Video Update: 30 November

Welcome to the video update for Monday, November the 30th.  Trader Rick starts with the eurostoxx 50 weekly chart where price found support at the lower keltner band.  Trend is up.  Possible slingshot so keep an eye on that possible pattern.  On the daily chart, look for two common chart patterns to take place.  Look at the 2700 tick chart for a possible 9/30 setup.

Front month in gold moves to the February contract (G symbol).  Price moved thru the 1.27 fib extension in the month of November.  Next target is the 1.618.  Momentum and trend is strong in gold!  The weekly chart illustrates this.  The measured move is still a possibility targeting gold at about the $1330/oz.

EUR/USD monthly chart shows price still making HH and HL.  Overhead resistance is shown.  The daily chart shows some divergence to keep an eye out for.

Next up is the monthly euro currency futures chart where price is moving towards the .786 fib at 1.5200 level.  Trader Rick is watching a triangle on the daily chart.

The monthly Canada chart is finishing November as an inside candle indicating hesitation.  Look for a break of either end of the candle.  Weekly chart shows a dragon pattern we’ve been watching for quit sometime.

An inside candle is what we have on the monthly crude chart.  A retracement is still a possibility based on the monthly chart.  Be sure to take a look at the daily chart for the ab=cd pattern with a fib extension.  Uptrend is still intact.

Trader Rick takes a look at the 10 year Notes monthly chart.  See where price is finishing November.  Remember to move to the March contract for the notes and the bond futures.  The daily notes chart has a possible ab=cd pattern.

We end up with the stock indexes and the first chart is the monthly S&P cash chart.  November is the 4th month where price has traded outside the upper keltner channel.  What does that mean?

Be sure to review the YM, NQ and the ES charts.  Last chart is the 4 hour chart in the ES.  Good chart to study.

Good trading!

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Video Update: 23 November

Welcome to the video update for Monday, November the 23rd.  First chart up is the weekly eurostoxx 50 chart where we have evidence of loss of momentum.  Keep in mind the trend is up on this timeframe.  On the daily eurostoxx 50 chart, Trader Rick illustrates price making a possible trend change due to the lower low made in early November.  An ab=cd pattern is shown on a 900 tick chart.

Gold continues to accelerate to the upside.  Next target is shown.  The measured move is reviewed with a target of $1320/oz.  The head and shoulders pattern on the 300 tick chart failed.  keep in mind a failed pattern is a pattern in of itself.

Next up is the weekly EUR/USD pair where price is in consolidation.  On the daily we may have a lower high.  Monitor this closely this coming week.  Resistance is shown on the 60 minute chart.

The euro currency is basically the same as the EUR/USD weekly.  The 1.27 fib extension of the ab=cd pattern is shown.  Trader Rick reviews a 9/30 long setup on the 500 volume chart.  See what is significant on this setup.

The dragon pattern on the weekly Canada is updated.  This past week was an inside week. A 600 tick chart is shown with a possible dragon pattern.  Keep an eye on this pattern.

In crude, the weekly chart shows price moving sideways.  The daily crude had an ab=cd pattern with support coming in at the 73 to 75 level.  Expect a breakout of this consolidation on the weekly chart.

Moving to the indexes, Trader Rick takes a look at the weekly and daily S&P cash chart.  Also discusses is the YM and NQ weekly charts.  See the non-confirmation on the YM weekly chart.  On the ES chart, the weekly, daily and the 4 hour charts are reviewed.

Remember, markets are closed on Thursday in celebration of Thanksgiving in the US.  Could be a quiet week.

Good trading!

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Video Update: 20 November

Welcome to the video update for Friday, November the 20th.  First chart up is the euro currency 13500 volume chart where we may have a triangle pattern.  Trading in a triangle typically carries a lower probability of a successful trade so be careful.  Keep an eye on underlying support just above 1.4800.

Trader Rick takes a look at the daily gold chart where the 1-2-3 pattern looks less likely.  Be sure to see what common pattern may be forming on a small timeframe.  The target is given if triggered.

Price is in congestion in the daily crude chart.  The ab=cd pattern shown is a bullish pattern but it may not be complete.  If you trade crude we rolled to the January contract today.  The symbol is F.

Trader Rick discusses the stock indices starting with the S&P cash daily chart.  Today’s price action may be significant, closing below the lows of the previous two days.  A 1-2-3 pattern may also be forming.  An interesting non-confirmation is shown with the ES and the ER charts side by side.  While the ES was making new highs this week the Russell was not close to its recent highs in mid October.  Is this a warning?

Trader Rick finishes up with the ES daily, 240 minute and 60 minute charts.  Be sure to check out the 240 minute chart!

Good trading!

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Video Update: 16 November

Welcome to the video update for Monday, November 16th.  Beginning with the europe markets the first chart up is the eurostoxx 50 weekly chart that has an aggressive 9/30.  Be aware of the bearish divergence forming on this timeframe.  On the daily chart price traded outside the upper keltner most of the past week indicating the current momentum and trend is currently strong.  If price pulls back look for a buying opportunity.  Be sure to catch the trading tip Trader Rick shares regarding the slow stochastic.

Looking at the weekly gold chart, price reached new highs last week.  Note where the overhead 1.27 fib is.  Price may find resistance at this level.  Measured move target is revisted.  On the daily gold we are still watching for a possible 1-2-3 pattern.  If this pattern is valid then we will be looking for a pullback.

Next chart up is the daily EUR/USD chart Possible double top.  Overall trend is up.  Be sure to see the pattern that may be forming on the 60 minute EUR/USD chart.  If this pattern develops we will see higher prices in the euro.

