Peter Bain Forex Trading Commentary for Friday March 31, 2006

Peter Bain Forex Trading Commentary

I will will be on holidays for March 31 st until April 1oth. My blog will resume again on Tuesday, April 11th.

Peter Bain Forex Trading Commentary for Thursday March 30, 2006

Forexmentor.com Forex Trading Price Action

The trends for the euro and the Swissy remain intact - up and down respectively. Today, I want to show you how you can ascertain where a currency pair is going for the next trading session. If you take a look at the weekly and 4 hour charts for the euro and Swissy as at midnight last night ET, you will notice that MACD was signaling upward movement and downward movement respectively. Knowing that, you would have been prepared to react accordingly, as today's new session unfolded. It really just then became a matter of buying the dips in an uptrend, or selling the rallies in a downtrend, depending upon whether you were trading the euro or the Swissy. It's always wise to pay attention at certain times of the day, as in the London open - as just one example of a possible turnaround situation, swing trade, or counter-trend move. Today, for instance, both the euro and Swissy reversed in and around the London open, temporarily - offering up yet another opportunity to buy that dip in the uptrend, or sell that rally in the down- trend (euro up, Swissy down). The Big Dogs' sentiment seems to be coming to fruition regarding the Swissy. Watch out below! And, where the Swissy goes, there too go the euro and the pound - in opposite directions, of course.

See today's chart at: http://www.forexmentor.com/campaign/mar3006a.gif

See latest sample AM Review at: http://www.forexmentor.com/sampler/

Peter Bain Forex Trading Commentary for Wednesday March 29, 2006

Forexmentor.com Forex Trading Price Action

Looking at the daily charts for the euro and Swissy, I see the uptrend and downtrend intact respectively. We should also expect further upward and downward price movement respectively, with retracements along the way. On the euro, we had a nice reversal in and around the London open today, while price channeled sideways, after its swoon yesterday afternoon. We could experience further weakness from here, but clearly the 4 hour chart is reflecting upward momentum. From a position trading point-of-view, I would suggest that you consider taking a short position on the USD/CHF pair and a long position on the EUR/USD pair - selling into strength, and buying into weakness respectively.

See today's chart at: http://www.forexmentor.com/campaign/mar2906a.gif

See latest sample AM Review at: http://www.forexmentor.com/sampler/

Peter Bain Forex Trading Commentary for Tuesday March 28, 2006

Forexmentor.com Forex Trading Price Action

Well, well, well . the Swissy met big time resistance on the daily chart, and tumbled. Let the freefall begin in earnest. The Big Dogs set up this move, as evidenced by COT data, and all we saw recently was amajor retracement, which turned out to be nothing more than a countertrend move. I see 2590 as a possible downside target, based on my 1-2-3 price projection. Today we saw the commencement of downwardmove, presaged by the 4 hour chart yesterday, and confirmed by a trendline break on the 15 minute and a Death Cross on the 5 minute. Watch out below!

See today's chart at: http://www.forexmentor.com/campaign/mar2806a.gif

See latest sample AM Review at: http://www.forexmentor.com/sampler/