The trend is down on the GBP/USD, sell the rallies
Forexmentor.com Forex Trading Price Action
Yesterday, in the AM Review, I told you that the pound was trending down, as evidenced by the 200 EMA on the lower-level charts. I indicated that the news rally at 8:30 am ET was just that – a rally in a downtrend. I further indicated that price would probably meet considerable resistance at the 200 EMA mark, should it try to go there again. And, try it did – at noon ET – only to fail. That’s the power of the bellwether 200 EMA indicator, voted the best of the bunch years ago. Need any more proof? Well, the trend today is still down, and price continues to try to rear its head – only to get smashed down again. Translation: Sell those rallies folks. Where have you heard that before? Lest we not forget that the Big Dogs are extremely short the pound, as evidenced by COT data (read, commitments of traders). Today, we had another rally just before the London open – and that one didn’t go anywhere either. I could go on and on, but why not just go to www.forexmentor.com and find out what else the Big Dogs are not telling you about their every move.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Yesterday, in the AM Review, I told you that the pound was trending down, as evidenced by the 200 EMA on the lower-level charts. I indicated that the news rally at 8:30 am ET was just that – a rally in a downtrend. I further indicated that price would probably meet considerable resistance at the 200 EMA mark, should it try to go there again. And, try it did – at noon ET – only to fail. That’s the power of the bellwether 200 EMA indicator, voted the best of the bunch years ago. Need any more proof? Well, the trend today is still down, and price continues to try to rear its head – only to get smashed down again. Translation: Sell those rallies folks. Where have you heard that before? Lest we not forget that the Big Dogs are extremely short the pound, as evidenced by COT data (read, commitments of traders). Today, we had another rally just before the London open – and that one didn’t go anywhere either. I could go on and on, but why not just go to www.forexmentor.com and find out what else the Big Dogs are not telling you about their every move.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
<< Home