Welcome to the video update for Monday, October the 19th. Let’s get started. First chart is the weekly gold chart and note where the last week’s price action took place…outside the upper keltner channel, or what Trader Rick calls OKC…outside the keltner channel. This is significant and the Traders Club at efuturevision teaches how to take advantage of this situation. Watch where price closes this week.Could get a 3 candlestick pattern. Trader Rick reviews the measured move target to the upside if price pushes higher.
Next up is the weekly crude chart and price finally reached the .382 fib target at $77. This has been a long standing target mentioned by Trader Rick. $90 is the next target if price continues moving higher. Daily chart shows price trading OKC. Don’t stand in front of a moving train! Monday, the front month becomes the December contract in crude. This is the last trading day for the November contract. Take note!
Dragon pattern in the Canada continues to unfold. In the euro currency market, Trader Rick takes a look at the monthly chart to note the overall price action. See what it is telling us. On the weekly chart, Trader Rick points out a possible level of resistance at the 1.5000 level. Possible bearish divergence is on the daily euro chart.
See why Trader Rick chose his swing points on the S&P cash weekly chart. A member of the Traders Club recently asked Trader Rick why he used the May of 2008 swing high rather than the overall swing high from October of 2007.
Final charts are the ES and Trader Rick covers the weekly, 240 minute, the daily chart and a 129600 volume intraday chart where Trader Rick took a short position in the sell zone last Friday near the close. See why he took profits at 1076.50 in overnight trading.
Good trading!
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