Another fantastic 2.5 hour live trading room webinar with my trading clients last night. Live trades were taken on the D1, H4, H1 and 5 minute charts and profits were taken on all time frame charts. An excellent trade on the H4 AUD/CAD hit full profit for a 2.2:1 and a 3:1 reward:risk plus we had a trader who took 2 trades on the 5 minute charts and made a 2.8:1 and a 3:1 R:R trade.
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 GBP, EUR and CHF with minor strength in the AUD.
Overall there is weakness in the USD and CAD.
Trading Directions I am favouring for the next 24 hours
Buy Trades – EUR/USD, EUR/CAD, GBP/USD, GBP/JPY, GBP/CAD, AUD/USD, AUD/CAD
Sell Trades – USD/JPY, USD/CHF, CAD/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.
Next week I'm 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 and further details can be found here.
Have a fantastic weekend.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator