Peter Bain Forex Trading Commentary for Thursday July 13, 2006
Forexmentor.com Forex Trading Price Action
For the past two days in a row, I have been talking about reversals that occur at the London open. Well, today was no exception. Witness the reversal at 3 am ET, wherein the euro tested the 200 EMA, before collapsing in a downtrend continuation pattern. Notice that MACD neutralized on the 15 minute chart first. MACD had been trending down on the 4 hour, and Stochastics (STO) had gone overbought. I wish to remind you once again that the Big Dogs are extremely short the euro. Proceed as you wish, but I know what side of the fence I'm on. The choice is always yours to join either the dumb money or the smart money.
See today's chart at: www.forexmentor.com/campaign/jul1306a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
For the past two days in a row, I have been talking about reversals that occur at the London open. Well, today was no exception. Witness the reversal at 3 am ET, wherein the euro tested the 200 EMA, before collapsing in a downtrend continuation pattern. Notice that MACD neutralized on the 15 minute chart first. MACD had been trending down on the 4 hour, and Stochastics (STO) had gone overbought. I wish to remind you once again that the Big Dogs are extremely short the euro. Proceed as you wish, but I know what side of the fence I'm on. The choice is always yours to join either the dumb money or the smart money.
See today's chart at: www.forexmentor.com/campaign/jul1306a.gif
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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