Peter Bain Forex Trading Commentary for Thursday May 25, 2006
Forexmentor.com Forex Trading Price Action
As I write this, the 15 minute chart for the euro is displaying all the characteristics of a downtrend continuation pattern, supported by MACD neutralization. Price has been repelled by the prevailing trendline on the daily, and MACD is below the waterline on the hourly. I see nowhere for price to go but down from here. Leg 2 should come in at the same distance as leg 1. For more on price patterns, we at Forexmentor.com have a module in the members' library on this topic developed by one of our members. Please check it out at your leisure.
See today's chart at: http://www.forexmentor.com/campaign/may2506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
As I write this, the 15 minute chart for the euro is displaying all the characteristics of a downtrend continuation pattern, supported by MACD neutralization. Price has been repelled by the prevailing trendline on the daily, and MACD is below the waterline on the hourly. I see nowhere for price to go but down from here. Leg 2 should come in at the same distance as leg 1. For more on price patterns, we at Forexmentor.com have a module in the members' library on this topic developed by one of our members. Please check it out at your leisure.
See today's chart at: http://www.forexmentor.com/campaign/may2506.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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