Lookout for swings in price action

Forexmentor.com Forex Trading Price Action

One of the things I am going to talk about in today’s AM Review at www.forexmentor.com is that there are certain times of the day when you should be on the lookout for swings in price action. Today, for instance EUR/USD pair, price came into the new session starting at midnight ET, and met with resistance at the M3 resistance level. It then immediately collapsed on the 15 minute chart to the S1 support level, where a spinning top ended the run.

This was at the London open, where after price headed north again. So, the London open can be considered a swing point, more often than not. Another one to watch out for is the London close, in and around 10:30 to noon ET. And, you’ll usually see things happen at the New York open and at the news hour (8:30 am ET). To make a fat story thin, keep your eyes on the clock folks.

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

Commentary on the USD/CHF

Forexmentor.com Forex Trading Price Action

Today was a no-brainer for the USD/CHF pair. Predicting its demise was a piece of cake. Let’s look at it top-down before the London open. The bellwether 200 EMA indicator (voted the best of the 99 indicators available to traders years ago) was trending down on most chart levels. MACD was below the waterline on all but the 1 hour chart. Price came into today's session on the15 minute chart, immediately meeting resistance at the central pivot point, before crashing in a blaze of glory.

Who could have guessed? It came to a screeching halt just below S2 – the last support level that was violated. A hammer and spinning top finally ended its swoon.

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