Peter Bain Forex Trading Commentary for Wednesday October 25, 2006
Forexmentor.com Forex Trading Price Action
Back to the future: If you take a look at the monthly/weekly/ daily charts for the USD/CAD pair, you should be able to draw your own conclusions as to where the pair is going.I'll give you a clue - the trend is UP! I don't have room here but, in today's AM Review, I'll present you with some pretty convincing evidence that I know what I'm talking about.That said, I've been wrong before. Every trader worth his/her salt will admit to that. I'll focus my discussion on the daily chart in the AM Review this morning, for those of you who are members at http://www.forexmentor.com/. Looking at the 15 min. chart, you can see that we had a nice turnaround point yesterday PM - mid-afternoon New York session (facilitated byMACD histogram divergence and a spinning top). Price rose into today's session, headed towards M3 - the expected high for the day - but didn't quite make it. It looks like wewill have a period of consolidation/weakness before the pair can make any headway. For those of you who have a need for speed, this will NOT be a thrilling ride. So, you maychoose to work another pair. And, don't forget you have your sandbox (demo account) in play around in. You may wish to prove your trading strategies there, before goinglive.
See today's chart at: http://www.forexmentor.com/campaign/oct2506.html
See sample AM Review at: http://www.forexmentor.com/sampler/
Back to the future: If you take a look at the monthly/weekly/ daily charts for the USD/CAD pair, you should be able to draw your own conclusions as to where the pair is going.I'll give you a clue - the trend is UP! I don't have room here but, in today's AM Review, I'll present you with some pretty convincing evidence that I know what I'm talking about.That said, I've been wrong before. Every trader worth his/her salt will admit to that. I'll focus my discussion on the daily chart in the AM Review this morning, for those of you who are members at http://www.forexmentor.com/. Looking at the 15 min. chart, you can see that we had a nice turnaround point yesterday PM - mid-afternoon New York session (facilitated byMACD histogram divergence and a spinning top). Price rose into today's session, headed towards M3 - the expected high for the day - but didn't quite make it. It looks like wewill have a period of consolidation/weakness before the pair can make any headway. For those of you who have a need for speed, this will NOT be a thrilling ride. So, you maychoose to work another pair. And, don't forget you have your sandbox (demo account) in play around in. You may wish to prove your trading strategies there, before goinglive.
See today's chart at: http://www.forexmentor.com/campaign/oct2506.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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