Welcome to the video update for Monday, March the 1st. Many charts in today’s video features the MACD indicator. Starting with the eurostoxx 50 daily chart, note the MACD indicator where Trader Rick shows the first cross setup and a divergence play. Are you familiar with a hidden divergence? Take a look.
Trader Rick shows the MACD indicator on the weekly gold chart. First MACD setup corresponded to a quality 9/30 long back in early 2009. Note how momentum zeroed out while price was forming a triangle.
Next up is the EUR/USD pair weekly chart. Good example of momentum waning as price moved higher. This past week was the third week of hesitation, market contraction. Watch for a shorting opportunity if price rallies in to the sell zone.
The 60 minute Canada chart has a possible inverted H&S pattern but see what Trader Rick does not like about the pattern. Price may also be forming a slingshot.
Trader Rick analyzes the crude monthly chart with the MACD indicator. Remember, momentum leads price. The daily chart in crude has a possible ab=cd pattern to watch.
Remember, the 10 yr notes and 30 year bonds have rolled to the June contract. Price on Friday triggered a 9/30 short on the daily bond chart. Price is in the sell zone on the MACD indicator too.
For the stock indexes, first chart up is the S&P cash monthly chart. The MACD indicator analyzes what to expect next. The yearly pivot is taken in to consideration here.
Several traders have asked Trader Rick to review some of his trades so the two trades Trader Rick took on Friday are reviewed in the video update. There was an ES long entered at 1096.75 for a long scalp and there was a May bean 9/30 long setup on the 1575 volume chart. Both were confirmed by other timeframes.
Good trading!
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Tags: 9/30 Setup, ab=cd pattern, hidden divergence, MACD indicator, momentum, pivot point, slingshot
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