Welcome to the video update for Monday, November the 1st, 2010. Remember we have FOMC announcement on Wednesday, the 3rd, and employment on Friday morning. This video update will cover the big picture since we are starting a new month. Always check your monthly at month end in to review the big picture. First chart is the monthly EUR/USD pair where price is in the sell zone. We have the potential for a conservative 9/30 short setup. A close below last months low will be the trigger. The weekly EUR/USD chart currently has 3 candles indicating hesitation. Will we continue higher or do we pull back? Note Trader Rick’s one concern with this chart. The daily chart has two patterns that may develop.
The big picture in gold is shown on the monthly chart. Any signs of trend reversal? Where is support? If you trade gold take a look at the 60 min chart. Dragon pattern?
Trader Rick looks at the weekly yen chart. Note where the overhead fib extension is.
Next chart is the monthly crude. Is the bias to the upside?
In the stock indexes, the monthly S&P cash chart is moving higher after triggering an aggressive 9/30 long a few months ago. Check out the weekly chart too. Last charts are the ES daily and 203 minute charts for the larger picture look.
Good trading!
Tags: conservative 9/30, dragon pattern
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