Welcome to the video update for Monday, April the 26th. Quick reminder that Wednesday is FOMC announcement day at 2:15pm est. Make a note on your trading calendar! First chart is the weekly EUR/USD pair and last week price traded lower but we have early evidence that a trading range may be forming. The overall trend on this chart is still down indicated by the slow stochastic and the 3x indicator. Trader Rick updates the EUR/USD daily chart from last weekends video update where an ab=cd pattern was forming. Be sure to see how this has played out this past week. Friday’s price action was a piercing pattern, indicating that we may have seen short term lows.
What should you be looking for on the EUR/USD 60 minute chart that would indicate a change of trend? This is a common pattern so if you trade this forex pair be sure to watch.
Trader Rick updates the EUR/JPY weekly chart. MACD has turned down. What next?
The daily gold chart shows a conservative 9/30 long entry this past trading week. Do you see it?
The weekly Canada chart is updated as the dragon pattern continues to unfold. Target of this pattern is approximately 300 basis points to the upside!
On the daily crude chart, note how previous resistance is now support.
Turning to the stock indexes, take a look at the weekly Dow chart and a measured move that has been in play for many months. We are now about 100 Dow points away from reaching this target. When this pattern was pointed out back in the summer of 2009 it seemed very unlikely we would reach this target based on how bearish the sentiment was at the time.
The Dow daily and 60 minute charts are discussed. Note the ascending triangle on the 60 minute chart. What might this be telling us? The NQ weekly chart shows we are right below the target of a dragon pattern. We’ve been watching this possible pattern develop since early 2009. Note the ascending triangle on the 60 minute NQ chart!
Trader Rick reveals the overhead targets for the ES market.
Good trading!
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Tags: 9/30 Setup, ab=cd pattern, ascending triangle, dragon pattern, measured move, price action
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