Peter Bain Forex Trading Commentary for Tuesday May 9, 2006
Forexmentor.com Forex Trading Price Action
If you believe what you see on the higher level charts for the Swissy, the trend is still down. The London open continues to offer up good trading opportunities.
Yesterday's open was followed by a swoon in price. Today was no exception. Following a counter-trend run, that started yesterday early am, we witnessed a good short trade, again at the London open, that was worth 20 pips. It was facilitated by MACD negative divergence and a Tom DeMark trendline break, all the while price was above the 89 and 144 EMAs and in a sell area (above the central pivot point).
See today's chart at: http://www.forexmentor.com/campaign/may0906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
If you believe what you see on the higher level charts for the Swissy, the trend is still down. The London open continues to offer up good trading opportunities.
Yesterday's open was followed by a swoon in price. Today was no exception. Following a counter-trend run, that started yesterday early am, we witnessed a good short trade, again at the London open, that was worth 20 pips. It was facilitated by MACD negative divergence and a Tom DeMark trendline break, all the while price was above the 89 and 144 EMAs and in a sell area (above the central pivot point).
See today's chart at: http://www.forexmentor.com/campaign/may0906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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