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The Gyrating Nature of Major Market Turns

The Gyrating Nature of Major Market Turns

James Stanley, Senior Strategist

The Gyrating and Uncomfortable Nature of Major Market Turns

Talking Points:

- In this webinar we looked at the recent pullbacks across global markets to look at the vaulted question of: ‘Have we bottomed yet?’ This was an updated view from what we had discussed two weeks ago as the S&P was breaking lower.

- We looked at setups for short SPX500, Ger30 (DAX) and JPN225 (Nikkei); but after the jaw-dropping moves in the first half of February with new lows having come in last week, we may see some continued retracement before the continuation-side of these moves is ready.

- As we outlined, risk management is of the upmost importance here given the increasing volatility that will often happen around trend changes and major market turns. If you want a primer on risk management, read our Traits of Successful Traders.

- We looked at using price action to catch trend-side entries after a big move. That technique is outlined in the article, A Simple But Effective Price Action Tell. This is the prospect of using old support levels to look for new resistance (in a downtrend) or using old resistance levels to function as new support (in a new up-trend).

- If you want a more robust background of price action reading, please check out The Forex Trader’s Guide to Price Action.

--- Written by James Stanley, Analyst for DailyFX.com

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