Peter Bain Forex Trading Commentary for Wednesday September 6, 2006
Forexmentor.com Forex Trading Price Action
For two days in a row now, price has sought out M1 on an M1/M3 day, after the London open. This was no big surprise today, in that last night I could clearly see we were in a downtrend continuation pattern on the 15 minute chart, and MACD had already neutralized back up to the waterline.
Not only that, but the 200 EMA was sloping down. It was simply a matter of selling the rally up that EMA, just after the London open. Where have you heard that before folks?
I have a feeling this week, or shortly thereafter, we're going to get some direction on the euro, and I see that as being DOWN! Why? The Big Dogs are on the short side, extremely so, price is meeting resistance at the 1.29 level, we have a potential head and shoulders pattern shaping up on the weekly chart, and we have what would appear to be a bear flag in a downtrend there too. Need I go on?
For more on de-mystifying the finer points of trading the forex, please head on over to the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
For two days in a row now, price has sought out M1 on an M1/M3 day, after the London open. This was no big surprise today, in that last night I could clearly see we were in a downtrend continuation pattern on the 15 minute chart, and MACD had already neutralized back up to the waterline.
Not only that, but the 200 EMA was sloping down. It was simply a matter of selling the rally up that EMA, just after the London open. Where have you heard that before folks?
I have a feeling this week, or shortly thereafter, we're going to get some direction on the euro, and I see that as being DOWN! Why? The Big Dogs are on the short side, extremely so, price is meeting resistance at the 1.29 level, we have a potential head and shoulders pattern shaping up on the weekly chart, and we have what would appear to be a bear flag in a downtrend there too. Need I go on?
For more on de-mystifying the finer points of trading the forex, please head on over to the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep0606.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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