Peter Bain Forex Trading Commentary for Friday June 16, 2006
Forexmentor.com Forex Trading Price Action
Legs? What legs? Every time I see the euro rise, I see another opportunity to go short. The dumb money can chase it up all they want, but I'm playing 'follow-the-leader' here, and marching to the tune of the Big Dogs. Price just got repelled by the 200 EMA on the hourly, and negative MACD divergence formed on the 15 minute.
The commercial traders are extremely short this pair, and their sentiment will continue to prevail - despite the odd rally here and there. Ignore them at your own peril. I have never seen them wrong in the 10 years I have been following them. They are never late with their moves, but sometimes a tad early. Watch out below! Think 'short.'
See today's chart at: http://www.forexmentor.com/campaign/june1606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Legs? What legs? Every time I see the euro rise, I see another opportunity to go short. The dumb money can chase it up all they want, but I'm playing 'follow-the-leader' here, and marching to the tune of the Big Dogs. Price just got repelled by the 200 EMA on the hourly, and negative MACD divergence formed on the 15 minute.
The commercial traders are extremely short this pair, and their sentiment will continue to prevail - despite the odd rally here and there. Ignore them at your own peril. I have never seen them wrong in the 10 years I have been following them. They are never late with their moves, but sometimes a tad early. Watch out below! Think 'short.'
See today's chart at: http://www.forexmentor.com/campaign/june1606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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