Peter Bain Forex Trading Commentary for Thursday April 13, 2006
Forexmentor.com Forex Trading Price Action
Trading opportunities continue to abound with the Swissy. Yesterday's run-up in price that started with the NY open, and culminated in a blow-off post-news, was nothing more than a counter-trend move, in the grander scheme of things (read, sell the rallies in a downtrend). The ensuing swoon halted just after the London open today in the form of a bottoming-out process at M2 - the expected low on an M2/M4 day. Tom DeMark trendline analysis and a Joe Cheung price projection on the 5 minute gave clues of a 20-pip short-term scalp to the upside, remembering that the overall trend was STILL DOWN! A quick look at the 4 hour chart gave quick evidence of that fact.
See today's chart at: http://www.forexmentor.com/campaign/apr1306a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Trading opportunities continue to abound with the Swissy. Yesterday's run-up in price that started with the NY open, and culminated in a blow-off post-news, was nothing more than a counter-trend move, in the grander scheme of things (read, sell the rallies in a downtrend). The ensuing swoon halted just after the London open today in the form of a bottoming-out process at M2 - the expected low on an M2/M4 day. Tom DeMark trendline analysis and a Joe Cheung price projection on the 5 minute gave clues of a 20-pip short-term scalp to the upside, remembering that the overall trend was STILL DOWN! A quick look at the 4 hour chart gave quick evidence of that fact.
See today's chart at: http://www.forexmentor.com/campaign/apr1306a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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