Peter Bain Forex Trading Commentary for Wednesday April 19, 2006
Forexmentor.com Forex Trading Price Action
The Swissy has had one heck of a ride down, and the trend is STILL DOWN, if you believe what you see in the higher level charts (weekly, daily, 4 hour, 1 hour)! Even news rallies are good opportunities to go short. No amount of so-called dollar-positive news is going to usurp this price weakness. It's called downward MOMENTUM - presaged by the Big Dogs, when they went extremely short the USD/CHF pair (long in the futures world). Of course, this freefall will be interrupted along the way with head-fake rallies, which are just teasers for the dumb money to part with some more of their money. A fool and his money are soon parted, as the saying goes. Today, we had a bottoming-out process at 5:15 am ET, which saw the pair reverse course - temporarily halting the recent swoon. Tom DeMark trendline analysis and a Joe Cheung price projection offered up an easy 40 pips.
See today's chart at: http://www.forexmentor.com/campaign/apr1906a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The Swissy has had one heck of a ride down, and the trend is STILL DOWN, if you believe what you see in the higher level charts (weekly, daily, 4 hour, 1 hour)! Even news rallies are good opportunities to go short. No amount of so-called dollar-positive news is going to usurp this price weakness. It's called downward MOMENTUM - presaged by the Big Dogs, when they went extremely short the USD/CHF pair (long in the futures world). Of course, this freefall will be interrupted along the way with head-fake rallies, which are just teasers for the dumb money to part with some more of their money. A fool and his money are soon parted, as the saying goes. Today, we had a bottoming-out process at 5:15 am ET, which saw the pair reverse course - temporarily halting the recent swoon. Tom DeMark trendline analysis and a Joe Cheung price projection offered up an easy 40 pips.
See today's chart at: http://www.forexmentor.com/campaign/apr1906a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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