Video Update: 15 May

Welcome to Friday’s video update.  This will be short and  sweet.  Trader Rick first looks at the weekly Canada chart to keep an eye on where this market closes on Friday.  Most likely the Canada is forming an abc pattern.  Price is approaching the typical fib zone of resistance.  It will be important to see where this week’s candle closes in relation to last week’s candle.  Price this week exceeded the previous week’s high but is threatening to close lower than last week’s close.

In the ES, Trader Rick looks at the fib zone for the 60 min day session chart.  There was also a 3 candle pattern on the 60 min chart that often occurs at trend reversals or the beginning of congestion.  On the daily ES chart, today was a narrow range day.  Does it take place in the buy zone?  Be sure to make note where important support lies in this market

Good trading!