Welcome to the video update for Monday, January the 11th. First chart up is the eurostoxx 50 weekly and you will see after moving sideways for about 6 weeks that price has begun moving higher in the last 3 weeks. Note what the overhead resistance level is now.
Trader Rick reviews the gold weekly continuation chart. The prior week was an inside week, indicating hesitation, and this past week price moved higher, triggering an aggressive 9/30. The daily chart continues in an uptrend with the recent correction finding support just above the .786 fib.
If you trade the EUR/USD pair take note of the daily chart and see if price moves in to the sell zone. The 3x indicator and slow sto are down and the keltner channel is now sloping down so be aware of a possible lower high. Overall trend on the weekly remains up tho. Keep an eye on the overhead fib zone on the daily chart. The .500 fib may provide some resistance if we get up there. Take a look at the 60 minute if you like the long side. Price has exceeded a previous swing high so watch for a long opportunity if we get a pullback in to the buy zone.
Take a look at the 15 minute all session euro currency chart. The MACD gave us a heads up to look for a buying opportunity. Note the inside candle! Then price moved sideways last Friday afternoon before continuing higher in overnight trading.
We are still watching the dragon pattern unfold on the weekly Canada chart. If you trade the Canada please take a look.
In crude the weekly and daily charts are discussed by Trader Rick. The daily chart shows the current strength in this market. The .500 fib comes in around the $90 level.
So what is the trend in the S&P cash market? Up or down? Trader Rick shows indications now lean towards a specific direction. Know what an irregular abc is or a power buy? The monthly, weekly and 60 minute charts are reviewed. Note support shown on the 60 minute chart.
Good trading!
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Trader Rick
Tags: dragon pattern, fib extensions, fib targets, irregular abc, power buy
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