Peter Bain Forex Trading Commentary for Friday October 27, 2006
Forexmentor.com Forex Trading Price Action
And, now on to the Swissy. The big dogs are extremely long this currency a la COT (Commitments Of Traders). Translation: They are extremely short the USD/CHF pair. And now back to my popular refrain: "Sell the rallies in the downtrend, folks." Haven't you heard that before? And, yes, if you know how to trade the retracements, do that as well. Today, we had price come into the session in a downtrend continuation pattern, wherein MACD neutralized back up to the waterline on the 15 minute chart, as price channeled sideways (price equilibrium or consolidation). Price rose to test the downtrending 200 EMA, only to collapse after the London open. Reminder: Use an oscillator like Stochastics (STO) to help facilitate picking the high spots of price action to sell. STO works well in a trending market. There you have it - another great opportunity to go hunting for short opportunities, courtesy the good folks at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/oct2706.html
See sample AM Review at: http://www.forexmentor.com/sampler/
And, now on to the Swissy. The big dogs are extremely long this currency a la COT (Commitments Of Traders). Translation: They are extremely short the USD/CHF pair. And now back to my popular refrain: "Sell the rallies in the downtrend, folks." Haven't you heard that before? And, yes, if you know how to trade the retracements, do that as well. Today, we had price come into the session in a downtrend continuation pattern, wherein MACD neutralized back up to the waterline on the 15 minute chart, as price channeled sideways (price equilibrium or consolidation). Price rose to test the downtrending 200 EMA, only to collapse after the London open. Reminder: Use an oscillator like Stochastics (STO) to help facilitate picking the high spots of price action to sell. STO works well in a trending market. There you have it - another great opportunity to go hunting for short opportunities, courtesy the good folks at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/oct2706.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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