Peter Bain Forex Trading Commentary for Wednesday September 20, 2006
Forexmentor.com Forex Trading Price Action
Today, we are focusing on the Canadian dollar, fondly called the loonie by some enthusiasts (of which I am not one). They could have done better when they picked that name. But, what do you expect from politicians anyway? Every country has its share of them (the not so good ones, that is, eh).
Anyway, the weekly and daily charts are clearly displaying what looks to me like a 1-2-3 bottoming-out pattern. And, the 200 EMA on the hourly and 15 minute charts is clearly trending up. Up she goes.
So, guess what folks? Buy the xxxx in the xxxxxxx. Yes, you heard it right. Buy the dips in the uptrend. Wait for weakness, and then go for it.
The challenge for most of you will be the waiting game. Most of you are impatient, and want it all now. We can thank McDonald's for that culture. But, wait you must. Wait for ironclad set-ups, and a confluence of events to take you in. In other words, do what everybody else isn't. When they're selling, you should be buying - using good ole fashion TA (technical analayis). That's my sermon for the day.
For more preaching, go to the members area at http://www.forexmentor.com/. See you there folks, and at the bank. KaChing!
See today's chart at: http://www.forexmentor.com/campaign/sep2006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Today, we are focusing on the Canadian dollar, fondly called the loonie by some enthusiasts (of which I am not one). They could have done better when they picked that name. But, what do you expect from politicians anyway? Every country has its share of them (the not so good ones, that is, eh).
Anyway, the weekly and daily charts are clearly displaying what looks to me like a 1-2-3 bottoming-out pattern. And, the 200 EMA on the hourly and 15 minute charts is clearly trending up. Up she goes.
So, guess what folks? Buy the xxxx in the xxxxxxx. Yes, you heard it right. Buy the dips in the uptrend. Wait for weakness, and then go for it.
The challenge for most of you will be the waiting game. Most of you are impatient, and want it all now. We can thank McDonald's for that culture. But, wait you must. Wait for ironclad set-ups, and a confluence of events to take you in. In other words, do what everybody else isn't. When they're selling, you should be buying - using good ole fashion TA (technical analayis). That's my sermon for the day.
For more preaching, go to the members area at http://www.forexmentor.com/. See you there folks, and at the bank. KaChing!
See today's chart at: http://www.forexmentor.com/campaign/sep2006.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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