Welcome to the video update for Friday, March the 5th. The EUR/USD pair weekly chart looks like it may end this week with another doji, the 4th week in a row. This market is in big time hesitation mode! The various moving averages overhead provide resistance so if price moves up in to the sell zone which is above the 9ema, look for a shorting opportunity. On the 60 min chart Trader Rick shows the short that setup in early trading on Thursday resulting in a clean aggressive 9/30 sell. The slow sto and the 3x indicator confirmed.
Next up is a clean setup on the 4500 volume euro chart. See how this sell was confirmed resulting in a solid move to the downside. Good example of a slingshot.
Moving to the stock indexes, compare the weekly ER chart and the ES weekly chart. Divergence! Will the ES follow thru and make new highs or will we get a lower high? The ER may be forming a 1-2-3 pattern. Take a look at the 2 bar per day ES chart and note where significant resistance may be forming.
Good Trading!