Video Update: 31 July – Live Trade!

Welcome to the video update for Friday’s trading.  Trader Rick walks you thru a LIVE emini intraday trade, using the 9 minute and the 15 minute charts.  Watch as he illustrates the entry, the trade management, and the exit of a successful ES scalp trade.  Entering off the 9 minute chart on a conservative 9/30 entry, note how the 15 minute chart is also incorporated in to the trade setup.  This is also a pattern trade.

See what factors supported taking this live trade.  Risk/reward was 1:1 on this scalp.

After the completion of the profitable live trade, Trader Rick looks at the 60 min, daily and weekly chart going in to Friday’s trading.   Noteworthy will be the support level of 978 to 980 level.  If we open above this level see if it becomes support.

Good trading!

Video Update: 29 July – Intraday trading review

Welcome to the video update for Wednesday, July 29th.   In response to email inquiries, Trader Rick reviews some emini and euro currency intraday setups from Tuesday’s trading.  First up is the 14400 volume ES chart with a countertrend setup shortly after the NY open.  The setup was ‘double confirmed’ which is usually a high probability setup.  But the trade didn’t work if you traded it a certain way.  Trader Rick shares his preferred method to enter this counter trend setup.

Learn what Trader Rick takes in to consideration when evaluating a trade setup intraday.  Trade selection is the key to consistent profitable trading.  It is safe to say you should know what the overall price action is, plus what the larger timeframes are showing. Trader Rick shows the 60 minute chart to emphasize the importance of knowing where price is on a larger timeframe.

Next chart up is the ES 5 minute day session only.  While countertrend setups carry lower probability of success, Trader Rick gives reasons why this setup is worth your consideration.  In the end, it is up to the individual trader to determine what is an acceptable risk to take.  Even in congestion there can be minor trends to take advantage of.  This 5 minute chart is an example of such.

Lartge timeframe ES chart targeted Tueday’s low of day.  Another reason to know what the large timeframes are doing and to spot noteworthy patterns, such as the ab=cd shown on the 129600 volume chart.

The euro currency provided 3 nice short setups in morning trading.  Take a look at these setups. Nice slingshots helped confirm the trades.

Final chart is the daily ES chart and Trader Rick discusses what he is looking for to signal price may be ready to retrace the recent strong rally.

Good trading!

Video Update: 27 July

Welcome to the video update for Monday, July 27th.  Trader Rick starts with the weekly eurostoxx 50 chart to review what has happened in the last two weeks since price was in the buy zone.  Since the buy trigger two weeks ago, price has rallied over 235 basis points.  A slingshot and a conservative MACD first cross setup are both playing out as alerted two weeks ago.  Look at the daily eurostoxx 50 chart…clear evidence of the current strong momentum to the upside!

The weekly Canada chart also shows what has happened since price was in the buy zone two weeks ago.  First target to the upside has been reached.  Keep an eye on the dragon pattern as it continues to develop.   Daily Canada chart shows the momentum to the upside currently.

Trader Rick points out what to look for as July comes to a close this Friday in crude.  Price is in the sell zone.  But the weekly crude chart has a different story going on.  Usually the smaller timeframes play out first before the larger timeframes kick in.  On the daily crude, price has broken thru previous resistance, which was previous support.  If your are confused, check out the chart!

The monthly euro chart shows price in the sell zone.  Watch the monthly close this coming Friday to see if a sell signal is triggered.  The trend on the daily euro is still up.

Trader Rick shows what has happened since the weekly bonds moved in to the sell zone 3 weeks ago.  Slingshot is in play too.

In the NQ, the dragon pattern continues to develop on the weekly.  Targets to the upside are given.

Trader Rick wraps up with the S&P cash monthly chart and the ES weekly/daily charts.  The 1.27 fib extension is just overhead current price.

Trader Rick answers a frequent question he receives in emails.  Be sure to listen to his answer if he scalps the intraday charts.

Good trading!

Video Update: 23 July

Welcome to the video update for Thursday’s trading.  Trader Rick starts with the weekly Canada chart where we have been watching the formation of a possible dragon pattern.  Price continues higher, currently 400 basis points higher than the point of entry at .8669 based on a 9/30 setup.  The daily Canada chart shows price has strong momentum based on the current price in relation to the keltner channel.

In crude, Trader Rick is watching the daily chart for a close below a key level to signal a possible retracement.  Price has tested overhead resistance which was previous support.   Please note the current front month for crude is the September contract.

The weekly euro chart is up next and Trader Rick is watching for evidence that price is moving out of a zone of congestion.  Note what to look for on a weekly closing basis this Friday.

Price closed lower today in the ES, first down close in 8 sessions.  Momentum has been strong with price trading outside the keltner band since last Wednesday.  Watch price action with overhead resistance at hand.

Good trading!

Video Update: 20 July

Welcome to the video update for this week’s trading.  Trader Rick starts with the eurostoxx 50 weekly chart where price triggered a signal this past week when price was in the buy zone.  MACD conservative first cross and a sling pattern are also signaling.  Last week was a strong up week.  Target is given to the upside.

