Peter Bain Forex Trading Commentary for Friday Thursday September 14, 2006
Forexmentor.com Price Action
Today, I'm focussing on the Aussie, as the Big Dogs are going shorter that currency. And, all chart levels are reflecting bearishness - especially with the 200 EMA trending down on the 4 hour, 1 hour, and 15 min. charts.
Today, the dumb money pushed the Aussie up to the hourly 200 EMA, after the London open - and that's where it stopped its ascent almost bang on. Not only that, but we had a Tom DeMark trendline break at that point on the 15 min., confirmed by MACD punching down through its trigger line. Sell the rallies in this downtrending market folks. Also, keep an eye on the loonie (read, Canadian dollar). There, you should buy the dips in the up-trend. Check out the daily chart. We are experiencing a retracement - perfect buying opportunity.
For more on the dirty little secrets only the Big Dogs know, you'll find them all in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Today, I'm focussing on the Aussie, as the Big Dogs are going shorter that currency. And, all chart levels are reflecting bearishness - especially with the 200 EMA trending down on the 4 hour, 1 hour, and 15 min. charts.
Today, the dumb money pushed the Aussie up to the hourly 200 EMA, after the London open - and that's where it stopped its ascent almost bang on. Not only that, but we had a Tom DeMark trendline break at that point on the 15 min., confirmed by MACD punching down through its trigger line. Sell the rallies in this downtrending market folks. Also, keep an eye on the loonie (read, Canadian dollar). There, you should buy the dips in the up-trend. Check out the daily chart. We are experiencing a retracement - perfect buying opportunity.
For more on the dirty little secrets only the Big Dogs know, you'll find them all in the members area at www.forexmentor.com.
See today's chart at: http://www.forexmentor.com/campaign/sep1406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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