Video Update: 27 September – next resistance in the indexes

Welcome to the video update for Monday, September the 27th.  Take a look at the EUR/USD pair weekly chart where the 9ema finally crossed the 30wma setting up a 9/30 long.  Price is now approaching the fib zone which may provide resistance.  On the daily chart price is approaching the 1.27 fib extension at about 1.3540.

Trader Rick next looks at the weekly gold chart where price is approaching the measured move target of approximately $1330/oz.   How the measured move is derived is shown in this video.

Last two markets are the ER and the ES.  The ER daily chart shows a possible ab=cd pattern.  Last week price setup an aggressive 9/30 but see why this setup is best avoided.  But on the 13500 volume ER chart a conservative 9/30 setup has a favorable risk/reward ratio that merits consideration.

The daily ES and 2 bar per day chart both have possible ab=cd patterns which may provide resistance.  Monitor price action at the D targets.

Good trading!

Tags: fib extension, measured move