Video Update: 29 October

Welcome to the video update for Thursday, Oct. 29th.  Two potential important reports are due to be released before the open on Thursday.  The GDP and the Jobless Claims reports come out at 8:30am est so if you trade the pre-market be aware of these two reports.  Taking a look at the weekly gold chart, Trader Rick says to watch the close this Friday.  If it is below 1043.60 it signals further retracement.  Note the support level on the daily.   The 50 tick december gold chart has the potential for a dragon pattern so keep an eye on this chart.

The EUR/USD 60 minute chart is updated from last weekend’s video update.  The triangle pattern failed and it is important to know that a failed pattern is a pattern in of itself.  Price has pulled back sharply since the failed pattern.

In the euro currency we are watching for a weekly close below 1.4826.  We have divergence on this timeframe too so it is quite possible we will see lower prices in the next few weeks.

Trader Rick updates the dragon pattern on the weekly Canada chart.  The 9/30 long setup on the daily Canada shown in last weekend’s video update did not trigger.

In crude, we are watching for a weekly close below a specific level.  This could signal lower prices too.

In the stock indexes, Trader Rick reviews the S&P cash weekly chart as well as the ES market.  The important note is that we may be close to completing a B leg up which means the C leg down may be beginning soon, if it hasn’t already.  C legs can be sharp so be aware of the possibility of a sharp move to the downside in the weeks ahead.  A full retracement to the March lows are possible IF this is a C wave commencing.   Near term support in the ES is in the 1012 area.

Good trading!

Video Update: 26 October – daytrading review

Welcome to the video update for Monday, October 26th.  Trader Rick starts with the weekly gold continuation chart where loss of momentum is taking place.  Last week was an inside week.  Expect a breakout in the next week.  On the daily look for a possible slingshot and support at the lower keltner.

For forex traders, take a look at the 60 minute EUR/USD chart.  Possible ascending triangle.  On the weekly euro currency chart, price continues moving higher.  Upside target is given.  Careful taking countertrend setups!

The dragon pattern is still intact on the weekly Canada chart.  There are some signs of waning momentum.  The daily chart shows near term support.  An aggressive 9/30 setup is shown.

Trader Rick discusses the crude and the 10 year note markets, followed by the indexes.  Be sure to see the intraday short setup in the ES from last Thursday afternoon that failed to materialize.  Good illustration of the importance to use stop losses!

Good trading!

Video Update: 22 October

Welcome to the video update for Thursday, October the 22nd.  First chart up is the weekly gold continuation chart and so far this week is an inside week.  Last week was a doji so keep an eye on this week’s close.  Measured move target remains at $1320/oz.

In the Canada, Trader Rick shows price in the buy zone on the daily chart.  The 9/30 long entry is given. Note the support level.

Next chart up is the weekly crude where price is moving out of an ascending triangle pattern.  Next target to the upside is the .500 fib level just above $90.  Today was the 6th day in a row with price trading outside the upper keltner on the daily chart.  Implications are bullish in the near term.

Trader Rick shows the weekly euro currency chart moving higher this week.  Next target to the upside is the 1.27 fib extension of the ab=cd pattern.  Dialing down to the 60 minute chart, price is in the buy zone as of the production of this video update.  Possible slingshot on this timeframe.

Prices in the indexes started out as a potential trend day up but after trading sideways most of the mid-session prices moved lower, ending the day on the downside.  Trader Rick reviews the 15 minute, the 60 minute which had a 1-2-3 pattern as well as the daily and weekly chart.  Watch the close this Friday.

Good trading!

Video Update: 19 October

Welcome to the video update for Monday, October the 19th.  Let’s get started.  First chart is the weekly gold chart and note where the last week’s price action took place…outside the upper keltner channel, or what Trader Rick calls OKC…outside the keltner channel.  This is significant and the Traders Club at efuturevision teaches how to take advantage of this situation.  Watch where price closes this week.Could get a 3 candlestick pattern.  Trader Rick reviews the measured move target to the upside if price pushes higher.

