Peter Bain Forex Trading Commentary for Friday June 9, 2006
Forexmentor.com Forex Trading Price Action
I see further downside potential for the euro, given the attitude of price (possible downtrend continuation pattern), and the behavior of MACD (neutralized back to the waterline). Plus which, price is bucking the overall trend (read down, if you pay attention to the angle of the 89 and 144 moving averages). Watch out below! Leg 1 down is already in place, and the consolidation phase is underway. Leg 2 down should replicate the same distance travelled by the first leg. There are four distinct price patterns, which are all described in detail in the members area at ForexMentor.com. Trading is nothing more than pattern recognition - patterns that repeat themselves over and over. If you can recognize them, ka-ching - money in the bank.
See today's chart at: http://www.forexmentor.com/campaign/june0906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
I see further downside potential for the euro, given the attitude of price (possible downtrend continuation pattern), and the behavior of MACD (neutralized back to the waterline). Plus which, price is bucking the overall trend (read down, if you pay attention to the angle of the 89 and 144 moving averages). Watch out below! Leg 1 down is already in place, and the consolidation phase is underway. Leg 2 down should replicate the same distance travelled by the first leg. There are four distinct price patterns, which are all described in detail in the members area at ForexMentor.com. Trading is nothing more than pattern recognition - patterns that repeat themselves over and over. If you can recognize them, ka-ching - money in the bank.
See today's chart at: http://www.forexmentor.com/campaign/june0906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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