Peter Bain Forex Trading Commentary for Tuesday September 12, 2006
Forexmentor.com Forex Trading Price Action
I didn't plot the daily pivots for the euro today, because I wanted to accentuate the power of the 200 EMA - especially on the 15 minute chart.
As at this writing, price is above that level, but its overall trend is STILL down - as it is on the 1 hour. I see what's happening right now as nothing more than another of the many dumb money rallies, flying in the face of the bigger picture, which is bearish.
The same could be said for the pound. The commercial trades are STILL extremely short the euro and the pound, as at last Friday's COT report. I do not see either currency as having legs at the moment. The stool has been kicked out from under both pairs.
For more on what this talk is all about, please have a look-see at the members area of www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
I didn't plot the daily pivots for the euro today, because I wanted to accentuate the power of the 200 EMA - especially on the 15 minute chart.
As at this writing, price is above that level, but its overall trend is STILL down - as it is on the 1 hour. I see what's happening right now as nothing more than another of the many dumb money rallies, flying in the face of the bigger picture, which is bearish.
The same could be said for the pound. The commercial trades are STILL extremely short the euro and the pound, as at last Friday's COT report. I do not see either currency as having legs at the moment. The stool has been kicked out from under both pairs.
For more on what this talk is all about, please have a look-see at the members area of www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1206.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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