Peter Bain Forex Trading Commentary for Tuesday June 6, 2006
Forexmentor.com Forex Trading Price Action
Well, a lot of people have been trying to convince me that the euro was going to grow to the sky, what with all those congestion theories flying around. What they failed to take into consideration was the fact that the pound and the Swissy were not confirming their 'best guesses.' And, they failed to acknowledge Big Dog sentiment - not only on the euro, but also the pound - where the commercials are going ever shorter with their positions.
A topping-out process has been observed at all levels - weekly, daily, 4 hour and 1 hour. Today, we had a good short trade opportunity just after the London open - a common sense trendline break, confirmed by MACD punching down through its trigger line - at M3 (the expected high for the day). The rise in price to that level was counter-trend. Sell the rallies in a downtrend. Where have we heard that before?
See today's chart at: http://www.forexmentor.com/campaign/june0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Well, a lot of people have been trying to convince me that the euro was going to grow to the sky, what with all those congestion theories flying around. What they failed to take into consideration was the fact that the pound and the Swissy were not confirming their 'best guesses.' And, they failed to acknowledge Big Dog sentiment - not only on the euro, but also the pound - where the commercials are going ever shorter with their positions.
A topping-out process has been observed at all levels - weekly, daily, 4 hour and 1 hour. Today, we had a good short trade opportunity just after the London open - a common sense trendline break, confirmed by MACD punching down through its trigger line - at M3 (the expected high for the day). The rise in price to that level was counter-trend. Sell the rallies in a downtrend. Where have we heard that before?
See today's chart at: http://www.forexmentor.com/campaign/june0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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