Video Update: 30 September – emini day trading

Welcome to the video update for Wednesday’s trading.  The focus is on the emini (ES) and Trader Rick begins with the daily chart where a 3 candlestick pattern completed at the close on Monday.  What will happen next?  Keep an eye on the slingshot pattern too.

Next chart is the 60 min day session ES chart and after trading outside the keltner channel on Monday price moved in to the buy zone on Tuesday.  Trader Rick then reviews a 1-2-3 pattern on the 14400 volume chart that took place shortly after the open on Tuesday.  Combine this pattern with a setup using  the globex fib extensions gave reason to take a short position that resulted in price moving down to the opposite 1.27 fib at 1054.00.  These are high probability setups when you get a confluence of a setup taking place at a target.   Price eventually moved 11 points to the downside.  The lower globex 1.27 fib extension yielded a potential of 8 points to the upside. It is important to be selective in your trade setups.  Wait for the high probability opportunities and have confidence to pull the trigger.

Good trading!

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Video Update: 28 September – inverted head and shoulders?

Welcome to the video update for Monday, September the 28th.  Trader Rick addresses the possibility of an inverted head and shoulders pattern on the weekly gold continuation chart.  What do you think?  See what the price projection is IF this pattern is valid.   On the daily gold chart, price is now in the buy zone.  Watch for a 3 candlestick pattern.

Price on the monthly crude chart is in the sell zone.  We may get a monthly sell signal at the close of the end of this month on Wednesday.  See where the level is.  The daily chart shows price hit the D target of the ab=cd pattern this past Friday.  This market also has the potential of a 3 candlestick pattern.

Trader Rick updates the dragon pattern on the weekly Canada chart.  See if the dragon is alive or not.

Price on the daily 30 yr bond chart is right at resistance.  Watch for price follow thru to the upside but make sure volume accompanies a breakout.  If we don’t get the breakout, look for price to fall back.

Check out the charts for the euro currency, NQ, S&P cash and the ES.  With the end of the month a few days away be sure to watch where price closes on a monthly basis.  Slingshots and dragon patterns are updated where appropriate.

Good trading!

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Video Update: 25 September

Welcome to the video update for Friday, the 25th.   Trader Rick starts out with the gold daily chart where we are monitoring the price action after breaking out of the big triangle pattern.  The 1.27 fib was hit and now price has pulled back in to the zone of opportunity.  Watch price action for evidence of buyers stepping back in and taking control.  Current support comes in at the 992 area.

In crude, the daily chart has a possible ab=cd pattern with the D target not far away.  Watch price action for evidence of support.  Maybe a 3 candlestick pattern?

Trader Rick has been tracking a large ab=cd pattern in the weekly euro currency chart for many weeks and the D target was hit just after the FOMC announcement this past Wednesday.  What is next?  Another ab=cd pattern may be in play on the 60 minute chart too.  Watch the 1.27 fib extension for possible support.

Prices in the stock indexes continued to sell off after Wednesday’s move down post FOMC announcement.  Take a look at the classic conservative 9/30 short on the 2700 tick NQ chart.  A thing of beauty!  On the daily chart price is now in the buy zone, testing the lower keltner.  Overall price action is still up but it will be important to watch if price holds here in the buy zone.

Wrapping up with the ES, Trader Rick analyzes the weekly, the daily chart and the 60 minute chart.  Any divergence to worry about on the daily?  Take a look! Know what a power buy is?

Good trading!

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Video Update: 21 September – triangles, dragon patterns…

Welcome to the video update for Monday, September 21st.  First chart is the daily Gold chart, with the large triangle having been recently broken to the upside.  Upside targets are discussed as are support levels to the downside.   Trader Rick goes over the weekly crude chart.  See what has changed since last week’s close.   If you trade crude, please remember today is the last trading day for the October contract.  Front month becomes the November contract (symbol is X).

Take a look at a ten year note setup from Friday.   This setup was a common chart pattern when price moves out of the keltner channel.  See what type of 9/30 setup this was.  This also set up what Trader Rick calls a ‘baby’ slingshot.  This type of sling was coined by a member of the Traders Club!

Weekly euro currency chart shows price is approaching the D target of the ab=cd pattern.  See what this pattern may mean.  Be sure to look at the euro intraday charts Trader Rick shows illustrating the importance of understanding multiple timeframe analysis.  He uses the 500 volume and the 1500 volume chart to show a high probability short setup.

Next up is the weekly Canada chart which has a potential dragon pattern.  Keep an eye on price to see if it begins to accelerate to the upside..or…corrects.

