Video Update: 22 February 2010

Welcome to the video update for Monday, February the 22nd. On the eurostoxx 50 weekly chart, last week price closed higher than the high of the previous week, which has bullish implications. Don’t be surprised tho if price makes a lower high IF price pushes higher. On the daily chart overhead resistance comes in at 2847. See what level could trigger a 9/30 short.

Trader Rick next looks at the weekly EUR/USD pair where for the 2nd week in a row we had a doji. Chances are you know what that means! IF price rallies from here, look for a selling opportunity in the sell zone. The 60 minute chart shows price right at resistance but we have strong momentum currently.

Next up is the weekly gold continuation chart where price broke to the upside after an inside week. Has the abc correction completed or do we get a more complex correction…an abcde?

With the end of the month this week, take a look at the monthly euro currency chart and see what fib level price may have found support. If price moves lower then we will look for an ab=cd pattern.

The weekly Canada chart shows price in a trading range. Dragon pattern is still intact. The 60 minute chart has a bullish bias in the near term with price making a higher high and trading outside the upper keltner channel. Look for a buying opportunity IF price pulls back.

The monthly crude chart shows price in consolidation between 68 and 84. A slingshot is still a possibility but a move to the overhead .50 fib is also possible. Time will tell which direction we go.

If you trade bond futures take a look at the 60 minute day session chart. May get a 9/30 setup and/or a slingshot.

In the indexes take a look at the YM 450 tick chart that has a common pattern that may have completed well before you get this video update. Still worth seeing how it played out. The DOW weekly and daily charts are reviewed as well as the 203 minute day session ES chart. IF we get a continued rally look for the 1125 area to provide initial resistance.

Good Trading!

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Tags: ab=cd pattern, EUR/USD pair, slingshot, trading range