Welcome to the video update for Tuesday. Hope you enjoyed the 3 day weekend in the U.S. With the breakout in gold this past week, Trader Rick starts with the daily continuation chart showing a large triangle. So what are overhead targets if price continues climbing? See the minor and major fib extension targets in this volatile market. One is a primary target.
In crude, look at the 3 candlestick pattern on the weekly chart. If price moves lower be sure to know what the possible support levels are.
In the 30 yr treasury bond futures, Trader Rick shows a trading range on the 60 minute chart and how to play a breakout. Not much new to report on the weekly euro currency chart. Last week was a doji indicating a loss of momentum. The large ab=cd pattern is still a possibility
Trader Rick gives his opinion on how to intrepret the MACD on the weekly NQ chart. Several emails asked the same question about how to read a divergence pattern so don’t miss his answer! NQ may be at a critical juncture in the near term.
Bullish on the stock market? Well, be sure to check out the Dow weekly chart with a very bullish pattern. If the pattern develops then the target is over Dow 11,000! Not sure this will happen soon but still worth being aware of.
Look at the 240 minute day session ES chart. Price is in the sell zone but be aware of price moving out of the sell zone which may result in a test of 1038 level.
Good trading!
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Good trading!
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