Peter Bain Forex Trading Commentary for Thursday May 11, 2006
Forexmentor.com Forex Trading Price Action
Remembering that the Swissy (USD/CHF) is still technically in a downtrend, I viewed the rise into today's session with suspicion. Sure enough, we experienced negative divergence on MACD to price, just after the London open. That was followed by Tom DeMark trendline analysis, and a subsequent Joe Cheung price projection, that saw price tumbling to 2200 - and there it went, just like magic folks! The pair was in a sell area - above the central pivot point, before it swooned. Now you see why I focus on the London open. It consistently offers up good trading opportunites, and is easy to trade, if you know how to look for a confluence of events.
See today's chart at: http://www.forexmentor.com/campaign/may1106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Remembering that the Swissy (USD/CHF) is still technically in a downtrend, I viewed the rise into today's session with suspicion. Sure enough, we experienced negative divergence on MACD to price, just after the London open. That was followed by Tom DeMark trendline analysis, and a subsequent Joe Cheung price projection, that saw price tumbling to 2200 - and there it went, just like magic folks! The pair was in a sell area - above the central pivot point, before it swooned. Now you see why I focus on the London open. It consistently offers up good trading opportunites, and is easy to trade, if you know how to look for a confluence of events.
See today's chart at: http://www.forexmentor.com/campaign/may1106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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