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Currency Strength and Weakness for Monday 12th May 2014

Currency Strength and Weakness for Monday 12th May 2014

Hi Forex Trader,

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 USD, JPY and AUD.

Overall there is weakness in the EUR, CHF, GBP and CAD.


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, USD/CHF, AUD/CHF

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


VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given above. 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.



WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST: Watch my weekly Forex news video.

In this week's video I talk about:

“Learning to trade Forex is no different from learning how to fly a helicopter”


Find out more by clicking HERE.


Have a great week ahead.
Andrew

 


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

  • Kannel

    Hi Andrew,
    thanks for your analysis. I started to trade at 9am London.(GMT+8) . I’m newbie in this.I started to trade live this May. Previously I did demo trade. My trading chart is base on 1 hour bar.

    Usually I start the trade next hour of opening bar.

    The reason, the opening hour can be quite risk or rather I follow the trend.

    Question: – If were to follow your analysis, how long one should hold it.? I have to agree in the 2nd and 3rd hour the EUR/USD is downwards. I stopped.

    Question 2 – Do you have specific strategy?
    Thanks for your advise.
    Kannel

    • Hi Kannel,

      Thank you for your questions.

      1. The analysis that I post here is free information and is to be used as a general guide as to the direction I’d prefer to trade in for the day. eg. I’ve suggested I am looking for buy opportunities on the USD/CAD. If sell setups occur then I’m likely going to leave those and only take the buy trade setups that fit my strategy.

      2. Yes I do and all of that is covered in my course. I also provide daily trades with specific entry and exit levels and all the reasons for taking the trade setup.

      Regards
      Andrew Mitchem
      The Forex Trading Coach