Commentary on the currency pairs

Forexmentor.com Forex Trading Price Action

The USD/CAD pair continues to take flight, and you will notice that significant buy points occur in and around the London open at 3 am ET. In other words, buy the dips in the uptrend, as evidenced on the 15 minute chart. On other fronts, the Kiwi and Aussie are trending down. The pound and the euro have topped out in concert with COT data. And, the following pairs have tanked majorly: EUR/JPY, CAD/JPY, GBP/CHF, EUR/CHF, and GBP/JPY. Sell those rallies folks.

The two golden rules in trading are: buy the dips in an uptrend, and sell the rallies in a downtrend. The only other thing you can do is scalp and to that end, two great traders at www.forexmentor.com have come out with an online course on that very topic. Check it out.

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Commentary on the USD/CHF and USD/CAD

Forexmentor.com Forex Trading Price Action

Up until this session, all chart levels for the USD/CHF pair were pointing to a downtrending market. Today, we had a short-term reversal come in on the 15 minute chart in the form of a double bottom and positive divergence on MACD to price. Price came into today’s session below the central pivot point, where it subsequently collapsed to form the double bottom. That’s when the reversal took place – in the buy area below the CPP.

On another front, the USD/CAD pair continues to correct northward. I hate to rub it in to all you naysayers, but I will anyway. It’s now at 1741, and rising. The hardest part you will have to learn in this business is that retracements do occur, and they offer good buying opportunities (in this case). As an example, during the recent stock market meltdown, I was in there BUYING. Just call me a true blue contrarian.

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Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

Yesterday, in the AM Review, I gave you every reason to believe that the rout in the USD/CAD pair was over. All chart levels were screaming, “It’s over!” And, several of our members came to my rescue, restoring my faith in my ability to see things clearly. Four of the five charts (weekly, 4 hour, 1 hour, 15 minute) all reflected MACD on the rise, showing positive divergence in some cases.

Well, today, the results of that analysis came to fruition. Price rose into today’s session in the form of an uptrend continuation pattern, and all’s well that ends well. To all you naysayers out there, I would advise you to hit the ‘hold’ button on your keyboard from now on.

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Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

My sentiments on the USD/CAD pair have generated a lot of controversy. I guess a lot of folks expect a pair to go up forever, without ever taking a breather. Well, let’s look at the facts, now that the pair’s swoon has taken everybody’s breath away.

The monthly MACD is trending up; the weekly is showing a spinning top; the daily is sitting on the 100 EMA; the 4 hour MACD is showing divergence, as are the 1 hour and 15 minute. Later on in this AM Review, you will hear from several of our members who seem to think I haven’t lost my sanity yet.

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