What Would Override Stochastics on the Daily Chart?

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October 24, 2006

Q&A - What Would Override Stochastics on the Daily Chart?

October 24, 2006
From The Trading Desk of Peter Bain:

Has anybody panicked yet over the USD/CAD pair? I detect from some of your e-mails that some of you have. Put your emotions in your hip pockets folks. There's no room foremotions in this business. If you keep your eye on the weekly chart, and know how to draw Tom DeMark trend-lines (as discussed in the members area at www.forexmentor.com), then you will soon realize that price action on the lower level charts is just noise.

Witness the turnaround on Friday at 9 am ET (hammer and MACD divergence). We knew this would likely happen, based on the most recent Tom DeMark demand (support) trendline at that time. Where to place your stop, if you're position trading this pair? I would suggest five (5) pips below the number one point (of the 1-2-3 formation on the weekly chart), at a level not ending in zero. Now relax!

-Peter
forexmentor.com

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