Welcome to the video update for Monday, December the 20th. This Friday the US markets will be closed for the Christmas holiday. Check your exchange schedules as some markets may close early on Thursday.
How do you trade a 9/30 setup that morphs in to an abc? Trader Rick looks at the EUR/USD pair daily chart where we had a clean 9/30 aggressive short in November but the 9/30 aggressive short setup in early December did not hit its target and developed in to an abc retracement before reaching its initial target. See how Trader Rick would handle this 9/30. Did it get stopped out?
Next chart is the 5 min ES where another 9/30 aggressive short set up. Is this a trade to take or pass on?
In the ES current resistance is in the 1242 area and initial support comes in at 1232 to 1233, then 1227 area.
Happy Holidays! …and good trading!
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