Peter Bain Forex Trading Commentary for Thursday November 9, 2006
Forexmentor.com Forex Trading Price Action
Back to the euro, by popular demand. But first, you're all on board with the USD/CAD pair, right? Right! The train's leaving, and the naysayers are chasing after it, wondering why they hadn't bought their tickets before. Okay, there was clear evidence on the daily, 4 hour and 1 hour charts last night that the euro had some wind in its sails. So, it was no big surprise today to see price rise up to the M3 level - the expected high for the day. Then, the news embargo lifted at 8:30 am, and the euro reacted negatively. Then, what todo? Well, by now, most of our members know we have a number of systems to trade the aftermath of news. There's the KTTN system that talks about using buy/sell stops to bracket price action after the news comes out. And then, of course, there's my favorite - Teresa Burnett's rendition on how to be a trading sleuth using technical indicators.
See today's chart at: http://www.forexmentor.com/campaign/nov0906.html
See sample AM Review at: http://www.forexmentor.com/sampler/
Back to the euro, by popular demand. But first, you're all on board with the USD/CAD pair, right? Right! The train's leaving, and the naysayers are chasing after it, wondering why they hadn't bought their tickets before. Okay, there was clear evidence on the daily, 4 hour and 1 hour charts last night that the euro had some wind in its sails. So, it was no big surprise today to see price rise up to the M3 level - the expected high for the day. Then, the news embargo lifted at 8:30 am, and the euro reacted negatively. Then, what todo? Well, by now, most of our members know we have a number of systems to trade the aftermath of news. There's the KTTN system that talks about using buy/sell stops to bracket price action after the news comes out. And then, of course, there's my favorite - Teresa Burnett's rendition on how to be a trading sleuth using technical indicators.
See today's chart at: http://www.forexmentor.com/campaign/nov0906.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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