Welcome to today’s video update! Trader Rick starts out with a question…just to see if you are paying attention. When considering a trade you are about to take, do you primarily focus on how much money you can make…or do you focus on how much you can lose on the trade? Good question! What is your answer? To get Trader Rick’s answer, check out the video update!
Since today is the end of the month we will be looking at monthly charts to get the big picture view. First chart up is the Canada weekly and we continue to look for a possible dragon pattern. Which body part are we watching? What is the target? See how the monthly Canada looks in comparison to the weekly.
The monthly crude chart shows price in the sell zone but August had the highest close in many months. Trader Rick goes over the weekly and the 60 minute chart too.
Note that in the 30 year bond futures the CME is switching back to tick increments of 1/32nds. Change your charts!
What is the price action in the monthly euro currency chart? Check it out…..
The video update wraps up with charts from the NQ, Dow and the ES.
Don’t forget to hear Trader Rick’s recommendation on what to focus on when considering a trade.
Good trading!