Peter Bain Forex Trading Commentary for Wednesday July 26, 2006
Forexmentor.com Forex Trading Price Action
The long good bye: Where have we seen this pattern before? Recognize it? It's called a downtrend continuation pattern supported, in this case, by the 200 EMA trending down on the 15 minute chart. I fully expect that we could see some upward pressure on price, before leg two kicks in.
MACD on the 4 hour supports this notion, with good angle and separation below the water line. The higher level charts (weekly and daily) are also sympathetic to this premise. MACD has already neutralized back up to the waterline on the 15 minute.
For more on what all this tecnobabble means, you will find the details in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The long good bye: Where have we seen this pattern before? Recognize it? It's called a downtrend continuation pattern supported, in this case, by the 200 EMA trending down on the 15 minute chart. I fully expect that we could see some upward pressure on price, before leg two kicks in.
MACD on the 4 hour supports this notion, with good angle and separation below the water line. The higher level charts (weekly and daily) are also sympathetic to this premise. MACD has already neutralized back up to the waterline on the 15 minute.
For more on what all this tecnobabble means, you will find the details in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july2606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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