Video Update: 12 August – the euro and ES

Welcome to the video update for Thursday, August the 12th. Prices moved sharply lower in today’s trading in both the euro and the stock indexes. First chart is the EUR/USD pair 60 minute chart. If you recall in last weekend’s video update Trader Rick talked about what would it take to break the upward bias and that is what took place in trading the last two days. This is a good illustration of how important it is to read price action. In this case, lower lows were made.

Trader Rick discusses the 3 bar per day chart in the euro futures. See what happened when the rising trendline was broken.

If you trade the ES take a look at the last two chart….the daily and the 203 minute chart. Note the pattern on the 203 minute chart and the targets.

Good trading!

http://www.youtube.com/watch?v=tJh6_iGx2v8

Tags: price action, trendline