Peter Bain Forex Trading Commentary for Thursday March 30, 2006
Forexmentor.com Forex Trading Price Action
The trends for the euro and the Swissy remain intact - up and down respectively. Today, I want to show you how you can ascertain where a currency pair is going for the next trading session. If you take a look at the weekly and 4 hour charts for the euro and Swissy as at midnight last night ET, you will notice that MACD was signaling upward movement and downward movement respectively. Knowing that, you would have been prepared to react accordingly, as today's new session unfolded. It really just then became a matter of buying the dips in an uptrend, or selling the rallies in a downtrend, depending upon whether you were trading the euro or the Swissy. It's always wise to pay attention at certain times of the day, as in the London open - as just one example of a possible turnaround situation, swing trade, or counter-trend move. Today, for instance, both the euro and Swissy reversed in and around the London open, temporarily - offering up yet another opportunity to buy that dip in the uptrend, or sell that rally in the down- trend (euro up, Swissy down). The Big Dogs' sentiment seems to be coming to fruition regarding the Swissy. Watch out below! And, where the Swissy goes, there too go the euro and the pound - in opposite directions, of course.
See today's chart at: http://www.forexmentor.com/campaign/mar3006a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The trends for the euro and the Swissy remain intact - up and down respectively. Today, I want to show you how you can ascertain where a currency pair is going for the next trading session. If you take a look at the weekly and 4 hour charts for the euro and Swissy as at midnight last night ET, you will notice that MACD was signaling upward movement and downward movement respectively. Knowing that, you would have been prepared to react accordingly, as today's new session unfolded. It really just then became a matter of buying the dips in an uptrend, or selling the rallies in a downtrend, depending upon whether you were trading the euro or the Swissy. It's always wise to pay attention at certain times of the day, as in the London open - as just one example of a possible turnaround situation, swing trade, or counter-trend move. Today, for instance, both the euro and Swissy reversed in and around the London open, temporarily - offering up yet another opportunity to buy that dip in the uptrend, or sell that rally in the down- trend (euro up, Swissy down). The Big Dogs' sentiment seems to be coming to fruition regarding the Swissy. Watch out below! And, where the Swissy goes, there too go the euro and the pound - in opposite directions, of course.
See today's chart at: http://www.forexmentor.com/campaign/mar3006a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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