Peter Bain Forex Trading Commentary for Wednesday June 21, 2006
Forexmentor.com Forex Trading Price Action
Right now, with the weekly and daily charts for the euro reflecting bearishness, the 200 EMA is a good indicator to use on the lower level charts (4 and 1 hour) to see where price is going, and to anticipate its next move.
For instance, as I write this, price is testing the 200 EMA on the 4 and 1 hour charts at the 2624 level, which just happens to be a pivot level. And, the 200 EMA is angled down on both charts. Where do you think price is going? I'll give you a clue. It isn't up. Years ago the 200 EMA was voted the best indicator of the 99 available to traders. So, while price would have us believe that there is upside momentum, the 200 EMA tells us otherwise.
For complete analysis, watch the AM Video Review (members only).
See today's chart at: http://www.forexmentor.com/campaign/june2106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Right now, with the weekly and daily charts for the euro reflecting bearishness, the 200 EMA is a good indicator to use on the lower level charts (4 and 1 hour) to see where price is going, and to anticipate its next move.
For instance, as I write this, price is testing the 200 EMA on the 4 and 1 hour charts at the 2624 level, which just happens to be a pivot level. And, the 200 EMA is angled down on both charts. Where do you think price is going? I'll give you a clue. It isn't up. Years ago the 200 EMA was voted the best indicator of the 99 available to traders. So, while price would have us believe that there is upside momentum, the 200 EMA tells us otherwise.
For complete analysis, watch the AM Video Review (members only).
See today's chart at: http://www.forexmentor.com/campaign/june2106.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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