Video Update: 23 December – intraday chart patterns

Welcome to the video update for Wednesday, December the 23rd.  Remember the markets close early on Thursday due to the Christmas holiday.  They will reopen Sunday evening for overnight trading.  First two charts are the gold 900 tick and 300 tick charts.  The 900 tick has a potential important fib level approaching and the 300 tick has a possible measured move with a specific target.  Check them out if you are a gold trader.

Next chart is the daily euro currency chart where price continues trading outside the lower keltner.  By now you should know what this implies.  On the 60 minute chart Trader Rick illustrates a trading channel.  Trend remains down until price action begins making higher highs and higher lows.

Trader Rick discusses the daily ER chart with an ab=cd pattern with the 1.27 fib overhead.  This may be an important target but time will tell.  Next is the 1500 volume ER chart and a 9/30 setup is reviewed.  This may help in stop loss placement and is a good example of using multiple timeframe analysis.

Last chart is the 240 minute ES chart where we have a defined trading range.  See what happened in Tuesday’s trading that may indicate we may see a breakout.  Keep an eye on the S&P cash daily because it made a new high on Tuesday but the ES daily did not confirm.  Either we fail here or the ES daily ‘catches’ up with the cash market.

Happy holidays to everyone, be safe…and good trading!

Trader Rick
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Video Update: 21 December – multiple timeframe analysis lesson

Welcome to the video update for Monday, December the 21st.  First chart up is the gold weekly as there is little to say about the european weekly markets this week.  See why there is no 9/30 setup.  Note the support levels at the lower keltner and the rising 30wma as price approaches the buy zone.  The target of the measured move remains at $1330/oz.  Trader Rick next looks at the 60 min day session gold chart and talks about if we have a high probability setup or not.

On the EUR/USD weekly chart we had 4 weeks of sideways action and now price is moving lower.  Here is some homework….use your fib ruler to find the fib zone so you can find possible support zones.  Dialing down to the daily EUR/USD pair chart, price is trading outside the lower keltner, indicating momentum and trend is currently strong at this time.  IF price moves in to the sell zone this may provide a good shorting opportunity.

Trader Rick discusses the daily euro currency chart where price broke out of a triangle, then failed to continue higher.  Now price is retracing and we are currently at the .618 fib.  The 60 minute euro chart doesn’t give us many clues as to where price is heading towards next.  Currently price is making LL and LH.  Stick with that until we begin making HH and HL.

If you trade the Canada take note of Trader Rick’s comments.  The dragon pattern remains intact.

The weekly crude continuation chart is up next and this past week price took out the previous week’s low but closed well above the close of the previous week.  That has bullish implications.  Next chart is the daily chart and price is in the sell zone.  Take a look at a potential 9/30 short.  For a bullish scenario look at the 60 minute chart shown.  This is a measured move with a specified target.

Next up is the weekly t bond futures chart where we may have completed a minor ab=cd pattern.  If so we should see higher prices.

Trader Rick shows the index charts for the S&P cash, the YM, the NQ and the ES.  Be sure to watch his analysis of multiple timeframes on the 14,400 ES chart.

Good trading!

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Video Update: 17 December

Welcome to the video update for Thursday, December the 17th.  Quick reminder that Friday is roll day in the crude oil market so be sure to move to the February contract by the end of the day session trading day.  First chart up is the daily ER chart where Trader Rick shows the common ab=cd pattern with the D target being reached in Wednesday’s trading just above 612.00.  What is the target of the retracement of the cd leg of the ab=cd pattern?

Another pattern on the 500 volume ER chart from Wednesday’s trading is the head and shoulders.  This pattern was fairly symmetrical with a target that was reached in the morning trading.

Trader Rick goes over a 5 minute euro currency chart in the overnight market where a large range has taken place.  Note the combination of price moving in to the sell zone and a potential slingshot pattern.  Plus the 15 minute chart was trading OKC which makes this a high probability setup with all of these factors lined up.  Good chart to study regardless if you trade the euro or not.

In the ES, first chart up is the 4 hour day session chart where we have a distinct trading range of approximately 30 points.  Price is in balance resulting in lower probability setups if trying to position trade.  Trends take place when price is out of balance.  Watch the close on Friday for possible clues which direction this market may go.

Good trading!

