Welcome to the video update for Friday, April the 30th. First chart up is the EUR/USD daily chart. If you are not using fibonacci levels in your charting, hopefully this chart will sway you to at least consider using fibs. This chart has an ab=cd pattern where price stopped right at the 1.27 fib extension at 1.3691. Price then turned down to continue the trend, finding near term support at the 1.27 fib, also known as a butterfly. Using fibs may give you a competitive edge in your trading.
Next up are the stock index futures and Trader Rick reviews the longer timeframes as the month of April comes to a close. First up is the monthly YM chart where price is approaching the .618 fib. The month of April traded completely outside the keltner channel. The weekly, daily and 60 minute charts are also discussed. If you trade the YM, look at the 60 min chart at the open of Friday’s trading to see if price dips in to the buy zone.
Of the 4 index futures, the NQ is the strongest. Same situation on the 60 min NQ chart where traders should look for a buying opportunity IF price dips in to the buy zone. Are you realizing how beneficial it is to know when price is in the buy or sell zone? Great edge!
Final charts are the ES monthly, weekly and 203 minute chart where a megaphone pattern may be developing. See what the alternate pattern is.
Good trading!
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Tags: ab=cd pattern, fibonacci, megaphone pattern, outside the keltner channel, Trader Rick
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