Video Update: 29 January – two trading tips

Welcome to the video update for Friday, January 29th.  With the end of the month Trader Rick offers two trading tips based on the position of the price in relation to the keltner channel.  In preparation for the trading day consider looking at your higher timeframe charts to see where price is trading.  As trading closes for the week and the month, look at the weekly and monthly charts too.  This information can help you trade in the direction of the prevailing trend, if there is one.

First chart is the crude monthly where we may have the lowest close since last September.  See what pattern may also be forming.  On the daily crude chart, price is trading outside the lower keltner channel, telling us very important information.  Trader Rick walks thru 60 minute and 15 minute charts pointing out high probability setups.

The ES daily chart is similar to the crude daily chart in that price was trading outside the lower keltner channel, providing high probability short setups on the 15 minute and 60 minute charts.

Knowing where price is trading can keep you out of low probability countertrend setups and spot high probability, with trend, short setups.

Good trading!

Video Update: 25 January

Welcome to the video update for Monday, January 25th.  First chart is the eurostoxx 50 weekly where price may be approaching near term support.  The daily chart shows price breaking an ascending triangle, creating a top, then reversing the trend, retracing down thru the apex of the triangle.  Trader Rick discusses the 13500 volume chart where the sell zone lines up with the fib zone.  Watch price action IF it enters the sell zone.

Moving to the gold weekly chart, price is currently in the near term support zone.  Overhead targets are still in play.  Take a look at the 60 minute gold chart where you will see price tested a previous swing low.

Next up is the weekly EUR/USD chart where we will be watching to see if price rallies in to the sell zone.  Note where support is.  The daily chart is also illustrated.

The daily euro currency chart shows price testing the .786 fib level.  Will price find support here?

On the Canada weekly chart, last week completed a 3 candlestick pattern.  where will support come in? Trader Rick shows the daily Canada chart with a possible ascending triangle or an ab=cd pattern.

Next chart is the crude weekly where a 1-2-3 pattern is a possibility.  Targets are given for this pattern.  The daily crude chart is very interesting.  Take a look at it.

Next up is the S&P cash weekly/daily/60 minute charts, followed by the NQ 60 minute, YM daily, the ER 60 minute and two ES charts with Trader Rick’s comments.

Good trading!   (…and use stops!)

Video Update: 22 January-Support/Resistance in the emini

Welcome to the video update for Friday, January the 22nd.  There are some good charts to look at so let’s get started.  First up is the daily euro currency chart where price tested an important fib level.  Today was a doji, indicating hesitation.  Will price bounce or continue lower from here?  Trader Rick is looking at a possible dragon pattern on the 13500 volume euro currency chart.  It is in the early stages with the feet and back complete.  Too soon to say if this pattern is legit.

The 2700 tick NQ chart had a clean 1-2-3 pattern today that reached full target…and more!  Take a look at this pattern if you are not familiar with it.

Next up is the 4500 volume ER chart from Thursday’s trading.  Take a look at the ab=cd pattern that took place.

Moving to the emini, Trader Rick discusses the 30 minute day session only chart where we had a conservative 9/30 trigger in the first 30 minutes of trading.  It formed a slingshot too.  Then look at the 60 minute chart where you can see the support at the 1126 area was broken today.  Will this level now become resistance?  Final chart to be aware of is the weekly ES chart.  Watch where it closes today.

Good trading!

Video Update: 19 January

Welcome to the video update for Tuesday, January the 19.  Markets were closed on Monday due to a US holiday.  First chart up is the weekly eurostoxx 50 weekly.  Last week was an outside down week so we will watch the lower keltner area for potential support.  The daily chart has the .618 fib at the same level of support as the weekly.

Trader Rick takes a look at the weekly and daily gold continuation charts…take a look if you trade gold.

On the EUR/USD weekly chart, last week price moved higher but look where it closed.  What is the current trend on this chart based on the slow stochastic and 3x indicator?

If you trade the EUR/JPY take a look at the sideways action on the weekly chart.  No point doing any position trading while we are in this big zone of congestion.

