Welcome to the video update for Monday, March the 29th. Note, if you are a gold trader please remember to watch for the roll to the June contract. First chart up is the 13500 volume eurostoxx 50 chart where we see an example of previous resistance becoming current support. See what two patterns are most likely forming currently.
Trader Rick discusses the weekly gold chart where price is in the middle of a trading range. Note where support levels are.
The weekly EUR/JPY pair chart shows heavy resistance overhead. A shorting opportunity may present itself if price moves in to the sell zone. The EUR/USD pair weekly chart shows a possible 5 wave pattern. If we close above last week’s high that would be a warning to traders who are short.
With the end of the month coming in a few days, Trader Rick took a look at the monthly Canada chart where we will probably see the highest close since July of 2008. The weekly chart shows the current status of the dragon pattern. Note the beautiful 3x trend method long setup in the summer of 2009.
In crude, on the monthly chart, price is poised to put in a very narrow range candle for March. We have seen only a 5 point swing for the entire month. This will most likely change very soon! The weekly chart shows the current trading box we are in.
Moving to the stock index futures, first chart is the weekly chart where Trader Rick reviews the dragon pattern which is beginning to near upside targets. The NQ 60 minute chart shows intraday support at about the 1942 level. What does Trader Rick use to identify current support?
The next chart is the monthly ER chart where price has pushed thru resistance at the 640 level. Price is poised to make the highest monthly close since August of 2008. The daily ER chart shows the next target to the upside so if you trade the ER please take a look at this chart.
The monthly, daily and 60 minute ES charts are discussed so don’t miss them!
Good trading!
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Tags: 3X Trend Method, dragon pattern
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