Welcome to the video update for Thursday’s trading. Trader Rick starts with the weekly Canada chart where we have been watching the formation of a possible dragon pattern. Price continues higher, currently 400 basis points higher than the point of entry at .8669 based on a 9/30 setup. The daily Canada chart shows price has strong momentum based on the current price in relation to the keltner channel.
In crude, Trader Rick is watching the daily chart for a close below a key level to signal a possible retracement. Price has tested overhead resistance which was previous support. Please note the current front month for crude is the September contract.
The weekly euro chart is up next and Trader Rick is watching for evidence that price is moving out of a zone of congestion. Note what to look for on a weekly closing basis this Friday.
Price closed lower today in the ES, first down close in 8 sessions. Momentum has been strong with price trading outside the keltner band since last Wednesday. Watch price action with overhead resistance at hand.
Good trading!
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