Next up is the weekly crude chart and price finally reached the .382 fib target at $77.  This has been a long standing target mentioned by Trader Rick.  $90 is the next target if price continues moving higher. Daily chart shows price trading OKC.  Don’t stand in front of a moving train!  Monday, the front month becomes the December contract in crude.  This is the last trading day for the November contract.  Take note!

Dragon pattern in the Canada continues to unfold.  In the euro currency market, Trader Rick takes a look at the monthly chart to note the overall price action.  See what it is telling us.  On the weekly chart, Trader Rick points out a possible level of resistance at the 1.5000 level.  Possible bearish divergence is on the daily euro chart.

See why Trader Rick chose his swing points on the S&P cash weekly chart.  A member of the Traders Club recently asked Trader Rick why he used the May of 2008 swing high rather than the overall swing high from October of 2007.

Final charts are the ES and Trader Rick covers the weekly, 240 minute, the daily chart and a 129600 volume intraday chart where Trader Rick took a short position in the sell zone last Friday near the close.  See why he took profits at 1076.50 in overnight trading.

Good trading!

Keith D

“My partner and I have tried many methods, systems, with little success, in the last six and half years.  Your method is the first one that has very clear setups, entries, with positive results.  You truly are a great teacher and a very considerate person.”

Roy R

“Sorry to rave on, mate, but out of all the crap I have searched through on trading, your purity of service and professional integrity and generosity needs to be acknowledged and is recognized as absolutely outstanding.  Keep up the great work and your inspiration to others.  Cheers….”

Video Update: 15 October – daytrading setups

Welcome to the video update for Thursday’s trading, October the 15th.  Thank you for your patience while Trader Rick was out of the office travelling.  First chart up is the weekly gold and we are looking at two possible scenarios in this market.  One is an inverted head and shoulders pattern and the other is a measured move.  Please note the targets of each.  The daily gold chart shows the price action since the triangle was broken to the upside.

Next up is the weekly crude chart and Trader Rick shows the next upside target based on fib levels.  The daily crude chart shows price trading outside the upper keltner channel and simply knowing this fact can keep you out of losing your money trading countertrend.  No point fighting the trend and the momentum!

The dragon pattern is updated on the weekly Canada chart and the pattern is intact!  Overhead targets are revealed in today’s video.  Price is trading outside the keltner channel on the daily chart.

Next is the euro currency weekly chart and price is moving above the D target of the large ab=cd pattern.  Note the next target to the upside.

In the indexes, the weekly NQ chart also has a dragon pattern that continues to develop.  Upside targets are provided.

Last are the ES weekly and the 60 minute day session only charts.  Check ‘em out!

Good Trading!

Video Update: 5 October – trade setups

Welcome to the video update for Monday, October the 5th.  Trader Rick will be travelling this coming week and will resume his video updates on Wednesday, October the 14th.  If any significant setups take place please look for an email rather than a video update.  First chart up is the weekly gold continuation chart and price has tested the $1033 high made in early 2008.  Will this be a lower top?  Or will price push thru?  There is the possibility of an inverted head and shoulders which projects a target of over $1300/oz.  The daily gold chart shows current support and overhead fib targets.

On the weekly crude chart, last week was an inside week.  Initial support comes in at 65.  The daily chart shows a possible triangle.  Check out the fibs on the weekly chart for downside support if we move thru the $65 level.

Trader Rick updates the weekly Canada chart with the possible dragon pattern.  Is it still in play?

In bonds, price last week moved thru the 121 ^13 level.  See what pattern Trader Rick is now looking for.

Now that the euro has reached the D target of the ab=cd pattern on the weekly chart, whats’ next?  Look at the 13500 volume chart and see why it is important to keep an eye on the larger timeframes and the importance of managing risk.

The final charts are the NQ, S&P cash and the ES.  See what Trader Rick is watching on the indexes this coming week.

Next video update will be October the 14th.   Good trading!