Welcome to the video update for Monday, March 28th. Looking back on the weekly Silver chart, Trader Rick reviews the 9/30 aggressive buy setup that resulted in a potential profit of about 9 dollars or $45k. Note also the slingshot and the MACD buy setups. If you are a position trader these are key things to look for. This could easily be a 5 minute chart and the setups would apply. This is a good chart to study, even if it is in retrospect.
Looking at the weekly EUR/USD pair chart, this past week was a narrow range week, indicating hesitation. Will we continue moving higher or will we see a retracement? Note the support level IF price retraces in to the buy zone. On the 60 min EUR/USD pair chart, see which pattern Trader Rick is watching for Monday’s trading.
Next chart is the 13,500 volume euro where a very familiar chart pattern is reviewed. This pattern took place last week and the target was hit.
In the stock indexes, study the 9/30 on the 129,600 volume ES chart that took place last Thursday. An aggressive 9/30 buy setup was supported by previous price action. Quality setups such as this on a large timeframe are worth watching very closely. The risk is typically higher but the probability of success are higher. If you dial down to a lower timeframe risk can be minimized, even if it takes more than one attempt to get on board.
Last chart is the 2 bar per day ES chart, price continues moving higher after the bullish ab=cd pattern we talked about last week. See one concern Trader Rick has on this chart. IF price retraces watch for support in the 1292 area.
Good trading!