Welcome to the video update for Monday, December the 13th. Trader Rick reviews 9/30 setups starting with the EUR/USD pair daily chart. See which 9/30 on the daily chart has the highest probability of success? Does a 9/30 short near support a high probability setup? The 9/30 short setup triggered this past week is also a possible slingshot pattern.
Trader Rick is currently watching a triangle pattern on the 4500 volume euro currency futures chart. In overnight trading as this video update was made price is close to breaking out of the triangle. How would you enter a break of the triangle? Trader Rick reviews two choices.
Moving to the stock indexes, look at the S&P daily cash chart. Price has been trading outside the upper keltner channel the past 6 trading days. By now you probably know this means momentum is strong to the upside currently. Note where the 1.27 fib extension is on this chart. Price came very close to reaching this fib level in trading this past Friday. Watch for evidence of hesitation or loss of momentum.
Good trading!
Tags: 1.27 fib extension, 9/30 Setup, outside the keltner channel, slingshot, triangle pattern
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