Peter Bain Forex Trading Commentary for Friday May 19, 2006
Forexmentor.com Forex Trading Price Action
Clearly, the euro is stalling out, as reflected at all chart levels. We had a topping-out process last evening ET,during the Asian session, on the 15 minute chart. Tom DeMark trendline analysis caught that action, anda subsequent Joe Cheung price projection offered up 35 pips. For those of you who missed the ensuingswoon in price, you could have entered the fray, using the Jeff Hughes technique of waiting for the 10 EMA topunch down through the 80 EMA (read, 40 SMA) on the 5 minute chart. When that finally happened, Stochastics (STO) on the hourly had already registered overbought.
See today's chart at: http://www.forexmentor.com/campaign/may1906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Clearly, the euro is stalling out, as reflected at all chart levels. We had a topping-out process last evening ET,during the Asian session, on the 15 minute chart. Tom DeMark trendline analysis caught that action, anda subsequent Joe Cheung price projection offered up 35 pips. For those of you who missed the ensuingswoon in price, you could have entered the fray, using the Jeff Hughes technique of waiting for the 10 EMA topunch down through the 80 EMA (read, 40 SMA) on the 5 minute chart. When that finally happened, Stochastics (STO) on the hourly had already registered overbought.
See today's chart at: http://www.forexmentor.com/campaign/may1906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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