Welcome to the video update for Monday, September 21st. First chart is the daily Gold chart, with the large triangle having been recently broken to the upside. Upside targets are discussed as are support levels to the downside. Trader Rick goes over the weekly crude chart. See what has changed since last week’s close. If you trade crude, please remember today is the last trading day for the October contract. Front month becomes the November contract (symbol is X).
Take a look at a ten year note setup from Friday. This setup was a common chart pattern when price moves out of the keltner channel. See what type of 9/30 setup this was. This also set up what Trader Rick calls a ‘baby’ slingshot. This type of sling was coined by a member of the Traders Club!
Weekly euro currency chart shows price is approaching the D target of the ab=cd pattern. See what this pattern may mean. Be sure to look at the euro intraday charts Trader Rick shows illustrating the importance of understanding multiple timeframe analysis. He uses the 500 volume and the 1500 volume chart to show a high probability short setup.
Next up is the weekly Canada chart which has a potential dragon pattern. Keep an eye on price to see if it begins to accelerate to the upside..or…corrects.
The NQ weekly also has a possible dragon pattern. Check the current status of this pattern.
In the ES, price closed this last Friday at weekly highs for this year. Note we are in the fib zone where price often finds resistance. No sell signal yet on a weekly chart. On the daily ES chart, Trader Rick shows where to watch on a daily closing basis.
Good trading!
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