Peter Bain Forex Trading Commentary for Wednesday May 31, 2006
Forexmentor.com Forex Trading Price Action
The euro is hanging tough in its topping-out process - respecting the support trendline, come resistance line, with MACD showing good angle and separation in its descent to the waterline. You can see that reflected onthe daily chart, and in price action on the 15 minute chart, wherein price has slithered sideways since yesterday's post-news rise. A good 20 pips was to be had after the London open today, by observing, andreacting to, a combination of Bollinger bands and RSI at the 5 minute level. When both read overbought, that was the time to pull the trigger to the short side, and hang in, while price stayed below the center line of the Bollinger bands configuration. For more on all this techno-babble, we have literally tons of information in our library at ForexMentor.com for you to consult.
See today's chart at: http://www.forexmentor.com/campaign/may3106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The euro is hanging tough in its topping-out process - respecting the support trendline, come resistance line, with MACD showing good angle and separation in its descent to the waterline. You can see that reflected onthe daily chart, and in price action on the 15 minute chart, wherein price has slithered sideways since yesterday's post-news rise. A good 20 pips was to be had after the London open today, by observing, andreacting to, a combination of Bollinger bands and RSI at the 5 minute level. When both read overbought, that was the time to pull the trigger to the short side, and hang in, while price stayed below the center line of the Bollinger bands configuration. For more on all this techno-babble, we have literally tons of information in our library at ForexMentor.com for you to consult.
See today's chart at: http://www.forexmentor.com/campaign/may3106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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