Welcome to the video update for Thursday, April the 15th. Trader Rick reviews a failed pattern that was originally discussed in the video update of April the 8th. The ES 129,600 volume timeframe had the potential for a head and shoulders pattern, but how did that turn out? Be sure to take a look. Remember, a failed pattern is a pattern in of itself.
We are watching a possible ab=cd pattern with a 1.27 fib extension on the EUR/USD daily chart. So far, price has tested the 1.27 fib extension of this pattern. Do we have any signs of pattern completion?
Next chart up is the daily crude where price this week tested previous resistance which is now support, setting up a 9/30 long.
Trader Rick reviews the stock index charts, staring with the S&P cash weekly chart. As price continues higher with strong momentum (no volume tho!), the target at 1230 area is not far away. Dialing down to the 60 minute timeframe, take a look at the NQ chart. Traded the entire day outside the keltner channel. Trader Rick illustrates how to find high probability setups when price is trading outside the keltner channel. Same illustration using the 60 minute day session only ES chart. Great examples of being very selective in the trades you take!
Last chart is a good example of a measured move that took place on the 43200 volume ES chart recently. Target was achieved in late trading today.
Good trading!
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Tags: 9/30 Setup, ab=cd pattern, failed pattern, outside the keltner channel
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