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I just stumbled upon this tutorial video. Finally, I learned a lot on how to set up the settings of my 60D camera for video.
fps = 24
ISO = 160
Shutter = 50
Picture Profile = Neutral
Highlight Priority - Disable
Autolighting Optimizer = Standard to Off
Two things to remember :
1. Proper Focus
2. White Balance = either Daylight or Tungsten
A great tutorial from Ray Ortega