Peter Bain Forex Trading Commentary for Wednesday March 22, 2006
Forexmentor.com Currency Trading Price Action
I am still with the Swissy today, and here is what I see as at 9 am ET: The daily chart is clearly in a downtrend, which is totally consistent with the latest COT reading. Yes, we're experiencing a retracement, but take a look at MACD. It is angled down, with clear separation between it and its trigger line. We are simply experiencinga downtrend continutation pattern. Both the hourly and 15 minute charts have experienced negative divergence, MACD to price.
I wish to remind you that there are times of the day that you want to be particularly alert to swing trades, as in the news hour (8:30 am ET), the London close (~noon ET), the Tokyo open (~6 pm ET), and the London open (~3 am ET). Notice I have indicated approximately with ~ because nothing happens in the forex on a dime exactly at the times mentioned, with the exception of when the news embargo lifts at 8:30 am ET.
See today's chart at: http://www.forexmentor.com/campaign/mar2206a.gif
See sample AM Review at: http://www.forexmentor.com/sampler/
I am still with the Swissy today, and here is what I see as at 9 am ET: The daily chart is clearly in a downtrend, which is totally consistent with the latest COT reading. Yes, we're experiencing a retracement, but take a look at MACD. It is angled down, with clear separation between it and its trigger line. We are simply experiencinga downtrend continutation pattern. Both the hourly and 15 minute charts have experienced negative divergence, MACD to price.
I wish to remind you that there are times of the day that you want to be particularly alert to swing trades, as in the news hour (8:30 am ET), the London close (~noon ET), the Tokyo open (~6 pm ET), and the London open (~3 am ET). Notice I have indicated approximately with ~ because nothing happens in the forex on a dime exactly at the times mentioned, with the exception of when the news embargo lifts at 8:30 am ET.
See today's chart at: http://www.forexmentor.com/campaign/mar2206a.gif
See sample AM Review at: http://www.forexmentor.com/sampler/
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