Peter Bain Forex Trading Commentary for Thursday July 27, 2006
Forexmentor.com Forex Trading Price Action
The Long Good Bye continued: The long dumb money sure are giving me a bad case of heartburn. They keep putting a bid on the euro, just when I think its demise will get underway.
The 2700 level was the resistance level I was keeping an eye on, and price has certainly gone beyond that point - but not convincingly. We are in an overbought status, if you take a look at the divergence occurring on MACD on the 15 minute chart. I see this most recent rally as just that - another rally in a downtrend - and a setup for a good short. The bulls will eventually give up, when they finally run out of money.
Patience folks! I know this is trying stuff, but nobody said it was easy. If it were, the world would be paved in gold, and we wouldn't want that now would we?
For more on what to look for when you are trading currencies, please check out the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july2706.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
The Long Good Bye continued: The long dumb money sure are giving me a bad case of heartburn. They keep putting a bid on the euro, just when I think its demise will get underway.
The 2700 level was the resistance level I was keeping an eye on, and price has certainly gone beyond that point - but not convincingly. We are in an overbought status, if you take a look at the divergence occurring on MACD on the 15 minute chart. I see this most recent rally as just that - another rally in a downtrend - and a setup for a good short. The bulls will eventually give up, when they finally run out of money.
Patience folks! I know this is trying stuff, but nobody said it was easy. If it were, the world would be paved in gold, and we wouldn't want that now would we?
For more on what to look for when you are trading currencies, please check out the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/july2706.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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