FX:EURUSD   Euro Fx/U.S. Dollar
Market is having a free fall at the moment after breaking the key support zone around 1.3330. The momentum is obviously very bearish now.

Market is now approaching the key support zone around 1.3116. That will be an interesting point to watch and see if that support holds or breaks. If it holds and presents nice price action buy signal, then I will go long to trade it back up to the key resistance zone 1.3330.

The market may be due for some correction soon.
TucKinetti
2 years ago
nice chart Casey… EUR still under a lot of downward pressure, should we wait for rebound to short rather than long, what is your pro advice..
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Casey_Yeo TucKinetti
2 years ago
I'm not a pro yet and I'm not advising anything. My plan is simply to watch the price action at these two levels highlighted in the chart. If there is a nice buy signal at support, I will take the counter trend trade in the belief that this pair is quite over extended to the downside. So I need a buy signal confirmation here. If price reach the resistance zone, I will be watching for sell signal, even drilling down to lower timeframe to look for one, to short in line with the downtrend.
Fundamentally, we all know EUR is under tremendous pressure given the expectation of QE or other stimulus policies to spur growth. Its economy is just sluggish compared to US and UK at the moment.
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joel.pena
2 years ago
Great analysis Casey!. What is the signal confirmation you are waiting for? (I am learning from the pro)
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Casey_Yeo joel.pena
2 years ago
basic stuff like pin bar (or some people called kangaroo tail).
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joel.pena Casey_Yeo
2 years ago
Kangaroo tail? I have to do my research, any suggestion?
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Casey_Yeo joel.pena
2 years ago
My junior staff used to tell me "Google is our best friend!"
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Casey_Yeo joel.pena
2 years ago
Btw Joel, I remember I gave you a name to start with for pure price action trading. Just search for him and read up on his free material on his website. If you like what you see, then go ahead to learn from him.
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Casey_Yeo joel.pena
2 years ago
Some people may also watch for higher highs and higher lows in lower timeframe for buying confirmation. There are many ways to do it. You just need to spend time to test them and incorporate them into your trading plan. It is important to have a written trading plan with rules and money management.
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joel.pena Casey_Yeo
2 years ago
Do you have a website, twitter or blog?
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Casey_Yeo joel.pena
2 years ago
Do you mean me or my recommendations?
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joel.pena Casey_Yeo
2 years ago
Recommendations and if you have material on the web it
would be awesome.
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Casey_Yeo joel.pena
2 years ago
search for Nial Fuller for price action.
search for Jason Stapleton and Akil Stokes for harmonic patterns.
depends on what you want.
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joel.pena Casey_Yeo
2 years ago
I will. Thanks.
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Casey_Yeo joel.pena
2 years ago
Enjoy the journey.
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Casey_Yeo joel.pena
2 years ago
I forgot to mention this book called "Naked Forex". It helps me a lot in learning on how to identify the key levels. It is also in this book that they call pin bar as kangaroo tail.
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joel.pena Casey_Yeo
2 years ago
From Peter Walters?
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Casey_Yeo joel.pena
2 years ago
Yes. You read it?
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joel.pena Casey_Yeo
2 years ago
I listened the trading heroes podcast and he talked about it. I will put it on my MUST read list.
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