Welcome to the video update for Monday, April the 26th. Quick reminder that Wednesday is FOMC announcement day at 2:15pm est. Make a note on your trading calendar! First chart is the weekly EUR/USD pair and last week price traded lower but we have early evidence that a trading range may be forming. The overall trend on this chart is still down indicated by the slow stochastic and the 3x indicator. Trader Rick updates the EUR/USD daily chart from last weekends video update where an ab=cd pattern was forming. Be sure to see how this has played out this past week. Friday’s price action was a piercing pattern, indicating that we may have seen short term lows.

What should you be looking for on the EUR/USD 60 minute chart that would indicate a change of trend? This is a common pattern so if you trade this forex pair be sure to watch.

Trader Rick updates the EUR/JPY weekly chart. MACD has turned down. What next?

The daily gold chart shows a conservative 9/30 long entry this past trading week. Do you see it?

The weekly Canada chart is updated as the dragon pattern continues to unfold. Target of this pattern is approximately 300 basis points to the upside!

On the daily crude chart, note how previous resistance is now support.

Turning to the stock indexes, take a look at the weekly Dow chart and a measured move that has been in play for many months. We are now about 100 Dow points away from reaching this target. When this pattern was pointed out back in the summer of 2009 it seemed very unlikely we would reach this target based on how bearish the sentiment was at the time.

The Dow daily and 60 minute charts are discussed. Note the ascending triangle on the 60 minute chart. What might this be telling us? The NQ weekly chart shows we are right below the target of a dragon pattern. We’ve been watching this possible pattern develop since early 2009. Note the ascending triangle on the 60 minute NQ chart!

Trader Rick reveals the overhead targets for the ES market.

Good trading!

Welcome to the video update for Monday, January 25th.  First chart is the eurostoxx 50 weekly where price may be approaching near term support.  The daily chart shows price breaking an ascending triangle, creating a top, then reversing the trend, retracing down thru the apex of the triangle.  Trader Rick discusses the 13500 volume chart where the sell zone lines up with the fib zone.  Watch price action IF it enters the sell zone.

Moving to the gold weekly chart, price is currently in the near term support zone.  Overhead targets are still in play.  Take a look at the 60 minute gold chart where you will see price tested a previous swing low.

Next up is the weekly EUR/USD chart where we will be watching to see if price rallies in to the sell zone.  Note where support is.  The daily chart is also illustrated.

The daily euro currency chart shows price testing the .786 fib level.  Will price find support here?

On the Canada weekly chart, last week completed a 3 candlestick pattern.  where will support come in? Trader Rick shows the daily Canada chart with a possible ascending triangle or an ab=cd pattern.

Next chart is the crude weekly where a 1-2-3 pattern is a possibility.  Targets are given for this pattern.  The daily crude chart is very interesting.  Take a look at it.

Next up is the S&P cash weekly/daily/60 minute charts, followed by the NQ 60 minute, YM daily, the ER 60 minute and two ES charts with Trader Rick’s comments.

Good trading!   (…and use stops!)