Peter Bain Forex Trading Commentary for Wednesday October 4, 2006
Forexmentor.com Forex Trading Price Action
Well folks. shameless brag time again. I'll take it any time I can get it. I've been preaching the merits of shorting the Aussie and loonie lately, right? And, you've all been paying attention, right? Please say yes to make my day. Referencing the Aussie, all signs pointed to further weakness going into today's session. Price rose into the London session, in opposition to the direction of the 200 EMA, which was trending down. An inverted hammer at that level signaled the rally was over, and that was further confirmed by a subsequent Tom DeMark trendline break, and MACD punching down through its trigger line. Too easy folks, especially when you know what the overall prevailing trend is.
See today's chart at: http://www.forexmentor.com/campaign/oct0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Well folks. shameless brag time again. I'll take it any time I can get it. I've been preaching the merits of shorting the Aussie and loonie lately, right? And, you've all been paying attention, right? Please say yes to make my day. Referencing the Aussie, all signs pointed to further weakness going into today's session. Price rose into the London session, in opposition to the direction of the 200 EMA, which was trending down. An inverted hammer at that level signaled the rally was over, and that was further confirmed by a subsequent Tom DeMark trendline break, and MACD punching down through its trigger line. Too easy folks, especially when you know what the overall prevailing trend is.
See today's chart at: http://www.forexmentor.com/campaign/oct0406.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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