Welcome to the video update for Tuesday, January the 19. Markets were closed on Monday due to a US holiday. First chart up is the weekly eurostoxx 50 weekly. Last week was an outside down week so we will watch the lower keltner area for potential support. The daily chart has the .618 fib at the same level of support as the weekly.
Trader Rick takes a look at the weekly and daily gold continuation charts…take a look if you trade gold.
On the EUR/USD weekly chart, last week price moved higher but look where it closed. What is the current trend on this chart based on the slow stochastic and 3x indicator?
If you trade the EUR/JPY take a look at the sideways action on the weekly chart. No point doing any position trading while we are in this big zone of congestion.
Next up is the daily euro currency chart where we are watching for a possible HL. Moving averages may lead to a trading range between the 50 period simple moving average and the 200 period simple moving average. Trader Rick looks at the 15 minute euro chart where price broke out of a triangle and provided a nice long opportunity.
The dragon pattern continues to unfold on the weekly Canada chart. Trader Rick updates this chart. Take a look at the 600 tick Canada chart…price is in the buy zone when the video update was produced.
Trader Rick looks at the crude market. Last trading day for the February contract is Tuesday, the 19th. Roll to the March (H) contract. Last week was an outside down week on the weekly chart. Price may be losing momentum above 80. The daily chart shows possible support levels.
Final charts are the S&P cash weekly, the NQ weekly where a dragon pattern is unfolding, and the ES daily and 240 minute chart.
Good trading!
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