Peter Bain Forex Trading Commentary for Wednesday May 10, 2006
Forexmentor.com Forex Trading Price Action
The Swiss franc (read USD/CHF) put in a 1-2-3 top just after the London open yesterday, followed by a 'death cross.' Of course, that was all presaged by Stochastics (STO) being overbought on the hourly chart, and the overall trend being down - still. What followed was a downtrend continuation pattern, facilitated by MACD neutralization. Then came MACD divergence, shortly after the London open today. The concepts of neutralization and divergence are very powerful and, once you understand them, you can use them consistently to improve your trading results. Don't forget that the 'Three Muskateers' (CHF, EUR, GBP) move in tandem - so, if you see a good trade setup on one, why not execute it on all three pairs. More money in the bank, with little extra effort.
See today's chart at: http://www.forexmentor.com/campaign/may1006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The Swiss franc (read USD/CHF) put in a 1-2-3 top just after the London open yesterday, followed by a 'death cross.' Of course, that was all presaged by Stochastics (STO) being overbought on the hourly chart, and the overall trend being down - still. What followed was a downtrend continuation pattern, facilitated by MACD neutralization. Then came MACD divergence, shortly after the London open today. The concepts of neutralization and divergence are very powerful and, once you understand them, you can use them consistently to improve your trading results. Don't forget that the 'Three Muskateers' (CHF, EUR, GBP) move in tandem - so, if you see a good trade setup on one, why not execute it on all three pairs. More money in the bank, with little extra effort.
See today's chart at: http://www.forexmentor.com/campaign/may1006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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