Video Update: 22 January-Support/Resistance in the emini

Welcome to the video update for Friday, January the 22nd.  There are some good charts to look at so let’s get started.  First up is the daily euro currency chart where price tested an important fib level.  Today was a doji, indicating hesitation.  Will price bounce or continue lower from here?  Trader Rick is looking at a possible dragon pattern on the 13500 volume euro currency chart.  It is in the early stages with the feet and back complete.  Too soon to say if this pattern is legit.

The 2700 tick NQ chart had a clean 1-2-3 pattern today that reached full target…and more!  Take a look at this pattern if you are not familiar with it.

Next up is the 4500 volume ER chart from Thursday’s trading.  Take a look at the ab=cd pattern that took place.

Moving to the emini, Trader Rick discusses the 30 minute day session only chart where we had a conservative 9/30 trigger in the first 30 minutes of trading.  It formed a slingshot too.  Then look at the 60 minute chart where you can see the support at the 1126 area was broken today.  Will this level now become resistance?  Final chart to be aware of is the weekly ES chart.  Watch where it closes today.

Good trading!

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