Peter Bain Forex Trading Commentary for Wednesday April 12, 2006
Forexmentor.com Forex Trading Price Action
Well, well, well . I hate to say I told you so, but yesterday I said the London open counter-trend rally was to be short-lived - and short-lived it was - collapsing at news time. Who could have guessed? All charts were screaming, "Down!" And, no different into yesterday pm . The trend was still clearly down, and price had nowhere to go but down. We had a 'death cross' of the moving averages at the close of the New York session. Accordingly, it was prudent to wait for an over-bought reading on an oscillator like Stochastic to look for a place to go short. That opportunity came just before the London open today, when price touched the 89 EMA.
See today's chart at: http://www.forexmentor.com/campaign/apr1206a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Well, well, well . I hate to say I told you so, but yesterday I said the London open counter-trend rally was to be short-lived - and short-lived it was - collapsing at news time. Who could have guessed? All charts were screaming, "Down!" And, no different into yesterday pm . The trend was still clearly down, and price had nowhere to go but down. We had a 'death cross' of the moving averages at the close of the New York session. Accordingly, it was prudent to wait for an over-bought reading on an oscillator like Stochastic to look for a place to go short. That opportunity came just before the London open today, when price touched the 89 EMA.
See today's chart at: http://www.forexmentor.com/campaign/apr1206a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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