Welcome to the video update for Friday, November the 20th. First chart up is the euro currency 13500 volume chart where we may have a triangle pattern. Trading in a triangle typically carries a lower probability of a successful trade so be careful. Keep an eye on underlying support just above 1.4800.
Trader Rick takes a look at the daily gold chart where the 1-2-3 pattern looks less likely. Be sure to see what common pattern may be forming on a small timeframe. The target is given if triggered.
Price is in congestion in the daily crude chart. The ab=cd pattern shown is a bullish pattern but it may not be complete. If you trade crude we rolled to the January contract today. The symbol is F.
Trader Rick discusses the stock indices starting with the S&P cash daily chart. Today’s price action may be significant, closing below the lows of the previous two days. A 1-2-3 pattern may also be forming. An interesting non-confirmation is shown with the ES and the ER charts side by side. While the ES was making new highs this week the Russell was not close to its recent highs in mid October. Is this a warning?
Trader Rick finishes up with the ES daily, 240 minute and 60 minute charts. Be sure to check out the 240 minute chart!
Good trading!
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