Welcome to the video update for Tuesday, September the 7th. For those in the U.S., I hope you enjoyed your Labor Day weekend. My aunt celebrated her 95th birthday on Saturday which was great fun.
First chart up is the EUR/USD pair weekly chart where we continue to monitor a possible ab=cd pattern. As we discussed in the previous two updates we do not have a confirmed 9/30 long setup because the 9ema and the 30wma have not crossed. But the slow stochastic is up as is the 3x indicator. We are also in first retracement territory. The monthly chart has a downward bias (what was last month’s candle?) as does the daily chart where we are watching a potential 9/30 short setup IF we get a close below last Friday’s low.
In the stock indexes, looking at the weekly continuation ES chart, we are in a trading range between 1037 on the downside and 1128 area on the upside. For Tuesday’s trading note if we push decisively thru the 1103 – 1105 area or fail. Trader Rick gives a tip what to look for that suggests we are in a trading range.
Good trading!
Tags: ab=cd pattern
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