Peter Bain Forex Trading Commentary for Wednesday September 13, 2006
Forexmentor.com Forex Trading Price Action
Let's do some big picture thinking here, and forget the details today. The loonie (USD/CAD)is in an uptrend, the Aussie (AUD/USD) is in a downtrend, the euro (EUR/USD) is in a down-trend, as is the pound (GBP/USD) - all supported by the 200 EMA on one chart level or another.
The 200 EMA is the bellwether indicator. So, accordingly, you should be looking to sell the rallies in a downtrending market, and buying the dips in an uptrending market. Capiche? During periods where the underlying market goes stale on you, then crank the microscope down to the 5 minute level and scalp, using OB/OS readings on Bollinger bands and RSI. Regardless of where the market is going, you can employ the Jeff Hughes technique of watching for OB/OS readings on Stochastics (STO) on the hourly chart, and going short/long, when you have a death cross/golden cross of the 10/80 EMAs. So, there you have it folks. Lots of trading opportunities abound with these four currency pairs.
Now, get to work, and find them. For more assistance on what to do in any given situation, please refer to the myriad of trading strategies, tips and techniques available to you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Let's do some big picture thinking here, and forget the details today. The loonie (USD/CAD)is in an uptrend, the Aussie (AUD/USD) is in a downtrend, the euro (EUR/USD) is in a down-trend, as is the pound (GBP/USD) - all supported by the 200 EMA on one chart level or another.
The 200 EMA is the bellwether indicator. So, accordingly, you should be looking to sell the rallies in a downtrending market, and buying the dips in an uptrending market. Capiche? During periods where the underlying market goes stale on you, then crank the microscope down to the 5 minute level and scalp, using OB/OS readings on Bollinger bands and RSI. Regardless of where the market is going, you can employ the Jeff Hughes technique of watching for OB/OS readings on Stochastics (STO) on the hourly chart, and going short/long, when you have a death cross/golden cross of the 10/80 EMAs. So, there you have it folks. Lots of trading opportunities abound with these four currency pairs.
Now, get to work, and find them. For more assistance on what to do in any given situation, please refer to the myriad of trading strategies, tips and techniques available to you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1306.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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