Welcome to the video update for Monday, August the 8th. Remember, the Fed announces any interest rate changes this Tuesday, the 10th at 2:15pm est. Be prepared for FOMC day!
Sometimes in trading you come to the point where what you think is going on, may not be. We are possibly at that point in the EUR/USD pair on the weekly chart. Trader Rick has been watching a potential ab=cd pattern for many weeks and while it still may develop, price is telling us that something else may be happening. Take a look at the charts and see.
Any idea why you should look at the S&P cash chart if you trade the ES futures? There is no premium or discount factored in as you see on the futures charts. It is the cash market! On the weekly S&P cash chart price remains in the sell zone so watch where we close this coming Friday.
Trader Rick discusses the two bar per day and the 60 min ES charts so be sure to check them out before the open on Monday.
Good trading!
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Tags: ab=cd pattern, S&P cash
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