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.
There was very little movement on Friday with many pairs and with the US Non Farm Payroll announcement scheduled for release on Tuesday EST, there is very little good price action in the market right now.
Overall there is strength in AUD.
Overall there is weakness in the USD 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.
Buy Trades – AUD/USD, AUD/CAD
Sell Trades – None
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.
WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST: Watch my weekly Forex news video.
In this week's video I talk about:
“What is the best time frame chart to trade Forex?”
Join over 6400 other traders like you who listen to my Podcast each week on iTunes.
Webinar for frustrated traders:
I am holding a live webinar designed especially for you if you have been trading for 6 months or more and you're not making consistent profit from your trading and you'd like to turn that around. The webinar is on Wednesday 23rd October There are only 60 places left and you can register to attend by clicking here.
Have a great week ahead.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator