Welcome to the video update for Monday, April the 12th. We will start with the EUR/USD weekly chart where price is moving in to the sell zone in the overnight market. Note Trader Rick’s concern on taking a short setup if presented. On the daily chart Trader Rick is looking at a possible ab=cd pattern with a fib extension. Be sure to watch the end of the video update to see a review of the 60 minute chart from last Thursday’s update. We got the trend reversal as outlined by Trader Rick on Friday.
Price is in the sell zone on the weekly EUR/JPY chart. If price moves thru the immediate overhead resistance level, see where price may go next. Otherwise, price is in position to roll over at the current level.
Next up is the gold weekly chart where price was up $35 this past week and closed at its highest level since December of 2009. It appears the abc correction is complete. The daily chart shows the current momentum strength as price traded outside the keltner channel all last week!
The weekly Canada chart shows price moving higher this past week and is approaching the dragon pattern target.
Next chart is the weekly crude chart where price is moving closer to the .50 fib which is at $90.35. Be sure to catch the commentary on the 60 minute crude chart where a gap may be providing support in an uptrend. Trader Rick also talks about counting waves in a retracement. Most waves are simple abc corrections but often we see a complex correction and this is a good example of an abcde retracement.
Next up are the stock indexes with the first chart being the S&P cash weekly chart. Also discussed is the NQ weekly, the 13,500 volume ER which you want to watch and the weekly/daily ES.
Good trading!
[flashvideo width=550 height=413 filename=http://videoupdates10.s3.amazonaws.com/videonewsl041110/videonewsl041110.flv /]
Tags: ab=cd pattern, abc correction, dragon pattern, fib extension, OKC, outside the keltner channel
Leave A Reply (No comments So Far)
No comments yet