Welcome to the video update for Monday, July the 12th. Please note the next video update will be either July 21st or July 22nd. Trader Rick will be on vacation in beautiful Arizona enjoying the hot weather.
First chart is the EUR/USD pair weekly chart and note that price is in the sell zone, up against the upper keltner. This may be an important week for this market. Watch this coming Friday’s close to see if a 9/30 short is triggered. We also have a possible slingshot forming. The ab=cd pattern is still in play. On the daily EUR/USD pair chart we have a possible abc correction which would tell us to look for the downtrend to resume once the correction is complete.
Gold traders should take a look at the weekly continuation chart where price is in the buy zone. Will the current bullish sentiment be ignored and price moves higher? Be sure to look at the daily gold chart!
On the weekly crude chart, see what tells us we might see a trading range. If you trade crude, be sure to check out the 60 minute chart.
In the stock indexes, first chart is the YM weekly chart where the moving averages are converging where price currently is. What does this mean? Expect some increased volatility IF price moves away from this area.
The video update concludes with a look at the ER weekly and ES charts.
Good trading and see you the middle of next week!
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