Peter Bain Forex Trading Commentary for Tuesday November 7, 2006
Forexmentor.com Forex Trading Price Action
I hate to disappoint you all today, but I'm going to talk about the euro. But first, the USD/CAD pair is STILL in an UPTREND, this despite a good jobs report on Friday. One piece of positive news does not a trend change!
And, now back to the euro - this because Herb Schmidt wanted to know if he was safe with his shorts at 1.2770 and a second lot at 1.2787. He asked this question last week, and I responded on Friday that he should be careful, given some strength I saw in the charts.
Well, today we had an uptrend continuation pattern unfold on the 15 minute chart, driving price ever higher. But, what I see happening is a paradox. According to the monthly and weekly charts, we're in a down-trend, whereas the lower level charts would have you believe other-wise. Translation: A good short opportunity in the works, if you believe what an oscillator like Stochastics (STO) is telling us (read, overbought).
See today's chart at: http://www.forexmentor.com/campaign/nov0706.html
See sample AM Review at: http://www.forexmentor.com/sampler/
I hate to disappoint you all today, but I'm going to talk about the euro. But first, the USD/CAD pair is STILL in an UPTREND, this despite a good jobs report on Friday. One piece of positive news does not a trend change!
And, now back to the euro - this because Herb Schmidt wanted to know if he was safe with his shorts at 1.2770 and a second lot at 1.2787. He asked this question last week, and I responded on Friday that he should be careful, given some strength I saw in the charts.
Well, today we had an uptrend continuation pattern unfold on the 15 minute chart, driving price ever higher. But, what I see happening is a paradox. According to the monthly and weekly charts, we're in a down-trend, whereas the lower level charts would have you believe other-wise. Translation: A good short opportunity in the works, if you believe what an oscillator like Stochastics (STO) is telling us (read, overbought).
See today's chart at: http://www.forexmentor.com/campaign/nov0706.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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