Welcome to the video update for Monday, March the 8th. We will start off with the eurostoxx 50 weekly chart where we are looking for a lower high, a double top or higher prices. Trader Rick looks at the weekly gold chart where we are still watching a possible abc correction. The MACD is still favorable for higher prices but we cannot discount the possibility for a more complex correction. On the 60 minute chart note where underlying support is. MACD was also helpful for identifying support.
The EUR/USD pair weekly chart put in yet another doji. If price rallies in to the sell zone look for a shorting opportunity. If price does not rally, see what Trader Rick is looking for to the downside. Take a look at the 60 minute chart too if you trade this market to see if we got a buying opportunity in the overnight US market.
Trader Rick talks about a possible pattern forming on the weekly Canada chart. Does it normally lead to higher or lower prices?
Take a look at the 1800 tick yen chart which has a high probability short setup. Very clean trade and illustrates the importance of trade selection. This setup was confirmed by not only the 3x timeframe but also the 9x timeframe.
Note where underlying support comes in on the 60 minute crude chart. This could be a key support in the near term.
Trader Rick analyzes the YM, ER and the ES charts. While the ER is making new recent highs, the YM and ES is thus far not confirming, creating a divergence. If you are a trader who likes to take countertrend trades, be sure to look at the 60 minute ES chart. This could save you a lot of money by staying out a strong momentum market. Ok, what was the ideal timeframe to have been watching last Friday in the ES? It is at the end of the video update.
Good trading!