Peter Bain Forex Trading Commentary for Wednesday June 28, 2006
Forexmentor.com Forex Trading Price Action
The 200 EMA at the 4 hour and 1 hour levels continues to provide a good reference point as to where price is ultimately headed - in the case of the euro, down. My theme continues to be, 'sell the rallies in this downtrend.'
As an example, mid-morning yesterday, we had a rally that was nothing more than another great opportunity to go short. As of the last COT report last Friday, the Big Dogs are still extremely short the euro, although unwinding their positions, as the dumb money drive this move further downward. Don't forget that the commercial traders set up these moves, and then you follow the other camp.
See today's chart at: http://www.forexmentor.com/campaign/june2806.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The 200 EMA at the 4 hour and 1 hour levels continues to provide a good reference point as to where price is ultimately headed - in the case of the euro, down. My theme continues to be, 'sell the rallies in this downtrend.'
As an example, mid-morning yesterday, we had a rally that was nothing more than another great opportunity to go short. As of the last COT report last Friday, the Big Dogs are still extremely short the euro, although unwinding their positions, as the dumb money drive this move further downward. Don't forget that the commercial traders set up these moves, and then you follow the other camp.
See today's chart at: http://www.forexmentor.com/campaign/june2806.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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