Peter Bain Forex Trading Commentary for Thursday August 24, 2006
Forexmentor.com Forex Trading Price Action
Yesterday, I talked about the role the 200 EMA played on the 15 minute chart, wherein price tested it twice after the London open to no avail. That's why the 200 EMA years ago was voted the best and most reliable indicator out of the 99 available to traders.
Today is no exception. After the London open, price spiked north, way beyond the 200 EMA, but I saw that move as really bucking the trend reflected by the 200 EMA - yet another opportunity to sell the rallies in the downtrend. I still see the euro tanking to the 2480 level, give or take, in the near term. But, if you take a look at the higher level charts, that's not all that extreme in the grander scheme of things. You will see what I mean if you check out the weekly chart. Anyways, just my two cents, as the summer doldrums continue to test our patience.
For more on what to look for as you are trading the forex, please take the time to check out what we have in store for you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/aug2406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Yesterday, I talked about the role the 200 EMA played on the 15 minute chart, wherein price tested it twice after the London open to no avail. That's why the 200 EMA years ago was voted the best and most reliable indicator out of the 99 available to traders.
Today is no exception. After the London open, price spiked north, way beyond the 200 EMA, but I saw that move as really bucking the trend reflected by the 200 EMA - yet another opportunity to sell the rallies in the downtrend. I still see the euro tanking to the 2480 level, give or take, in the near term. But, if you take a look at the higher level charts, that's not all that extreme in the grander scheme of things. You will see what I mean if you check out the weekly chart. Anyways, just my two cents, as the summer doldrums continue to test our patience.
For more on what to look for as you are trading the forex, please take the time to check out what we have in store for you in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/aug2406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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