Video Update: 10 January – market outlook

Welcome to the video update for Monday, January the 10th.  The EUR/USD pair monthly chart is first up where in last week’s video update Trader Rick talked about the inside candle for the month of December and to watch a break of either side of the this candle.  Did price break the inside candle already?  Did the ab=cd pattern mentioned in last week’s video update reach its target or did it fail?  Note how well the upper keltner channel contained price action to the upside this past week on the 60 min EUR/USD pair chart.

Look at the gold daily continuation chart where the $1425 area has been tested three times now.  Do you know about the rule of 3?  Note the ab=cd pattern too. 

Trader Rick discusses the conservative 9/30 short on the 60 min crude chart. 

Moving to the stock indexes, the weekly ES chart show price traded completely outside the upper keltner channel this past week.  But are there any warning signs?  Look at the daily ES chart.  Current support comes in at the 1250 to 1253 area. 

Good trading!

Tags: ab=cd pattern, conservative 9/30, outside the keltner channel