Video Update: 7 January – daytrade patterns
January 6, 2010 by admin
Welcome to the video update for Thursday, January the 7th. First chart up is the 60 min day session ES and Trader Rick talks about how price finished weak last Friday but the gap open on Monday negated a selling opportunity mentioned in the weekend video update. Note the trading conditions when you want to watch for a dip in to the buy zone and dial down to find a buying opportunity. The 15 minute ES chart has a possible bearish pattern. Do you recognize this pattern? What is the full target of this pattern IF it is a valid pattern?
Next chart is the 15 minute all session euro currency chart and look at the high probability setup when price pulled back in to the buy zone. See the conservative 9/30 long?
Trader Rick discusses the daily crude chart which shows price moving directionally to the upside since late December. This is a good opportunity to dial down and find a timeframe in the buy zone. See what timeframe provided multiple buying opportunities.
Last chart is the gold weekly which was not discussed in last weekend’s video update so if you trade gold be sure to take a look at this chart. Price this week is breaking out of an inside week in the buy zone.
Good trading!
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Hi Rick–I wonder if you would consider, sometime, covering an ETF that follows a stock market index and also the obverse–I’m thinking of QQQQ and QID for the Nasdaq, for instance.
Anne Nagy