Here is your video update for Friday, July the 2nd. This video update will focus on the EUR/USD pair and the ES charts. Note the 9/30 setups! On the EUR/USD pair weekly chart, price is rallying in to the sell zone. Trader Rick shows the overhead resistance levels to watch. This is a bear market rally. On the daily EUR/USD pair chart, a 9/30 long was triggered on Thursday, rallying over 200 basis points. Next resistance is 1.2671.
Trader Rick will show a progression of varous timeframes of the ES beginning with the daily chart. This is what he looks at prior to the open to get a feel for the current market structure. The daily chart shows price trading outside the lower keltner channel, as well as below the previous swing low. The two bar per day chart is also trading outside the lower keltner channel. The 60 minute chart is bearish too. Trader Rick also looks at the overnight globex range and makes note of the market profile value areas in relation to the open. In this case, price opened well below the lower value area.
Take a look at the intraday 9/30 setups that occurred in Thursday’s trading, both from the short side and from the long side. Hopefully this helps to see how an expert trader approaches the trading day, incorporating market structure to find high probability setups.
Good trading!
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