Commentary on the EUR/USD

Forexmentor.com Forex Trading Price Action

So, you don’t believe me? I have been preaching the merits lately of paying attention to the time of day. Well, Monday, May 7/07 was no exception. Just like clockwork, pardon the expression, the euro turned turtle at the London close (~11 am ET), and offered up quite a few pips to those who heeded my advice.

Technically speaking, we had a Tom DeMark trendline break confirmed by MACD, we had an inverted hammer go outside the upper Bollinger band, we had a spinning top, etc. Whenever you see price action go outside a Bollinger band, you can normally expect price to then retrace to the other band – the lower one in this case.

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