Video Update: 6 November – 9/30’s

Welcome to the video update for Monday, November the 6th.   If you are a currency futures trader remember that top step moves from the December contract to the March contract.  This rollover should be complete by either Wednesday or Thursday.  For stock index futures, Thursday is rollover day where March will become the front month.   Ok, we are going to focus on 9/30 setups in this update and the first chart up is the EUR/USD pair monthly chart.  In last week’s video update Trader Rick talked about a conservative 9/30 short being triggered and because of the wide range candle it would be best to dial down to a daily chart and see if the risk can be minimized or reduced.  That is exactly what has happened and tonight price is in the  sell zone on the daily chart.   This is a good example of drilling down to a smaller timeframe to find trade opportunities. 

If you are a daytrader, is it worth your time to study larger timeframes such as the 60 min, daily and weekly charts?  See what Trader Rick recommends, using a crude chart to illustrate his point.

Good trading!

Tags: 9/30 Setup, large timeframes