Video Update: 26 October – daytrading review

Welcome to the video update for Monday, October 26th.  Trader Rick starts with the weekly gold continuation chart where loss of momentum is taking place.  Last week was an inside week.  Expect a breakout in the next week.  On the daily look for a possible slingshot and support at the lower keltner.

For forex traders, take a look at the 60 minute EUR/USD chart.  Possible ascending triangle.  On the weekly euro currency chart, price continues moving higher.  Upside target is given.  Careful taking countertrend setups!

The dragon pattern is still intact on the weekly Canada chart.  There are some signs of waning momentum.  The daily chart shows near term support.  An aggressive 9/30 setup is shown.

Trader Rick discusses the crude and the 10 year note markets, followed by the indexes.  Be sure to see the intraday short setup in the ES from last Thursday afternoon that failed to materialize.  Good illustration of the importance to use stop losses!

Good trading!