Peter Bain Forex Trading Commentary Tuesday February 21, 2006
Forexmentor.com Currency Trading Price Action
The 'Big Dogs' are going longer the Aussie, pound and Swissy, according to the latest COT data. This is important info. for position traders, and something day traders should be aware of. The pound is caught in a symmetrical triangle in a downtrend on the weekly chart, which is generally bearish. That said, price is above the most recent resistance (supply or distribution) trendline on the daily, as well as the demand (support) trendline in force at that level. The GBP/USD pair reversed today at the London open, in the form of railway tracks, and then headed up to the expected high for the day (M3). That target was actually exceeded by a 'Joe Cheung' price projection, which came to fruition.
See chart at: http://www.forexmentor.com/campaign/feb2106.html
See sample AM Review at: http://www.forexmentor.com/sampler/feb1706.html
Forexmentor.com Forex Trading News
The 'Big Dogs' are going longer the Aussie, pound and Swissy, according to the latest COT data. This is important info. for position traders, and something day traders should be aware of. The pound is caught in a symmetrical triangle in a downtrend on the weekly chart, which is generally bearish. That said, price is above the most recent resistance (supply or distribution) trendline on the daily, as well as the demand (support) trendline in force at that level. The GBP/USD pair reversed today at the London open, in the form of railway tracks, and then headed up to the expected high for the day (M3). That target was actually exceeded by a 'Joe Cheung' price projection, which came to fruition.
The 'Big Dogs' are going longer the Aussie, pound and Swissy, according to the latest COT data. This is important info. for position traders, and something day traders should be aware of. The pound is caught in a symmetrical triangle in a downtrend on the weekly chart, which is generally bearish. That said, price is above the most recent resistance (supply or distribution) trendline on the daily, as well as the demand (support) trendline in force at that level. The GBP/USD pair reversed today at the London open, in the form of railway tracks, and then headed up to the expected high for the day (M3). That target was actually exceeded by a 'Joe Cheung' price projection, which came to fruition.
See chart at: http://www.forexmentor.com/campaign/feb2106.html
See sample AM Review at: http://www.forexmentor.com/sampler/feb1706.html
Forexmentor.com Forex Trading News
The 'Big Dogs' are going longer the Aussie, pound and Swissy, according to the latest COT data. This is important info. for position traders, and something day traders should be aware of. The pound is caught in a symmetrical triangle in a downtrend on the weekly chart, which is generally bearish. That said, price is above the most recent resistance (supply or distribution) trendline on the daily, as well as the demand (support) trendline in force at that level. The GBP/USD pair reversed today at the London open, in the form of railway tracks, and then headed up to the expected high for the day (M3). That target was actually exceeded by a 'Joe Cheung' price projection, which came to fruition.
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