Peter Bain Forex Trading Commentary for Wednesday November 1, 2006
Forexmentor.com Forex Trading Price Action
You all are in the USD/CAD position trade, right? Please say yes. I've been beating that drum now for the past couple weeks. There's an old saying, "Some will, some won't, so what." Now maybe you'll believe me when I say we are in an up-trend on this pair? In this business, it's far too easy to be negative, and do anything but pull the trigger. That's the easy way out. It takes courage to take a position, and stick to it. Yesterday, we had what appeared to be a downtrend continuation pattern unfolding on the 15 minute chart. But, ta-daaaaa!!! There was such a thing as a demand (support) trendline on the weekly chart that looked like it would hold. And, sure enough it did. What was supposed to be a downtrend continuation pattern turned out to be a downtrend reversal pattern. Price came into today's session, found support at the central pivot point, and immediately headed for M4, the expected high on this M2/M4 day.
See today's chart at: http://www.forexmentor.com/campaign/nov0106.html
See sample AM Review at: http://www.forexmentor.com/sampler/
You all are in the USD/CAD position trade, right? Please say yes. I've been beating that drum now for the past couple weeks. There's an old saying, "Some will, some won't, so what." Now maybe you'll believe me when I say we are in an up-trend on this pair? In this business, it's far too easy to be negative, and do anything but pull the trigger. That's the easy way out. It takes courage to take a position, and stick to it. Yesterday, we had what appeared to be a downtrend continuation pattern unfolding on the 15 minute chart. But, ta-daaaaa!!! There was such a thing as a demand (support) trendline on the weekly chart that looked like it would hold. And, sure enough it did. What was supposed to be a downtrend continuation pattern turned out to be a downtrend reversal pattern. Price came into today's session, found support at the central pivot point, and immediately headed for M4, the expected high on this M2/M4 day.
See today's chart at: http://www.forexmentor.com/campaign/nov0106.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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