Peter Bain Forex Trading Commentary: Thursday February 9, 2006
Forexmentor.com Price Action
For the second day in a row, we have seen three strategic times as being pivotal swing points - yesterday (Wed., Feb.8/06) at 8:30 am ET (news time), ~noon ET (London close),and ~8 pm ET (Tokyo open). Stuff happens at these times, and others, more often than not. It's a wise idea to employ either of the 'Kraai' or MMTS systems to trade the after-math of news that comes out at 8:30 am ET. The MMTS system you will find in the members' library at Forexmentor.com, and the 'Kraai' system is discussed extensively in the am review (general section) during the week of Feb. 6/06. The other way to trade the news is, if you are in a trade prior to news time, using a Steve Nison price projection (docmented by Rick Kraai in the library), that is unfolding nicely, you may be well advised to hang in through the news hour, with the possible exception of the first Friday of each month - when the NFP (non-farm payroll) report comes out.
See today's chart at:http://www.forexmentor.com/campaign/feb0906.html
See sample of yesterday's AM Review: http://www.forexmentor.com/sampler/feb806.html
Forexmentor.com News:
There is a drive to cash over concerns raised by Google's slide and lower sales forecasts for home builders. Lower gold and oil prices are having a negative impact on Canadian stocks. That said, geopolitical issues aren't going away any time soon, and so expect upward pressure on gold prices.Commodities had the biggest drop in seven months Tuesday onthe heels of falling oil prices, thus cooling fears of inflation. The outlook for oil is bearish, while the fundamentals for the metals complex remain strong. Canada, being rich in commodities, sees its currency suffer whenever commodities experience weakness. The pullback in the loonie is seen as temporary, as Canada's economy is in full flight.
For the second day in a row, we have seen three strategic times as being pivotal swing points - yesterday (Wed., Feb.8/06) at 8:30 am ET (news time), ~noon ET (London close),and ~8 pm ET (Tokyo open). Stuff happens at these times, and others, more often than not. It's a wise idea to employ either of the 'Kraai' or MMTS systems to trade the after-math of news that comes out at 8:30 am ET. The MMTS system you will find in the members' library at Forexmentor.com, and the 'Kraai' system is discussed extensively in the am review (general section) during the week of Feb. 6/06. The other way to trade the news is, if you are in a trade prior to news time, using a Steve Nison price projection (docmented by Rick Kraai in the library), that is unfolding nicely, you may be well advised to hang in through the news hour, with the possible exception of the first Friday of each month - when the NFP (non-farm payroll) report comes out.
See today's chart at:http://www.forexmentor.com/campaign/feb0906.html
See sample of yesterday's AM Review: http://www.forexmentor.com/sampler/feb806.html
Forexmentor.com News:
There is a drive to cash over concerns raised by Google's slide and lower sales forecasts for home builders. Lower gold and oil prices are having a negative impact on Canadian stocks. That said, geopolitical issues aren't going away any time soon, and so expect upward pressure on gold prices.Commodities had the biggest drop in seven months Tuesday onthe heels of falling oil prices, thus cooling fears of inflation. The outlook for oil is bearish, while the fundamentals for the metals complex remain strong. Canada, being rich in commodities, sees its currency suffer whenever commodities experience weakness. The pullback in the loonie is seen as temporary, as Canada's economy is in full flight.
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