Video Update: 25 October

Welcome to the video update for Monday, October the 25th.  First chart is the EUR/USD pair weekly chart where last week’s candle was a spinning top, indicating hesitation.   Could be sellers taking control or just a break before the buyers push prices higher.  Have we had a close below the low of the recent high candle?  Trader Rick makes note of overhead resistance levels and underlying support.  On the daily chart we have the possibility of a slingshot pattern, indicating higher prices.  60 min chart shows price currently trading outside the upper keltner channel with  noted underlying support. 

Trader Rick takes a look at the weekly gold continuation chart where price closed below the previous week’s low.  Note where support comes in if price retraces.  Take a look at the weekly silver chart.  Good example of why it can be profitable watching the big picture especially during consolidation.  Once price broke the triangle and traded outside the upper keltner it moved $4 straight up, providing about $20k net profit per contract in 5 weeks. 

Crude traders, take a look at the daily chart where price has most likely completed an ab=cd pattern.  A slingshot pattern may also be forming. 

Moving to the stock indexes, take a look at the ER daily chart if you trade this market.  Note the inside/outside/inside pattern that was discussed the first week of October.  Price appears to be breaking the high of inside bar from last Friday.  Slingshot may also be forming. 

Final charts are the ES weekly, daily (day session only), and the 2 bar per day chart.  1190 is the next level of resistance. 

Good trading!

Tags: ab=cd pattern, inside/outside/inside pattern, outside the keltner channel, slingshot