Welcome to the Video update for Monday, November 2nd. With the end of the month this past Friday, Trader Rick will cover monthly charts in addition to the regular charts. First chart up is the monthly gold chart and this past month closed above the high from 2008. Trend and momentum is up . On the weekly chart see where the close took place and where to look for support. Note the fib zone on the daily gold chart where support may be found. Currently, on the 60 min gold chart, look for an ab=cd pattern. If this unfolds, look for a buying opportunity.
Next chart is the EUR/USD forex daily chart. Trader Rick is monitoring the current retracement for support. On the 60 minute chart, if price takes out the lows on the 28th of October, look for the 1.27 fib extension for possible support.
Trader Rick analyzes the monthly euro currency chart. Current momentum is up but the month of October was a spinning top candle. The weekly chart is also discussed.
The Canada monthly chart found resistance at the .618 fib. There is a potential for a slingshot. Overall trend is up on this timeframe. Dragon pattern is still in play on the weekly chart. Watch for a possible rising wedge!
Next, Trader Rick illustrates an example of ‘dialing down’ to find an entry. See what pattern to look for on a smaller timeframe. A 1500 volume dec wheat chart is shown.
Monthly crude chart is next. The next month may be important in terms of determining the direction in this market. The potential for a slingshot still exists. Daily crude chart is interesting so take a look. Price is in the buy zone currently.
Next chart is the monthly T bond chart where price made new highs last month but closed lower than the previous month. On the weekly chart, continue looking for a completion of an ab=cd pattern.
Finally, Trader Rick looks at the indices, starting witht the S&P cash monthly chart. We have a possible slingshot and a conservative 9/30 setup. Which direction? Other markets covered are the NQ, YM and the ES.
Trader Rick’s next video update will either be Thursday night or Sunday night.
Remember, the FOMC announcement takes place this Wednesday afternoon at 2:15 pm est.
Good trading!
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