Commentary on the power of certain times of the day

Forexmentor.com Forex Trading Price Action

As I’ve stated on numerous occasions, there are certain times of the day when you can be on the lookout to grab your daily ration of 20 pips. Take the USD/CAD pair, for instance. Have a look at the 15 minute chart in and around supper time ET May 30. You will notice, of course, that price did a nice reversal – or swing, as true blue technicians would call it. Price had been heading down into the close of the New York session, and then exceeded the lower Bollinger band. Two back-to-back hammers halted the swoon. A nice upward trek in price action ensued, and astute traders profited handsomely. As candle patterns go, don’t forget Steve Nison’s up-coming webinar available only to members at: www.forexmentor.com

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Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

After the news came out this am, the USD/CAD pair collapsed down through the central pivot point like a ton of bricks. Of course, this was presaged by the attitude of the 200 EMA on the 4 hour, 1 hour and 15 minute charts coming into today’s new session (starting at midnight ET). It was steadily down in all three cases. Price came into today’s session above the central pivot point, and stayed there until negative divergence formed on MACD to price after the news came out. Price had been going the wrong way, and it was just a matter of time before it turned turtle. I am still of the opinion that this pair’s demise can’t go on forever, as Canadian manufacturers can’t survive with such a high loonie (a.k.a. Canadian dollar) – translation: low USD/CAD pair.

Stay tuned for more on this in the am reviews at www.forexmentor.com as I am definitely looking for a turnaround in this pair at some point in the near future.

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