Peter Bain Forex Trading Commentary for Wednesday April 26, 2006
Forexmentor.com Forex Trading Price Action
The trend on the Swissy hasn't changed. It is still DOWN, and any spikes up in price action should be viewed as an opportunity to go short, including news rallies! You have to be careful on a day like this, when trading the news using the KTTN system, to keep the overall trend in mind - because, although that system may take you in to the upside on a valid break of the congestion area, the trend is still down, and the upside potential is limited at best. Watch out below! The other thing to keep in mind is the fact that today is an M1/M3 day, and the news rally took price way beyond the M3 level into dangerous territory - in a sell area, above the central pivot point.
See today's chart at: http://www.forexmentor.com/campaign/apr2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The trend on the Swissy hasn't changed. It is still DOWN, and any spikes up in price action should be viewed as an opportunity to go short, including news rallies! You have to be careful on a day like this, when trading the news using the KTTN system, to keep the overall trend in mind - because, although that system may take you in to the upside on a valid break of the congestion area, the trend is still down, and the upside potential is limited at best. Watch out below! The other thing to keep in mind is the fact that today is an M1/M3 day, and the news rally took price way beyond the M3 level into dangerous territory - in a sell area, above the central pivot point.
See today's chart at: http://www.forexmentor.com/campaign/apr2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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