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.
As anticipated yesterday, we saw a fairly quiet day all round so it was definitely a day to be trading on the shorter time frame charts. Today is likely to be much the same as later on we have the release of the October US Non-Farm Payrolls so be careful with any open trades around that time. Once that announcement has been made we should then see some clearer price action which will help us during the rest of the week.
Overall there is minor strength in EUR, USD and CHF.
Overall there is minor weakness in the NZD, JPY and GBP.
Trading Directions I am favouring for the next 24 hours
Buy Trades – EUR/JPY, CHF/JPY
Sell Trades – GBP/CHF
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 Webinar for Frustrated Forex 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 35 places left and you can register to attend by clicking here.
To Your Trading Success.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator