Welcome to the video update for Monday, February the 1st. With a new month Trader Rick will review most of the monthly charts where appropriate. First chart up is the daily Eurostoxx 50 where price is testing a support level going back to the end of December. Trend and momentum is currently down. If price rallies look for a shorting opportunity in the sell zone. The 60 minute chart is putting in lower lows and lower highs. See which swing high if taken out will reverse the price action.
Next up is the gold monthly chart where the front month moves from February to April. The month of January put in a shooting star. Note where underlying support may come in and what the monthly pivot is. Pivots are tested on a high percentage of the time. Do you know how to calculate a pivot? (H+L+C) /3. The daily gold chart has a possible abc pattern in play.
Trader Rick discusses the monthly EUR/USD forex pair chart where price is in the buy zone. If support does not hold then an ab=cd pattern may develop. The daily chart shows how to dial down to a smaller timeframe to locate a high probability setup based on the position of price on the daily.
The euro currency monthly chart shows price in the buy zone. Will price find support here? What might happen if price does not hold support? The weekly and 60 minute charts are also covered.
The monthly Canada chart is next price has found resistance in the fib zone. The dragon pattern is still intact on the weekly chart. Price is in the support zone. The daily Canada chart has a possible ab=cd pattern.
Trader Rick discusses the monthly crude oil chart where price is in the sell zone but moving sideways. Slingshot may have influence on the price action. Weekly chart shows price trading in a channel.
Next up are the stock index charts beginning with the S&P cash monthly chart. Last month was a bearish engulfing candle. Does this signal the end of this 10 month upmove? Trader Rick also covers the YM, NQ and the ES charts. Look at the 240 minute ES chart for important overhead resistance levels.
Good trading!
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Tags: ab=cd pattern, buy zone, floor pivots, high probability setups, sell zone
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