Peter Bain Forex Trading Commentary for Tuesday April 11, 2006
Forexmentor.com Forex Trading Price Action
The USD/CHF pair is still my favorite, given the attitude of the Big Dogs (read, COT negative - positive in the futures world). If you look at all timeframes for this pair, the trend is DOWN (referencing MACD). Accordingly, an oscillator like Stochastics (STO) is a good tool to use to peg good short opps. - one being the Hong/Sing open last night. What we witnessed at the London open today was nothing more than a counter-trend retracement, which is worth taking, if you know what you are doing. Price put the brakes on just past M2 - the expected low for the day. The ensuing upward move was obviously to be short-lived.
See today's chart at: http://www.forexmentor.com/campaign/apr1106a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The USD/CHF pair is still my favorite, given the attitude of the Big Dogs (read, COT negative - positive in the futures world). If you look at all timeframes for this pair, the trend is DOWN (referencing MACD). Accordingly, an oscillator like Stochastics (STO) is a good tool to use to peg good short opps. - one being the Hong/Sing open last night. What we witnessed at the London open today was nothing more than a counter-trend retracement, which is worth taking, if you know what you are doing. Price put the brakes on just past M2 - the expected low for the day. The ensuing upward move was obviously to be short-lived.
See today's chart at: http://www.forexmentor.com/campaign/apr1106a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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