Welcome to the video update for Monday, December the 21st. First chart up is the gold weekly as there is little to say about the european weekly markets this week. See why there is no 9/30 setup. Note the support levels at the lower keltner and the rising 30wma as price approaches the buy zone. The target of the measured move remains at $1330/oz. Trader Rick next looks at the 60 min day session gold chart and talks about if we have a high probability setup or not.
On the EUR/USD weekly chart we had 4 weeks of sideways action and now price is moving lower. Here is some homework….use your fib ruler to find the fib zone so you can find possible support zones. Dialing down to the daily EUR/USD pair chart, price is trading outside the lower keltner, indicating momentum and trend is currently strong at this time. IF price moves in to the sell zone this may provide a good shorting opportunity.
Trader Rick discusses the daily euro currency chart where price broke out of a triangle, then failed to continue higher. Now price is retracing and we are currently at the .618 fib. The 60 minute euro chart doesn’t give us many clues as to where price is heading towards next. Currently price is making LL and LH. Stick with that until we begin making HH and HL.
If you trade the Canada take note of Trader Rick’s comments. The dragon pattern remains intact.
The weekly crude continuation chart is up next and this past week price took out the previous week’s low but closed well above the close of the previous week. That has bullish implications. Next chart is the daily chart and price is in the sell zone. Take a look at a potential 9/30 short. For a bullish scenario look at the 60 minute chart shown. This is a measured move with a specified target.
Next up is the weekly t bond futures chart where we may have completed a minor ab=cd pattern. If so we should see higher prices.
Trader Rick shows the index charts for the S&P cash, the YM, the NQ and the ES. Be sure to watch his analysis of multiple timeframes on the 14,400 ES chart.
Good trading!
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