Peter Bain Forex Trading Commentary for Thursday October 12, 2006
Forexmentor.com Forex Trading Price Action
I've been touting the merits of buying weakness on the USD/CAD pair of late - given that the pair is in a bonafide uptrend on the higher level charts (weekly, daily). Well, we had one such opportunity today, after the London open - in the form of positive divergence on MACD to price, after a swoon towards the end of the Asian session. Further evidence that this was a good buy point was the fact that today has been declared an M2/M4 day - M2 being the expected low on the day. Also, price received support from the upward-sloping 200 EMA - price halting its decline just above it. That's called a 'confluence of events' folks.
See today's chart at: http://www.forexmentor.com/campaign/oct1206.html
See sample AM Review at: http://www.forexmentor.com/sampler/
I've been touting the merits of buying weakness on the USD/CAD pair of late - given that the pair is in a bonafide uptrend on the higher level charts (weekly, daily). Well, we had one such opportunity today, after the London open - in the form of positive divergence on MACD to price, after a swoon towards the end of the Asian session. Further evidence that this was a good buy point was the fact that today has been declared an M2/M4 day - M2 being the expected low on the day. Also, price received support from the upward-sloping 200 EMA - price halting its decline just above it. That's called a 'confluence of events' folks.
See today's chart at: http://www.forexmentor.com/campaign/oct1206.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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