Welcome to the video update for Friday, May the 30th. Remember the GDP report is released at 8:30am est prior to the NY open and it could easily be a market mover. Trader Rick reveals a chart pattern for the weekly Canada chart and IF it forms and reaches target we are looking at a profit potential of about 12 basis points, depending where the important part of the pattern forms.
In the crude market, today price reached a long standing measured move target that was first announced on the video updates back in mid March when crude was trading below $50.
In the interest rate futures, remember the front month is now September for bonds and notes, if you trade these markets. In the September bond market, price is forming a chart pattern that has important implications IF it occurs. Matter of fact, there are 2 chart patterns Trader Rick is watching for, so don’t miss this if you trade bonds.
In the ES, Trader Rick reviews the price action for Thursday’s trading. There was one solid 3x trend method setup that took place after a new high of day was made. He also gives a tip regarding the open range so be sure to check it out. There is also a possible rising wedge to keep an eye on in early Friday trading.
Remember, the new MACD training video was released early this past week to members of the Traders Club. Joining the Traders Club is a good opportunity to improve the consistency of your trading.
Good trading!