Welcome to the video update for Monday, October the 11th. First chart up is the weekly EUR/USD pair weekly chart where last week was a spinning top candle formation. With price moving thru resistance levels, note the next level of overhead resistance. Also noteworthy is the fact that price has traded outside the upper keltner channel the last 2 weeks. On the daily EUR/USD chart, price put in two doji the end of last week, indicating hesitation.
Trader Rick has talked about a measured move target in gold for over a year now and the target was finally reached this past week at the $1325 to 1330 area. Price reached $1360 last week. Support comes in at the $1266 level.
Moving to the stock indexes, first chart is the Dow daily chart where price is approaching the D target of an ab=cd pattern. Be sure to listen to Trader Rick’s comments about typical price behavior after price has traded for an extended period of time outside the keltner channel. Learn this price behavior and you will gain an edge in our trading! Similar price behavior is discussed on the 60 min chart.
If you trade the ER, take a look at the 1.27 fib extension target on the ab=cd pattern on the daily chart.
Trader Rick looks at the ES weekly, 2 bar per day and the 60 minute charts. Note the significant support level on the 60 minute charts.
Heavy number of economic reports come out Thursday and Friday of this week.
Good trading!
Tags: ab=cd pattern, measured move, outside the keltner channel, overhead resistance, spinning top candle
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