Welcome to the video update for Monday, April the 19th. First up is the weekly EUR/USD chart where price attempted to close in the sell zone last week but was not able to do so. IF price can rally in to the sell zone, specific resistance levels are discussed. Take a look at the daily EUR/USD chart where an ab=cd with a 1.27 fib extension pattern is in play. What is the target of this pattern?
Trader Rick discusses the EUR/JPY forex weekly chart where last week was an inside week, indicating hesistation. The MACD may also be turning back down.
Next chart is the weekly gold continuation chart where price declined about $24 this past week. Not much has changed in this market. Gold appears to be in a trading range, but if price can close above last week’s high then look for the 1.618 fib to be tested. The daily gold chart shows price in the buy zone with no divergences indicating loss of momentum. That is a good thing!
Trader Rick focuses on the crude market in this week’s video update. Crude rolls to the June contract on Monday. Take a look at the 60 minute day session chart where we have a possible ab=cd pattern. If the D level does not hold look to the 1.27 level which comes in at about 80.61.
Take a look at the 175 tick crude chart to see how Trader Rick traded this on Friday morning.
Next up are the stock index futures, beginning with the 60 minute day session ER chart. Watch for the possibility of a lower high, IF price rallies. What is the primary warning for a short setup? The NQ and the ES charts are also reviewed so don’t miss them!
Good trading!
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Tags: ab=cd pattern, MACD, stock index futures
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