Peter Bain Forex Trading Commentary for Thursday June 22, 2006
Forexmentor.com Forex Trading Price Action
Well, the dumb money almost had us fooled!!
They bid the euro up above the 200 EMA on the 4 and 1 hour charts, setting up a fabulous short opportunity at the London open today on a channel breakout. Don't ever tell them the overall trend is down, as reflected on the weekly and daily charts, and supported by COT data. That's our little secret. We want them to be in the dark, and on the other side of our trade at all times. It takes guts to go against the flow, especially after their aggressive buying of late. But, that's what technical analysis is all about, with a heavy dose of patience thrown in.
For more on how to know where price is going, consult the members library at ForexMentor.com, where you will find a wealth of trading strategies, tips and techniques.
See today's chart at: http://www.forexmentor.com/campaign/june2206.html
See latest sample AM Review at: http://www.forexmentor
Well, the dumb money almost had us fooled!!
They bid the euro up above the 200 EMA on the 4 and 1 hour charts, setting up a fabulous short opportunity at the London open today on a channel breakout. Don't ever tell them the overall trend is down, as reflected on the weekly and daily charts, and supported by COT data. That's our little secret. We want them to be in the dark, and on the other side of our trade at all times. It takes guts to go against the flow, especially after their aggressive buying of late. But, that's what technical analysis is all about, with a heavy dose of patience thrown in.
For more on how to know where price is going, consult the members library at ForexMentor.com, where you will find a wealth of trading strategies, tips and techniques.
See today's chart at: http://www.forexmentor.com/campaign/june2206.html
See latest sample AM Review at: http://www.forexmentor
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