On the Canada weekly chart, we continue to watch for a dragon pattern which has bullish implications.  This past week may have completed the ‘head’ of the dragon.  Trader Rick is also watching a MACD setup and a slingshot.

In crude, price may have found support in the buy zone on the weekly chart.  A 9/30 is setting up for position traders.  The daily crude chart gives a different picture….price is in the sell zone.

The euro weekly chart continues to trade sideways but we are seeing signs the congestion may be coming to an end.  On the daily euro chart price is approaching near term resistance.

As stated in last Sunday’s video update, the bond futures were in the sell zone and this past week price pulled back, triggering a 9/30.  Take a look.

And in the NQ, Trader Rick takes a look at the daily chart as price moved outside the keltner channel.  Do you know what that indicates?  Weekly NQ chart also has a dragon pattern we are watching.

Price broke to the upside this past week in the emini.  The weekly chart is discussed as is the daily chart where momentum is strong to the upside.  Be sure to see the measured move with the target to the upside.

Good trading!

Video Update: 16 July

Welcome to the video update for Thursday’s trading.  Trader Rick covers 3 markets in this update and the first is the Canada weekly chart.  As discussed in last weekends video update, price is in the buy zone, and this week as of Wednesday’s trading, price has risen strongly, exceeding last weeks high.  Find out what the overhead target is in the Canada.  The dragon pattern is very much alive too.

In the crude market, on the weekly chart it will be important to watch this week’s close.  Remember that next Monday is the last trading day for the August contract.  On the daily crude, note where overhead resistance is.

In the ES,  Trader Rick covers the daily and the 60 minute charts.  The important level of support at 872 to 875 was tested and penetrated, but the key is price has not closed below this support level.  Matter of fact, price has enjoyed a strong bounce to the upside this week.  The 60 minute chart is important to watch to keep traders on the right side of the trend.  Know where the 60 min is in relation to the keltner channel and it will keep you out of fighting the trend and taking countertrend trades.

Good trading!

Video Update: 13 Monday

Welcome to the video update for Monday’s trading.  Trader Rick starts with the weekly eurostoxx 50 chart.  Price is in the buy zone and may be forming a slingshot.  A weekly close above 2366 will be the trigger to reconsider the upside.  See what the MACD is telling us.

On the weekly Canada chart we continue looking for the dragon pattern.  Trader Rick shows what is needed on a weekly basis to trigger an entry.  Watch the MACD fast line for a signal.

In crude, the weekly chart is in the buy zone so keep an eye on this.  The daily chart had a measured move and the target was reached late last week.  Price traded outside the lower keltner band all of last week, indicating the momentum to the downside is currently strong.

In the euro, Trader Rick brings you up to date on the weekly chart.  Price put in another doji last week, indicating hesitation.  Note where support comes in.

Bond traders should check out the weekly chart in this video update.  Price is in the sell zone!  Trader Rick goes over a 3x trend method setup on the 4500 volume bond chart.  Check it out.

Next up is the NQ weekly chart which has a common pattern possibly forming.  Support and target is given.

Wrapping up the video update is a Dow daily chart and a weekly ES chart.  ES broke important support last week.  See what Trader Rick is looking at this next week.

Good Trading!

Video Update: 8 July – emini at important support zone

Welcome to Wednesday’s video update.  This will be a short video covering the ES, Canada and crude.  In the Canada, Trader Rick goes over the weekly chart as price is in the buy zone.  The dragon pattern possibility remains.  Note where price is in relation to the back of the dragon and to the lower keltner band.  The buy signal on a weekly basis is a close above .8748.  Watch this weeks close closely!

On the weekly crude oil chart, price is now in the buy zone and rapidly approaching the lower keltner and the rising 30wma.  Watch this weeks close for signals.

Trader Rick goes over the ES as we are at an important juncture here on the daily and weekly charts.   Do you know what the level of support is?  Price is approaching this level so be sure to watch the video.  Tuesday was an outside day and was a trend day down.

Good trading!

Video Update: 6 July –

Welcome to the video update for Monday, July 6th.  Trader Rick begins with the eurostoxx 50 weekly chart where price is in the buy zone, setting up a 3x trend method opportunity.  Support level and the weekly buy signal are provided.  Note what the MACD is telling traders what to look for.  For DAX traders, a weekly chart is reviewed.  Price is also in the buy zone in this market.

The weekly Canada chart is very interesting as a possible dragon pattern is developing.  Be sure to look at what price action is telling us.  Next up is the monthly crude chart where price is in the sell zone.  Make a note to see where this market closes at the end of July.  What is the weekly oil chart telling us?  Bearish or bullish?

The euro monthly chart gives the big picture for position traders.  Note where price is here.  The weekly euro has been going sideways for 4 weeks now.  Trader Rick is still watching the  ab=cd pattern in this market.

Trader Rick updates the daily bond chart and if the ab=cd pattern is still in play.  The weekly bond chart is also updated.

Finally, the dow and the ES charts are discussed.  The monthly Dow is very intersting on a big picture look.  What is the MACD telling us? Be sure to check out what Trader Rick has to say about the current status of the ES market.  Couple of interesting possibilities!

Good trading!