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video update: 14 December

Welcome to the video update for Monday, December the 14th.  Don’t forget we have a FOMC meeting announcement at 2:15pm est this coming Wednesday.  Trader Rick starts with the weekly gold chart where price is pulling back but not in to the buy zone yet.  Support levels are provided in this update.  Overhead targets are discussed also.  The .618 fib level is not far from Friday’s low shown on the daily chart.  Trader Rick dials down to the 150 tick gold chart and discusses what to look for if a buying opportunity presents itself.

Next up is the EUR/USD weekly chart where price is currently in the buy zone.  See where to look for support if this level does not hold.  A specific level is provided.  The 60 minute chart shows price in the sell zone and a possible slingshot but may be old news by the time you receive this video update.

The euro currency daily chart is next up and price is trading outside the lower keltner.  If price rallies look for a shorting opportunity in the sell zone.  Possible support is provided if price moves lower.

Not much to talk about on the weekly Canada chart.  Price is in a trading range but the dragon pattern remains in play.

Trader Rick discusses the monthly chart in crude oil because price last week took out the lows of last month which was an inside doji candle.  The close on a monthly basis in crude will be important this month possibly as a bearish pattern may be unfolding, but too soon to tell.  The weekly and daily crude charts are also reviewed.

The weekly 30 year bond charts are up next where Trader Rick is watching a possible a-b-c pattern.  Bonds are in a trading range on the large timeframes.

Next are the stock indexes and the first chart up is the weekly S&P cash chart where price remains near the year’s highs.  No sign of a rollover here.  The daily chart shows the trading range we are currently in.  Trader Rick illustrates the weekly and daily YM charts then moves to the weekly NQ chart and the 900 tick NQ chart where overnight trading is discussed.  If you trade the ES take a look at the daily and 4 hour chart.

Good trading!

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Video Update: 10 December

Welcome to the video update for Thursday, December the 10th.  Trader Rick starts with the ever so volatile gold market where possible support levels are shown.   No evidence of divergence on the weekly and price is not in the buy zone.  Take a look at the 60 minute gold chart for more pinpoint support levels.

The weekly crude chart is up next and price is moving lower.  See the support levels discussed by Trader Rick.

Next up is the 1350 tick YM chart.  The potential importance of putting up a fib zone at the .50 and .618 levels is illustrated.

Trader Rick goes over a trade he took in the ER Wednesday morning about 30 minutes after the New York open.  The chart is a 1500 volume.  Take a look at the reasons the setup was a high probability trade.

Last chart is the ES 60 minute day session only.  Watch this chart Thursday morning for reference.

Good Trading!

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Video Update: 7 December

Welcome to the video update for Monday, December the 7th.  Remember, the indices roll to the March contract this Thursday.  Not much change in the european markets so the first chart up is the gold weekly where prices retreated sharply on Friday.  This puts price in the buy zone on the daily chart.  If price finds support here, look for a retest of last week’s high.  Will it be a lower high?  What is likely to follow if we do make a lower high?

Support on the EUR/USD weekly is given as well as the daily chart.  Trader Rick points out a possible slingshot on the 60 minute chart.  The euro currency chart is similar to the forex pair but take a look at the daily euro.  The currencies will be rolling to the March contract later this week.

Trader Rick updates the Canada weekly chart and the dragon pattern.

Crude experienced a very narrow trading range last week.  Watch support at the 75.50 area to see if it holds.

The weekly 10 year note chart is next up.  If you trade the notes be sure to check this out.

The video update finishes with the stock indexes starting with the S&P cash weekly chart.  See which fibonacci level is nearby overhead.  Take a look at Trader Rick discussing the YM 1350 tick chart and the ES 4 hour chart with a possible unusual pattern in play.  Is it bearish or bullish?

Good trading!

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Video Update: Gold and Stock Indexes updated

Welcome to the video update for Friday, December the 4th.  This video focuses on gold and the stock indexes and the first chart up is the gold weekly continuation chart which shows gold continues to accelerate to the upside, trading outside the upper keltner channel, what Trader Rick calls OKC.  Note where the 1.618 fib is overhead.  The measured move target is also discussed.  Trader Rick dials down to the 300 tick chart to help find possible support levels.

Next up is the S&P cash weekly chart where we are watching the close on Friday in relation to the close of the previous two weeks.  On the daily S&P cash, Thursday’s trading was an engulfing candle, closing lower than the low of Wednesday.  Not a short term positive sign.  We are also seeing a bearish divergence too.  Trader Rick wraps up with a YM daily/1350 tick and the ES weekly/daily/129600 volume chart.  Be sure to check out the YM 1350 tick chart and the ES 129600 volume chart!

Good trading!

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