Welcome to the video update for Thursday, August the 20th. First chart up is the crude daily chart and a reminder that the front month for crude is now October. Today’s close may be possibly an important event as price is now trading above previous resistance. The weekly fib and the 1.27 fib extension indicates the next level to the upside we are now watching.
Trader Rick is watching the 60 min all session euro currency chart. See what he is looking for on this timeframe. A common pattern may also be forming on this timeframe.
Moving to the ES, first chart up is a good example of a common setup covered in the Traders Club video library called the emini globex fib extension method. Trader Rick reviews the 60 min day session ES chart going back to the close of Tuesday’s trading. See how this slingshot pattern played out. Previous support became resistance, then may be support again. Important to watch where support comes in.
Good trading!
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