Welcome to the video update for Monday, August 17th. Thanks to everyone who took the time to complete the survey last week. This will help improve the services offered by efuturevision.com!
First chart is the EUR/USD weekly where price pulled back in to the buy zone last week. Note where underlying support is. The daily EUR/USD pair chart shows momentum is currently strong to the downside and that price is currently oversold. IF price rallies, look for a selling opportunity in the sell zone. If you trade the euro futures, Trader Rick recommends watching a specific big timeframe to keep an eye on the big picture.
Next chart is the weekly Yen chart. Note price is up against resistance and that this past week made a new high but closed lower than the close of the previous week. If you are long the yen, tighten stops to protect profits. Note the double top formation.
Trader Rick takes a look at the weekly S&P cash charts where price last week triggered a conservative 9/30 short setup. Thursday and Friday were narrow range days, meaning hesitation, so watch for a breakout in either direction.
The ES weekly, daily and 203 minute charts are analyzed at the end of this video update. Target of the bearish rising wedge is shown.
Good trading!
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Tags: 9/30 Setup, double top formation, momentum
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