Peter Bain Forex Trading Commentary for Friday October 20, 2006
Forexmentor.com Forex Trading Price Action
Okay, don't panic folks. The sky's not falling on the USD/CAD pair. Price just retraced - in the uptrend. If you take a look at the weekly chart, price is still above the most recent TomDeMark demand (support) trendline. What we see here is a golden chance to get into this pair on a position trade (long). Because, what the dumb money don't realize is that price will resume its upward momentum, sooner than later. It just takes guts in this business to go against the flow. It also takes a good dose of fortitude, wherein you have to bite your tongue, put your 'fear factor' in your hip pocket, and count to ten. Also, a ton of patience is in order. Just keep referring back to the weekly chart (or daily), if you're not sure what's going on, and believe what your eyes are seeing. That's the key. Today, we had a downtrend continuation pattern unfold on the 15 minute chart which, once consummated, should signal the end of this run down. Notice how price stopped dead in its tracks at M1 - the expected low on this M1/M3 day. Now's the time to get in. But, don't tell the dumb money that. We want this to be a total surprise to them. Let's just leave them in the dark where they belong. Join us in the members area at www.forexmentor.com for more stuff that the dumb money are ignorant of.
See today's chart at: http://www.forexmentor.com/campaign/oct2006.html
See sample AM Review at: http://www.forexmentor.com/sampler/
Okay, don't panic folks. The sky's not falling on the USD/CAD pair. Price just retraced - in the uptrend. If you take a look at the weekly chart, price is still above the most recent TomDeMark demand (support) trendline. What we see here is a golden chance to get into this pair on a position trade (long). Because, what the dumb money don't realize is that price will resume its upward momentum, sooner than later. It just takes guts in this business to go against the flow. It also takes a good dose of fortitude, wherein you have to bite your tongue, put your 'fear factor' in your hip pocket, and count to ten. Also, a ton of patience is in order. Just keep referring back to the weekly chart (or daily), if you're not sure what's going on, and believe what your eyes are seeing. That's the key. Today, we had a downtrend continuation pattern unfold on the 15 minute chart which, once consummated, should signal the end of this run down. Notice how price stopped dead in its tracks at M1 - the expected low on this M1/M3 day. Now's the time to get in. But, don't tell the dumb money that. We want this to be a total surprise to them. Let's just leave them in the dark where they belong. Join us in the members area at www.forexmentor.com for more stuff that the dumb money are ignorant of.
See today's chart at: http://www.forexmentor.com/campaign/oct2006.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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