problem is, let's say you're trading British pounds, US dollar, and you've just paid two pips on the spread, the difference between the big and the [inaudible 00:02:32] cost of taking the trade. So now, your 10 pip profit target, is that 12 pips away? Because you've already paid two pips, so you're basically minus two. So to get to 10, you have to actually make 12. That's not quite so exciting. If you make 10 pips and you've just paid two as a spread, well haven't you just, and let's say hit the profit, haven't you just lost 20% of your total profit to the cost of the spread.

The reverse of that is the stop loss. You want a 10 pip stop loss. So, does that mean that once you've taken your trade, you're now minus two, let's say effectively, that means you're only eight pips away from the stop loss. So, there becomes another problem. So it doesn't really work in your favour.

The Reward:Risk of Scalping is not good

And that's, when you start talking reward to risk trades, you're now a one to one at very best. So that means that you actually need to make probably 60 if not 70% winning trades. And that is very, very difficult to do, especially when you bring the emotions in of almost feeling like I have to take a trade because I'm ready. So you can see all the difficulties now starting to match up.

The Price can change so quickly against you

The reality also is that it doesn't take a lot in the Forex market for a 10 pip reversal or change in direction. It could be just a spike, it could be a new announcement, it could just be simply that the market retraces against where you think it's going to go. And 10 pips just stops you time after time after time. Very, very difficult to get high win rates when you're starting to do those type of trades.

My Suggestions to help you

So, my suggestion after all of this is to look at, at least the one hour charts. Don't go any lower. Especially when you're new. It's very, very difficult to do. Look at the one hour charts as the absolutes of lowest, shortest time frame, look at the end of a candle. Don't even bother looking at the chart in the middle of a candle. If it's, say, half past or a quarter to, don't even bother. Wait until a couple minutes before the one hour chart closes, then make your analysis when you've got time. Emotions are easier to control. You can look for your profit targets and your stop losses and then place your trade, if you see a suitable set up.

So that's the way that I would go. It makes life a lot easier. Takes the stress, the emotions out of things. It takes, the cost of spread becomes a smaller factor. And the overall profitability and your enjoyment and your longevity of trading will massively increase.

So I hope that helps. Once again, this is Andrew Mitchem, The Forex Trading Coach. I'll see you this time next week with some more great trading tips and information. See you then. Bye.

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Is the Kiwi Dollar set to fall further? – Currency Strength and Weakness for Friday 18th May 2018

Is the Kiwi Dollar set to fall further? – Currency Strength and Weakness for Friday 18th May 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 GBP, USD, AUD and CHF

Overall there is minor weakness in the JPY, NZD and EUR 



Trading Directions I am favouring for the next 24 hours

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

Sell Trades – NZD/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

Weakness in the EURO and British Pound – Currency Strength and Weakness for Thursday 17th May 2018

Weakness in the EURO and British Pound – Currency Strength and Weakness for Thursday 17th May 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

Overall there is weakness in the EUR, JPY, GBP, USD and CHF 

Trading Directions I am favouring for the next 24 hours

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

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

Disclaimer: My clients have full access to my trading strategy, including specific Currency Strength and 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.


AMAZING FREE TRADING TOOL – Click here Download your own FREE copy of my MT4 trading tool which will help you trade with low risk per trade, remove much of the emotion involved with taking trades and take away the focus on making “Pips”.

Click here to subscribe to the RSS Feed

Andrew


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

The EUR/USD continues to fall – Currency Strength and Weakness for Wednesday 16th May 2018

The EUR/USD continues to fall – Currency Strength and Weakness for Wednesday 16th May 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 USD and CHF

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


Trading Directions I am favouring for the next 24 hours

Buy Trades – USD/JPY, CHF/JPY, GBP/NZD   

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

 

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