Welcome to the video update for Monday, June 14th. Check out the short trading lesson on the two most common types of retracements after a rally outside the keltner channel. First chart is the EUR/USD pair weekly chart where price completed the 4th consecutive week trading outside the lower keltner channel. Note the overhead resistance levels IF price rallies. The D target of the ab=cd pattern remains at just above 1.1400. The EUR/JPY pair weekly chart is similar as price continues trading outside the lower keltner channel.
Next up is the weekly gold chart. Trader Rick is watching notable resistance at the $1250/oz level where we have the 1.618 fib. If price can decisively close above this level price should continue moving higher to the measured move target of about $1330. Please note that the current bullish sentiment is very high and it would not be a surprise to see a correction in the near future. If you trade gold please be sure to look at the 60 minute chart!
Nothing new to update on the Canada chart so we take a look at the weekly crude where price is trading near support. If support holds here we might be in a trading range. If you are a crude trader look at the daily chart for overhead resistance levels.
Trader Rick takes a look at the Dow starting with the monthly chart, all the way down to the 60 minute chart. Knowing where the large timeframes are can be very helpful in making trading decisions on the intraday timeframes. The 60 minute chart shows a possible pattern worth noting.
Good trading!
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Tags: ab=cd pattern
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