Peter Bain Forex Trading Commentary for Tuesday July 4, 2006
Forexmentor.com Forex Trading Price Action
I am still of the opinion that the euro has further to fall, once the long dumb money get out of the way. I say that because the commercial traders are still extremely short, if you look at the most recent COT data (as at Friday past).
What we are experiencing now is a retracement, before price recommences its trek south. These upward moves in this downtrend are tradable, if you know what you are doing. I don't talk about that much, as I find it tough enough to teach newbies one style of trading (read, selling the rallies in a downtrend), as opposed to intermixing another strategy.
Today, we had a nice reversal at the London open, which happens fairly frequently. Today is an M2/M4 day, and M2 is exactly where price headed after the reversal.
For more on the finer intricacies of trading the forex, please study the material in the members area at www.ForexMentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
I am still of the opinion that the euro has further to fall, once the long dumb money get out of the way. I say that because the commercial traders are still extremely short, if you look at the most recent COT data (as at Friday past).
What we are experiencing now is a retracement, before price recommences its trek south. These upward moves in this downtrend are tradable, if you know what you are doing. I don't talk about that much, as I find it tough enough to teach newbies one style of trading (read, selling the rallies in a downtrend), as opposed to intermixing another strategy.
Today, we had a nice reversal at the London open, which happens fairly frequently. Today is an M2/M4 day, and M2 is exactly where price headed after the reversal.
For more on the finer intricacies of trading the forex, please study the material in the members area at www.ForexMentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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