Video Update: 7 March – Rollover week

Welcome to the video update for Monday, March the 7th.   Note that the currencies will be rolling over to the June contract this week and the stock indexes roll on Thursday to the June contract.  Symbol M.  First chart up is the EUR/USD pair weekly chart where last week put in the highest close since the first week of November, 2010.  Trader Rick gives the upside targets as well as support.  On the daily chart, in last week’s video update a possible ab=cd pattern was discussed but price action this past week negated this possibility.  Now Trader Rick is looking at a possible dragon pattern on this timeframe.  Note the target of the tail of the dragon.

Gold traders, take a look at the weekly chart where last week put in an inside week.  Previously, we had a 3 bar candlestick pattern that Trader Rick discusses the implications.  Support and overhead resistance levels are given.

Next chart up is the weekly crude where price continues to accelerate to the upside.  Price has now exceeded the .618 fib extension on the monthly chart.  Support now is at $100, then $93.

Moving to the stock indexes, the ER and the NQ are stronger than the ES and YM.  On the 60 minute ER chart, Trader Rick talks about a possible ab=cd pattern, IF price moves higher.  In the ES, last week was an inside week on the weekly chart, indicating hesitation.  Note the support and resistance levels, especially in the 1283 area.   Trader Rick then analyzes the 2 bar per day chart, the 60 minute and a 9/30 setup on the 43,200 volume chart.

Good trading!

Tags: 1.618 fib extension, 3 bar candlestick pattern, 9/30 Setup, ab=cd pattern, dragon pattern