Welcome to the video update for Wednesday, December the 23rd. Remember the markets close early on Thursday due to the Christmas holiday. They will reopen Sunday evening for overnight trading. First two charts are the gold 900 tick and 300 tick charts. The 900 tick has a potential important fib level approaching and the 300 tick has a possible measured move with a specific target. Check them out if you are a gold trader.
Next chart is the daily euro currency chart where price continues trading outside the lower keltner. By now you should know what this implies. On the 60 minute chart Trader Rick illustrates a trading channel. Trend remains down until price action begins making higher highs and higher lows.
Trader Rick discusses the daily ER chart with an ab=cd pattern with the 1.27 fib overhead. This may be an important target but time will tell. Next is the 1500 volume ER chart and a 9/30 setup is reviewed. This may help in stop loss placement and is a good example of using multiple timeframe analysis.
Last chart is the 240 minute ES chart where we have a defined trading range. See what happened in Tuesday’s trading that may indicate we may see a breakout. Keep an eye on the S&P cash daily because it made a new high on Tuesday but the ES daily did not confirm. Either we fail here or the ES daily ‘catches’ up with the cash market.
Happy holidays to everyone, be safe…and good trading!
Trader Rick