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Webinar: Stocks at Resistance and USD Still Bid: Price Action Setups

Webinar: Stocks at Resistance and USD Still Bid: Price Action Setups

2016-02-23 20:09:00
James Stanley, Currency Strategist
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Talking Points:

- Equities are finally putting in an element of resistance after the post-Yellen rally, and this opens the door for swing setups in the direction of the previous trend (down). In this webinar, we looked at the US-spectrum with SPX500, US30 and then NAS100. We then moved over to look at the DAX out of Germany (GER30), the CAC40 out of France (FRA40) and then, of course, the Nikkei out of Japan (JPN225).

-We incorporated Price Action with long-term Fibonacci setups in each of these markets. In the case of GBP/USD, we had to incorporate short-term extensions in order to find a potentially amenable and nearby resistance level to sell off of.

- We looked at short-side continuation setup for all of these markets. Each is in a varying degree of stress, and in the video we look at using price action to time entries whilst also keeping an eye on risk.

- We looked at EUR/USD and the prospect of down-trend continuation. We had also discussed this in the market talk piece this morning, entitled, EUR/USD Falls to 1.1000, Is it Time to Get Short Again?

- We looked at updates for previous setups in Gold, GBP/USD and EUR/USD.

- We discussed using price action to denote down-trend continuation by looking for short-term swing lows to get pierced by lower prices to indicate that bears may be able to continue pushing prices lower. At that point, we can wait for resistance to show in the vicinity of old support in the effort of taking a risk-efficient entry into the market. To learn more about risk management and why timing is of the upmost importance, please check out our Traits of Successful Traders research.

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

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