Peter Bain Forex Trading Commentary for Thursday june 29, 2006
Forexmentor.com Forex Trading Price Action
Well, this is getting pretty boring. The weekly and daily charts for the euro continue to reflect bearishness, if you look at MACD's behavior and price action. The lower level charts (4 and 1 hour) see price action respecting the 200 EMA - that is, being repelled by it. On the 15 minute, price has been hugging the 89 EMA in this downtrend, offering up opportunities to go short, whenever price tests/touches it in overbought situations - as reflected by Stochastics going overbought. When you know what the overall trend is - in this case, down - it is a simple matter of selling the rallies in the downtrend. Where have you heard that before?
See today's chart at: http://www.forexmentor.com/campaign/june2906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Well, this is getting pretty boring. The weekly and daily charts for the euro continue to reflect bearishness, if you look at MACD's behavior and price action. The lower level charts (4 and 1 hour) see price action respecting the 200 EMA - that is, being repelled by it. On the 15 minute, price has been hugging the 89 EMA in this downtrend, offering up opportunities to go short, whenever price tests/touches it in overbought situations - as reflected by Stochastics going overbought. When you know what the overall trend is - in this case, down - it is a simple matter of selling the rallies in the downtrend. Where have you heard that before?
See today's chart at: http://www.forexmentor.com/campaign/june2906.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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