Peter Bain Forex Trading Commentary for Wednesday May 3, 2006
Forexmentor.com Forex Trading Price Action
Yesterday's slide in the Swissy, that started at the London open, continued on through to the NY close, after which price slithered sideways - albeit still in a downtrend (according to the 89 and 144 EMAs). Further weakness saw the USD/CHF pair collapse into the London open, at which time positive MACD divergence and railway tracks caused a counter-trend reversal. We are still following the theme of 'selling the rallies in a downtrend,' so that upward move was seen as short-lived, given how it met resistance at the centralpivot point and the moving averages.
See today's chart at: http://www.forexmentor.com/campaign/may0306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Yesterday's slide in the Swissy, that started at the London open, continued on through to the NY close, after which price slithered sideways - albeit still in a downtrend (according to the 89 and 144 EMAs). Further weakness saw the USD/CHF pair collapse into the London open, at which time positive MACD divergence and railway tracks caused a counter-trend reversal. We are still following the theme of 'selling the rallies in a downtrend,' so that upward move was seen as short-lived, given how it met resistance at the centralpivot point and the moving averages.
See today's chart at: http://www.forexmentor.com/campaign/may0306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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