The NQ weekly also has a possible dragon pattern.  Check the current status of this pattern.

In the ES, price closed this last Friday at weekly highs for this year.  Note we are in the fib zone where price often finds resistance.  No sell signal yet on a weekly chart.  On the daily ES chart, Trader Rick shows where to watch on a daily closing basis.

Good trading!

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Video update: 17 September – trend day in the indexes?

Welcome to the video update for Thursday, the 17th.   Trader Rick starts with a 4500 volume euro currency chart with a common pattern, the ab=cd, which in this case, is a bullish pattern.  See how this pattern played out in Wednesday’s trading.

In the ES, the pattern was a trend day up.  See what the only non-confirmation was for a typical trend day pattern.   Watch the action in the opening range, where it takes place in relation to the high of the previous day.  Know where the upper value area is for another clue.  Note how price stair-stepped up during the trading session and shallow the retracements were.  Price closed near the high of day.

It’s important to recognize a trend day as early as possible in the trading session and then avoid the temptation to sell divergences in uptrends, as today was, unless you are a skilled scalper.  Find a way to trade with the trend….because it is your friend!

Good trading!

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Video Update: 14 September

Welcome to the video update for Monday, Sept. 14th.  First chart up is the weekly gold chart and watch Trader Rick determine overhead resistance points based on fib extensions.  Friday’s close in gold was the highest since early 2009.  Daily chart shows price breaking out of a triangle.

In crude, price put in an inside week on the weekly chart, indicating hesitation.  The daily crude chart shows a conservative 9/30 that was triggered on Friday.  Price action shows the trend is still up tho.

Trader Rick updates the trading range on the 60 minute bond chart.  Price is now testing the overhead resistance.  Be careful taking setups within a trading range!

In the euro currency, price is approaching the D target on the weekly chart where we have a ab=cd pattern.  No divergences on the daily euro chart.  See where support may come in.

In the NQ, price closed on a weekly basis at it’s highest level for 2009.  The dragon pattern is still in play.  No signs of price rolling over to the downside.  On the daily NQ, watch for a 3 candlestick pattern that is discussed in this video update.  May be significant.

Last chart is the ES and Trader Rick starts with the weekly where this last week price closed at its highest level for 2009.  On the daily, watch for a 3 candlestick pattern on a closing basis.

Good trading!

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Video Update: 10 September – roll day

Welcome to the video update for Thursday, Sept 10.  Trader Rick reviews the gold daily chart and the fib extensions that were discussed in last weekend’s video update.  If price pulls back look for support in the 970 area with initial support just below 987.  Price is coming out of a triangle and that can mean two things. Do you know?

In the t bond futures, Trader Rick updates the trading range on the 60 minute chart.  See what price did after it broke out of the trading range identified in last weekend’s update.

The weekly euro chart is the next chart and you will see price is moving closer to the D target of the large ab=cd pattern Trader Rick has been watching for many weeks. Watch for the currencies to roll to the December contract.

Thursday is roll day in the stock indexes so be sure to move to the December contract.  Trading in the morning can be tricky on roll day so be careful.  Monitor trading volume to determine when to roll to the December contract.  The close on Wednesday provided the highest closing basis in the ES for 2009.

Good trading!

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Video Update: 8 September

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!

Video Update: 4 September

Here is today’s video update!  Remember, the employment report is released at 8:30am est and the markets are closed Monday, September the 7th for Labor Day in the US.  No working on labor day!

First chart up is the weekly Canada and Trader Rick shows price is approaching a level of possible significant resistance.  See what type of divergence is seen on the chart.  At the same time, we continue to watch for a possible dragon pattern.

Been awhile since a gold chart has been shown but price may have broken out of a trading range on Wednesday.  Trader Rick goes over a 450 tick chart showing the breakout, then dials down to a smaller timeframe to show how to play the breakout.

The weekly crude chart shows price pulling back after a strong close the previous week.  A bearish divergence on the fast sto may be in play.  Trader Rick walks thru a short on the 60 minute crude, using basic price action and the 9/30.

Check out the multiple ab=cd patterns on the 13,500 volume euro chart!

The chart to watch is the NQ as price may be nearing an important juncture.  Monthly and weekly charts are the timeframes to be watching.  Could be significant.  Trader Rick gives the level to watch on the daily chart for Friday’s trading.

Last chart is the weekly ES and we are watching the close on Friday for a possible signal.

Good trading and have a safe weekend!

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