Peter Bain Forex Trading Commentary: Wednesday February 8, 2006
Forexmentor.com Price Action
This is the second day in a row that I have talked about something happening at the London close the day before. Yesterday, sharp at 11 am, we had a gigantic hammer form, with a low of 1942, which turned out to be the same level tested today at 7:45 am ET. If you're looking for turnaroundsituations, you will more often than not find them in and around session start/stop times. As another example, the reversal that occurred late morning on Tuesday ran out of steam at 7 pm ET, the start of the Tokyo session. You will also run into trading opps. that arise as a result of news coming out at 8:30 am ET. Using either of the 'Kraai' or 'MMTS' systemsmentioned in the am review from time to time will be most helpful in getting you in on the right side of your trade. You will also notice that, as reported by one of our members, price seems to be sensitive at the top of each hour - or so it would appear. Something to keep in mind.
See today's chart at:http://www.forexmentor.com/campaign/feb0806.html
Forexmentor.com News
Uncertainty over Iran is causing a flight from stocks to bonds in the U.S. Iran is the world's fourth-largest oil producer, and is intent on pursuing nuclear research, contrary to the U.N.'s better wishes. Gold may be one of the beneficiaries of such nervousness, as gold is seen as, not only a safe haven, but also a hedge against inflation. Interesting that Apple is planning to transition to Intel processors. This is giving some traders a bad case of heartburn, and hence we have been witnessing share price weakness.The S&P's TSX composite index closed above 12,000 for the very first time, largely due to the strength of commodities, and then fell back.
This is the second day in a row that I have talked about something happening at the London close the day before. Yesterday, sharp at 11 am, we had a gigantic hammer form, with a low of 1942, which turned out to be the same level tested today at 7:45 am ET. If you're looking for turnaroundsituations, you will more often than not find them in and around session start/stop times. As another example, the reversal that occurred late morning on Tuesday ran out of steam at 7 pm ET, the start of the Tokyo session. You will also run into trading opps. that arise as a result of news coming out at 8:30 am ET. Using either of the 'Kraai' or 'MMTS' systemsmentioned in the am review from time to time will be most helpful in getting you in on the right side of your trade. You will also notice that, as reported by one of our members, price seems to be sensitive at the top of each hour - or so it would appear. Something to keep in mind.
See today's chart at:http://www.forexmentor.com/campaign/feb0806.html
Forexmentor.com News
Uncertainty over Iran is causing a flight from stocks to bonds in the U.S. Iran is the world's fourth-largest oil producer, and is intent on pursuing nuclear research, contrary to the U.N.'s better wishes. Gold may be one of the beneficiaries of such nervousness, as gold is seen as, not only a safe haven, but also a hedge against inflation. Interesting that Apple is planning to transition to Intel processors. This is giving some traders a bad case of heartburn, and hence we have been witnessing share price weakness.The S&P's TSX composite index closed above 12,000 for the very first time, largely due to the strength of commodities, and then fell back.
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