Welcome to the video update for Thursday, December the 17th. Quick reminder that Friday is roll day in the crude oil market so be sure to move to the February contract by the end of the day session trading day. First chart up is the daily ER chart where Trader Rick shows the common ab=cd pattern with the D target being reached in Wednesday’s trading just above 612.00. What is the target of the retracement of the cd leg of the ab=cd pattern?
Another pattern on the 500 volume ER chart from Wednesday’s trading is the head and shoulders. This pattern was fairly symmetrical with a target that was reached in the morning trading.
Trader Rick goes over a 5 minute euro currency chart in the overnight market where a large range has taken place. Note the combination of price moving in to the sell zone and a potential slingshot pattern. Plus the 15 minute chart was trading OKC which makes this a high probability setup with all of these factors lined up. Good chart to study regardless if you trade the euro or not.
In the ES, first chart up is the 4 hour day session chart where we have a distinct trading range of approximately 30 points. Price is in balance resulting in lower probability setups if trying to position trade. Trends take place when price is out of balance. Watch the close on Friday for possible clues which direction this market may go.
Good trading!
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