Welcome to the video update for Thursday, August the 13th. In today’s video update, Trader Rick covers 6 markets, starting with the weekly Canada chart where we continue to monitor the status of a dragon pattern. Do you know the potential of this pattern? Look for price to form a simple pattern or a complex pattern. Be sure to know what invalidates the dragon pattern. On the daily Canada, the candlesticks are monitored to know if buyers or sellers are in control…..or neither!
In crude, the weekly chart shows the trend and momentum continues to the upside. Trader Rick shows what to look for IF price moves above the overhead resistance. Targets are indentified in today’s video update.
Last week’s euro currency price action had prices moving higher but closed lower than the previous week. We are watching for a possible bearish divergence too using the fast stochastics. The ab=cd pattern on the weekly is still being monitored.
A dragon pattern is also being monitored on the NQ weekly chart. Be sure to watch the overhead fib zone resistance too.
The 60 minute Dow chart shows current support which is vital knowledge for all traders. The weekly Dow chart has a potential bullish pattern as a possibility. Trader Rick walks you thru what the target is of this pattern.
In the ES, the weekly chart shows overhead fib resistance. Trader Rick updates a pattern that was mentioned recently in a video update. The rising wedge is no longer valid. Current support in the ES comes in at 990. The last chart discussed is a large timeframe for the ES and Trader Rick talks about why it is important to monitor the large timeframes during the trading day.
Good trading!
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