Peter Bain Forex Trading Commentary for Tuesday August 22, 2006
Forexmentor.com Forex Trading Price Action
Hi Folks! I'm back from vacation, and feel like I need another one right away. That's always the way it is when you catch some downtime. Anyway, I'm glad to be back. It looks like not much has happened with the euro - up, down, up, down . There's still lots of dumb money in the system yet to be flushed out.
The commercial traders (read, Big Dogs) are STILL extremely short the euro (and the pound this time) - and even more so than when I went on vacation. Oh, I don't expect the sky to fall, but I could certainly see the euro tumbling to the .24 level, before all is said and done. It may just take a while.
Commitments of traders data (aka COT) is NOT an indicator, but simply an expression of commercial sentiment, and it can take a while for their predisposition to filter through to the markets. It's called flushing the dumb money out of the system, of which there's lots around. It was no surprise to see the euroswoon into today's session, given what I saw on the hourly chart last night - MACD pointing down, with good angle and separation between it and its trigger line. That's all for now folks. Gotta save some words for tomorrow. See you then. Until then, don't forget that we have a TON of information waiting for you in the members area at www.forexmentor.com. forexmentor.com
See today's chart at: http://www.forexmentor.com/campaign/aug2206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Hi Folks! I'm back from vacation, and feel like I need another one right away. That's always the way it is when you catch some downtime. Anyway, I'm glad to be back. It looks like not much has happened with the euro - up, down, up, down . There's still lots of dumb money in the system yet to be flushed out.
The commercial traders (read, Big Dogs) are STILL extremely short the euro (and the pound this time) - and even more so than when I went on vacation. Oh, I don't expect the sky to fall, but I could certainly see the euro tumbling to the .24 level, before all is said and done. It may just take a while.
Commitments of traders data (aka COT) is NOT an indicator, but simply an expression of commercial sentiment, and it can take a while for their predisposition to filter through to the markets. It's called flushing the dumb money out of the system, of which there's lots around. It was no surprise to see the euroswoon into today's session, given what I saw on the hourly chart last night - MACD pointing down, with good angle and separation between it and its trigger line. That's all for now folks. Gotta save some words for tomorrow. See you then. Until then, don't forget that we have a TON of information waiting for you in the members area at www.forexmentor.com. forexmentor.com
See today's chart at: http://www.forexmentor.com/campaign/aug2206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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