My intuition proved to be correct

Forexmentor.com Forex Trading Price Action

Yesterday, I clearly indicated that you should expect further downward price action on the USD/CAD pair, given the fact that MACD neutralization had taken place on the 15 minute chart. Well, my intuition proved to be correct. Price dropped from 1615 to 1574, to complete the downtrend continuation pattern. Not only that, but the USD/CHF pair also put in a complete downtrend continuation pattern.

To round things off, the EUR/USD and GBP/USD pairs went through uptrend continuation patterns. So, there’s four pairs that offered up simultaneous opportunities to go short/long respectively. Price patterns are important considerations when you are trading the forex. We have a module in the members’ area at www.forexmentor.com that explains them all.

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

The USD/CAD is in a freefall

Forexmentor.com Forex Trading Price Action

The Canadian dollar (USD/CAD) is in a freefall, with no immediate signs of a turnaround anytime soon. The EMAs on the 4 hour and 1 hour charts are all pointing to further downward priceaction – as are the EMAs on the 15 minute chart. As a matter of fact, MACD neutralization has taken place on the 15 minute, setting up price action for a further fall. Price has broken through the 50 EMA on the daily chart, and is now testing the 100 EMA. The 200 EMA could be its final resting place, but only time will tell. In the meantime, I have take profits on half of my positions, which is what I recommended you do a while back.

For more on forex tricks, tips and techniques, check out ForexMentor.com.

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

The EUR/USD is in the topping out process

Forexmentor.com Forex Trading Price Action

Today, we’ll discuss the euro. The weekly chart is showing both forms of divergence, and a topping-out process with respect to price action. MACD on the 4 hour chart is trending down towards the waterline. And, today we had a downtrend continuation pattern unfold on the 15 minute chart – price declining to the M1 level on an M1/M3 day – M1 being the expected low the for day.

For more on what all this means, please go to: www.forexmentor.com

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

The USD/CAD pair is coming to life again

Forexmentor.com Forex Trading Price Action

It looks like the USD/CAD pair is coming to life again. The weekly chart is displaying a spinning top, the 4 hour chart has MACD trending up to the waterline above its trigger line, MACD is still trending up on the 1 hour chart, and we’ve had a news rally.

The way to play this news rally is to place a buy stop at the upper reaches of the run-up in price, and let the market take you in, should price advance further. The retracement we’re seeing in this pair was inevitable, given the recent fall-off in price.

For more on trading strategies, techniques and tips, please consult www.forexmentor.com.

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