Peter Bain Forex Trading Commentary for Tuesday October 31, 2006
Forexmentor.com Forex Trading Price Action
Okay, let's shift gears today and focus on the Swissy. According to COT (Commitments of Traders), the Big Dogs are extremely long this currency. Translation: they are extremelyshort the USD/CHF pair. So, what would you be looking to do? Sell the rallies in the downtrend. Right? Right! Well before the London open today, all chart levels said the samething - the trend was down. The 200 EMA is a good tool to get your head around this. So, what to look for? When price came into today's session, it found support at the centralpivot point. Just before the London open, it shot up to M4 - the expected high for today - this being declared an M2/M4 day. Price was also above the down-sloping 200 EMA. Okay,then what? Well, this was a rally to be sold. Easy! Sell those rallies folks! And, yes, if you know how to trade retracements, that's fine too. But, it's much easier to focus on one concept at a time, especially if you are new to this business. Want more helpful clues and hints. They're all waiting for you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/oct3106.html
See sample AM Review at: http://www.forexmentor.com/sampler/
Okay, let's shift gears today and focus on the Swissy. According to COT (Commitments of Traders), the Big Dogs are extremely long this currency. Translation: they are extremelyshort the USD/CHF pair. So, what would you be looking to do? Sell the rallies in the downtrend. Right? Right! Well before the London open today, all chart levels said the samething - the trend was down. The 200 EMA is a good tool to get your head around this. So, what to look for? When price came into today's session, it found support at the centralpivot point. Just before the London open, it shot up to M4 - the expected high for today - this being declared an M2/M4 day. Price was also above the down-sloping 200 EMA. Okay,then what? Well, this was a rally to be sold. Easy! Sell those rallies folks! And, yes, if you know how to trade retracements, that's fine too. But, it's much easier to focus on one concept at a time, especially if you are new to this business. Want more helpful clues and hints. They're all waiting for you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/oct3106.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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