Peter Bain Forex Trading Commentary for Friday April 14, 2006
Forexmentor.com Forex Trading Price Action
The trend is clearly down, if you believe what you see on the higher level charts - weekly, daily, 4 hour and 1 hour. Yesterday's news blow-off was another perfect example of adhering to the principle of selling the rallies in a downtrend. Price was clearly above the 89 and 144 EMAs (read, going the wrong way). Even if you don't know how to trade the news, no amount of news could have reversed the prevailing trend, short of a major world event. Since that time, the Swissy has been in a sideways channel - probably due in most part to the upcoming long Easter weekend, wherein traders are taking a sojourn. One way of taking advantage of anemic price action is to follow Cliff Attewell's advice - scalping off the lower level charts (5-1 minute), using a combination of Bollinger bands and RSI.
See today's chart at: http://www.forexmentor.com/campaign/apr1406a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The trend is clearly down, if you believe what you see on the higher level charts - weekly, daily, 4 hour and 1 hour. Yesterday's news blow-off was another perfect example of adhering to the principle of selling the rallies in a downtrend. Price was clearly above the 89 and 144 EMAs (read, going the wrong way). Even if you don't know how to trade the news, no amount of news could have reversed the prevailing trend, short of a major world event. Since that time, the Swissy has been in a sideways channel - probably due in most part to the upcoming long Easter weekend, wherein traders are taking a sojourn. One way of taking advantage of anemic price action is to follow Cliff Attewell's advice - scalping off the lower level charts (5-1 minute), using a combination of Bollinger bands and RSI.
See today's chart at: http://www.forexmentor.com/campaign/apr1406a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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