Peter Bain Forex Trading Commentary for Wednesday June 14, 2006
Forexmentor.com Forex Trading Price Action
The overall trend on the euro is still DOWN! Yesterday, I called for a retracement, because of what I saw on the 4 hour chart. That we got today, in the form of price advancing to the expected high for the day (M3=2583).
But, given that the overall trend is still down, this meant that price was bucking the trend, and that the rally was nothing more than another opportunity to sell it, once price achieved its high. Watch out below! Sell the rallies in this downtrend, but be ever vigilant for tradable retracements.
For more on trading strategies, tips and techniques, please consult the extensive members library at Forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/june1406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The overall trend on the euro is still DOWN! Yesterday, I called for a retracement, because of what I saw on the 4 hour chart. That we got today, in the form of price advancing to the expected high for the day (M3=2583).
But, given that the overall trend is still down, this meant that price was bucking the trend, and that the rally was nothing more than another opportunity to sell it, once price achieved its high. Watch out below! Sell the rallies in this downtrend, but be ever vigilant for tradable retracements.
For more on trading strategies, tips and techniques, please consult the extensive members library at Forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/june1406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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