In the euro currency the weekly chart is an uptrend.  Take a look at the 60 minute euro.  We may have the same pattern forming as the EUR/USD 60 minute pair.  This has bullish implications. Trader Rick goes over a 9/30 trading tip on the 4500 volume.  Note the price action.  It is key in evaluating the potential of this 9/30 conservative setup.

Weekly Canada chart still has the dragon pattern in progress.  Price closed higher than last week’s high of the low candle.  Price may be continuing higher.

Trader Rick goes over the weekly crude chart.  Not much happening here.  Two scenarios are given.  In last weekend’s video update Trader Rick said to watch for an ab=cd pattern on the daily chart and the D target was hit.  Price is also currently trading above support which is positive for continuation of the uptrend.

Next up are the index markets.  Take a look at the S&P cash, the NQ weekly, the YM and the ES.

Check out the daily YM chart which contains a strategy to take profits in the uptrend.

Good trading!
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Video Update: 11 November – gold and index update

Welcome to the video update for Wednesday, November the 11th.  This update will cover the daily gold chart and the stock indexes.  In gold, Tuesday put in an inside day, indicating hesitation.  The question is, will gold continue higher or retrace the recent gains.  Watch Wednesday’s close for your clue.  Trader Rick is watching a 1-2-3 pattern in gold.  Watch to see what the targets are IF the pattern unfolds.

In the stock index futures, Trader Rick puts up a YM and an ES daily chart side by side to illustrate a current divergence that may be noteworthy.  See which market has the current strength.  Next chart up is the ES 240 minute chart and we are watching a possible ab=cd pattern.  The D target is shown if price continues higher.  If price puts in a lower high then we will be watching another ab=cd pattern to the downside.  An ab=cd pattern to the downside is a bullish pattern.

Wednesday is Veteran’s Day in the US but the markets will be open.  We salute all the military veterans in the US for their service to their country.

Good trading!

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Video Update: 9 November – stock indices in the sell zone

Welcome to the video update for Monday, November the 9th.  No reports of significance until Thursday this week.  Wednesday is a holiday in the U.S. but the stock market and the futures markets will be open.  Trader Rick starts with the eurostoxx 50 weekly chart where price is in the buy zone.  Do you trade this placing a buy stop one tick above last weeks high or do you wait for a weekly close above last weeks high?  A look at the daily eurostoxx 50 may help make the decision.  DAx chart is same as the eurostoxx 50 weekly chart.

Trader Rick goes over a learning opportunity on the 13500 volume Bund chart.  Check it out!

Gold continues higher, reaching the $1100 level.  First chart is the monthly.  See the next target to the upside.  Measured move target is still a possibility.  Look at the daily gold chart and see the pattern that may be unfolding.

The daily EUR/USD chart has price in the sell zone.  The daily euro currency chart looks similar to the prevous forex chart.  Important level here.  On the 60 minute euro chart, we have price looking to break thru a 3 point resistance level.  Quite often price is successful on the 4th attempt.

On the weekly Canada chart, Trader Rick is watching price in the buy zone, plus the dragon pattern is still in play.  Will the .50 to .618 fib zone provide resistance here?  Daily chart is discussed too.

Next up is the crude oil weekly and daily charts.  The daily chart may have a ab=cd pattern unfolding.

Trader Rick takes a look at the S&P cash daily and weekly charts as well as the NQ, YM and ES charts.  On the daily charts price is in the sell zone on all the indexes so this is going to be important to see what direction price goes in the coming days ahead.  A common pattern may be forming on the daily NQ chart.  Watch this pattern closely.  Target is given IF the pattern unfolds.

Good trading!
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Video Update: 2 November

Welcome to the Video update for Monday, November 2nd.  With the end of the month this past Friday, Trader Rick will cover monthly charts in addition to the regular charts.  First chart up is the monthly gold chart and this past month closed above the high from 2008.  Trend and momentum is up . On the weekly chart see where the close took place and where to look for support.  Note the fib zone on the daily gold chart where support may be found. Currently, on the 60 min gold chart, look for an ab=cd pattern.  If this unfolds, look for a buying opportunity.

Next chart is the EUR/USD forex daily chart.  Trader Rick is monitoring the current retracement for support.  On the 60 minute chart, if price takes out the lows on the 28th of October, look for the 1.27 fib extension for  possible support.

Trader Rick analyzes the monthly euro currency chart.  Current momentum is up but the month of October was a spinning top candle.  The weekly chart is also discussed.

The Canada monthly chart found resistance at the .618 fib.  There is a potential for a slingshot. Overall trend is up on this timeframe.  Dragon pattern is still in play on the weekly chart.  Watch for a possible rising wedge!

Next, Trader Rick illustrates an example of ‘dialing down’ to find an entry.  See what pattern to look for on a smaller timeframe.  A 1500 volume dec wheat chart is shown.

Monthly crude chart is next.  The next month may be important in terms of determining the direction in this market.  The potential for a slingshot still exists.  Daily crude chart is interesting so take a look.  Price is in the buy zone currently.

Next chart is the monthly T bond chart where price made new highs last month but closed lower than the previous month.  On the weekly chart, continue looking for a completion of an ab=cd pattern.

Finally, Trader Rick looks at the indices, starting witht the S&P cash monthly chart.  We have a possible slingshot and a conservative 9/30 setup.  Which direction?  Other markets covered are the NQ, YM and the ES.

Trader Rick’s next video update will either be Thursday night or Sunday night.

Remember, the FOMC announcement takes place this Wednesday afternoon at 2:15 pm est.

Good trading!

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