Video Update: 6 July

Welcome to the video update for Tuesday, July the 6th. The markets are closed on Monday in the US for the Independence Day holiday. Electronic sessions close early on Monday. First chart up is the EUR/USD pair monthly chart where we continue to monitor the possibility of an ab=cd pattern. Trader Rick discusses another possibility so if you trade the euro be sure to watch. The weekly, daily, and 60 minute charts are also reviewed.

Next up is the weekly Canada chart where it appears we have a lower high in place and now price may be testing important support in the .9212 area. Another pattern to keep an eye on is the ab=cd pattern.

If you are a gold trader be sure to listen to Trader Rick’s analysis of this volatile market. Big down week last week which is not surprising considering the extreme bullish sentiment.

Next chart is the weekly crude where we had a lower high the previous week and a down week last week. Be sure to watch and see what typically accompanies a lower high and also where support is. Knowing where price is in relation to the keltner channel as shown on the 60 min chart can be very helpful in keeping you on the right side to be trading.

ES traders be sure to watch Trader Rick’s discussion on this market. He covers the monthly, weekly, daily, the two bar chart, the 60 minute day session only chart and the 30 and 15 minute chart. Market structure is key to your analysis!

Good trading!

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Tags: ab=cd pattern, keltner channel