Peter Bain Forex Trading Commentary for Friday May 5, 2006
Forexmentor.com Forex Trading Price Action
Yesterday, I called for a top on the Swissy at ~2420. That price target was met, beyond which the USD/CHF pair tumbed down through the London close, thereafter reversing in the form of a major hammer and MACD histogram and regular divergence.
There is no doubt about it, the Swiss franc is in a freefall, and what we are witnessing on the 15 minute chart is nothing more than a feeble attempt to consolidate, before further weakness ensues. Don't second-guess what you see on the higher level charts (read, monthly, weekly, daily), as they don't lie and, where you see counter-trend moves on the lower level charts, these merely represent good opportunites to trade them, and then pull the trigger the other way - in the direction of the overall trend which, in this case, is down.
See today's chart at: http://www.forexmentor.com/campaign/may0506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Yesterday, I called for a top on the Swissy at ~2420. That price target was met, beyond which the USD/CHF pair tumbed down through the London close, thereafter reversing in the form of a major hammer and MACD histogram and regular divergence.
There is no doubt about it, the Swiss franc is in a freefall, and what we are witnessing on the 15 minute chart is nothing more than a feeble attempt to consolidate, before further weakness ensues. Don't second-guess what you see on the higher level charts (read, monthly, weekly, daily), as they don't lie and, where you see counter-trend moves on the lower level charts, these merely represent good opportunites to trade them, and then pull the trigger the other way - in the direction of the overall trend which, in this case, is down.
See today's chart at: http://www.forexmentor.com/campaign/may0506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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