Welcome to the video update for Monday, November the 15th. First chart is the weekly EUR/USD pair where we got the weekly close below 1.3863 mentioned in last week’s video update. This is the first confirmation of a possible retracement. Note the support levels stated in the video.
Trader Rick takes a look at the weekly Yen futures chart where price closed lower than the previous 5 weeks. Watch the price action IF price moves in to the buy zone. Slow stochastic and the 3x indicator remain up.
On the weekly crude oil chart, price moved higher last week but closed lower than the previous week’s close. If price retraces Trader Rick gives the support levels to watch. If price continues higher note the 1.27 fib extension target of approximately 92.60.
In the stock indexes, the first chart up is the weekly S&P cash where price put in an inside week, indicating hesitation or loss of momentum. Trader Rick discusses the underlying support levels to watch.
Last chart is the YM 1350 tick where a conservative 9/30 short setup is reviewed. Price had been making lower lows and lower highs prior to the setup. The 9ema crossed the 30wma to the downside then in late morning trading last Friday price setup the 9/30 conservative short. Entry, risk and targets are discussed. This was a confirmed trade as discussed in the Trader Club video library.
Good Trading!
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