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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

EURUSD Update- Reversal Exit Signals

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By in Forex Trading Commentary Last updated on | 12 Comments

Update on EURUSD – Exit Signals at Resistance

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  1. Per April 8, 2010 at 10:38 pm

    Like your work too. I like the simple method of observing price action on a candelstick bar chart. It tells the story best. Topps and bottoms, trend, impulse and correction.

    Vertical lines at implied support and resistance to trade around, simple to place stop and entry orders and exit orders. Vertikel lines is simple and effektive method focusing on entry, exit and stops. I also often find simple trendlines to be very effektive and exact, tells you if trend is up or down, projects potential resistance or support in price and time, how candelstick bars form at significant levels are important signals.

    Well, I am on may way to trade simpler and more profitable and enjoy your work very much.

    I use trendlines and fibonacci levels and chart patterns to identify potential support and resistance levels. I also use EWT as a simple map of what is happening in the market.

    Also like to use 20 SMA and 50 EMA as dynamic trendlines.

    Reply
  2. sam March 24, 2010 at 11:36 am

    nial..you got me there when you say you rarely reverse to short instantly. I have to train myself to follow your discipline because I always take the reverse trend right after closing my previous post with a loss..as if trying to cover the losses immediately..bad habits that I am still trying to stop.

    Reply
  3. Roger Pines March 19, 2010 at 11:57 am

    I agree that EURUSD is going up. It will hit at least 1.3854 next week based on my analysis.

    Reply
  4. David March 19, 2010 at 5:15 am

    Thanks Nial. I’ll go back and take a look. Your insight is extremely valuable to me and other traders. Keep up the good work.

    Reply
  5. Giles March 18, 2010 at 11:02 pm

    Would this price action signal have formed on the back of the negative news from Germany regarding the economic condition of Greece. Could this have held back what appeared to be an obvious EUR recovery? I wonder….

    Reply
  6. richy March 18, 2010 at 10:39 pm

    hi nial and thanks for all you do. this was one of the times i looked at the usd.chf before trading the eur.usd as it’s a rather good contrar correllation market and the doji or big pin on the bottom of yesterday’s daily bar off the 200 sma told me to go long the swissy which is like going short the euro and i already took a third of my position off the table as the London is still open and the ny is just opening w/econews in about 30 minutes. Your 123 on the eur.usd was a great price action signal and still is. In a perfect trading world the 123 was and perhaps still will be what the market is telling us. Again just a little thing that helps me is I compare the euro with the swissy to sometimes see a bit clearer how the usd is looking against the euro. Hope this helps. Again thanks for your continuous and generous posts and vids. Youre the best my friend!

    Reply
  7. T Allen March 18, 2010 at 10:28 pm

    Thanks for the update Nial – keep us posted.

    Reply
  8. David March 18, 2010 at 10:21 pm

    Nial,

    What was your signal to go long? What was your TP level? It appears you were attempting to go long right into a supply level.

    Thanks.

    Reply
    • nial March 19, 2010 at 12:23 am

      Hi David, The reason for my long was exaplained in my prior video, I had seen a nice bottom formation “new higher high and new higher low 1 2 3 reversal”, the market was trending up above its 8 day moving average, and then we say a nice inside bar setup. I rarely trade against the trend, but felt we may have been ready for a short covering rally. Trade bummed out in this instance, adnd in hindsight, would have been nice to see that 1.3800 resisance cleared on a closing basis first.

      Reply
  9. Pete M March 18, 2010 at 10:04 pm

    Hi Nial,

    Thanks for the vid. Wouldn’t the failed breakout then setup as a fakey for a move down?

    Cheers,
    Pete

    Reply
    • nial March 21, 2010 at 2:57 pm

      Well, in this case, I did not short, but yes, It was a clean and valid short signal. Rarely will I be long and then instantly reverse to shorts, its just something I try not to do often. But based on my prior analysis, I was already long, and maybe that was not the best decision since the trend was down and we had resistance at 1.3800. I am a pro, but I still live and learn and can make mistakes. I probably shoul dhave shorted from 1.3800 resistance, in hindsight, a good short setup it was..

      Reply
  10. OG March 18, 2010 at 9:57 pm

    Hey Nial

    I absolutely love your work .. Price Action rules ..

    I reckon the trouble for the EUR/USD in this case came from the USD/CHF.
    That 1.0500 horizontal level and 50% retrace of its last big move must have invited a big crowd around the world to push the dollar higher, even for just a bit ..

    The bearish Fakey from Friday on the USD/JPY was an amazing successful 1:3 trade! Target reached a few hours ago. LOL

    Take care.

    Reply

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