Next up is the daily euro currency chart where we are watching for a possible HL.  Moving averages may lead to a trading range between the 50 period simple moving average and the 200 period simple moving average.  Trader Rick looks at the 15 minute euro chart where price broke out of a triangle and provided a nice long opportunity.

The dragon pattern continues to unfold on the weekly Canada chart.  Trader Rick updates this chart.  Take a look at the 600 tick Canada chart…price is in the buy zone when the video update was produced.

Trader Rick looks at the crude market.  Last trading day for the February contract is Tuesday, the 19th.  Roll to the March (H) contract.  Last week was an outside down week on the weekly chart.  Price may be losing momentum above 80.  The daily chart shows possible support levels.

Final charts are the S&P cash weekly, the NQ weekly where a dragon pattern is unfolding, and the ES daily and 240 minute chart.

Good trading!

Video Update: 11 January – S&P cash update

Welcome to the video update for Monday, January the 11th.  First chart up is the eurostoxx 50 weekly and you will see after moving sideways for about 6 weeks that price has begun moving higher in the last 3 weeks.  Note what the overhead resistance level is now.

Trader Rick reviews the gold weekly continuation chart.  The prior week was an inside week, indicating hesitation, and this past week price moved higher, triggering an aggressive 9/30. The daily chart continues in an uptrend with the recent correction finding support just above the .786 fib.

If you trade the EUR/USD pair take note of the daily chart and see if price moves in to the sell zone.  The 3x indicator and slow sto are down and the keltner channel is now sloping down so be aware of a possible lower high.  Overall trend on the weekly remains up tho.  Keep an eye on the overhead fib zone on the daily chart.  The .500 fib may provide some resistance if we get up there.  Take a look at the 60 minute if you like the long side.  Price has exceeded a previous swing high so watch for a long opportunity if we get a pullback in to the buy zone.

Take a look at the 15 minute all session euro currency chart.  The MACD gave us a heads up to look for a buying opportunity.  Note the inside candle!  Then price moved sideways last Friday afternoon before continuing higher in overnight trading.

We are still watching the dragon pattern unfold on the weekly Canada chart.  If you trade the Canada please take a look.

In crude the weekly and daily charts are discussed by Trader Rick.  The daily chart shows the current strength in this market.  The .500 fib comes in around the $90 level.

So what is the trend in the S&P cash market?  Up or down?  Trader Rick shows indications now lean towards a specific direction.  Know what an irregular abc is or a power buy?  The monthly, weekly and 60 minute charts are reviewed.  Note support shown on the 60 minute chart.

Good trading!

Trader Rick

Video Update: 7 January – daytrade patterns

Welcome to the video update for Thursday, January the 7th.  First chart up is the 60 min day session ES and Trader Rick talks about how price finished weak last Friday but the gap open on Monday negated a selling opportunity mentioned in the weekend video update.  Note the trading conditions when you want to watch for a dip in to the buy zone and dial down to find a buying opportunity.  The 15 minute ES chart has a possible bearish pattern.  Do you recognize this pattern?  What is the full target of this pattern IF it is a valid pattern?

Next chart is the 15 minute all session euro currency chart and look at the high probability setup when price pulled back in to the buy zone.  See the conservative 9/30 long?

Trader Rick discusses the daily crude chart which shows price moving directionally to the upside since late December.  This is a good opportunity to dial down and find a timeframe in the buy zone.  See what timeframe provided multiple buying opportunities.

Last chart is the gold weekly which was not discussed in last weekend’s video update so if you trade gold be sure to take a look at this chart.  Price this week is breaking out of an inside week in the buy zone.

Good trading!

Video Update: 4 January

Welcome to the video update for Monday, January 4th, 2010.  Happy New Year!  First chart up is the weekly eurostoxx 50 where price last week made new highs and now we focus on underlying support.  Two levels are given for initial support.  On the daily chart Trader Rick points out an ascending triangle with price breaking out to the upside.  Watch for support in the buy zone or at previous resistance.

Next chart is the monthly EUR/USD where we saw price last month close lower than the lows of the previous 3 months.  Price is now entering the buy zone.  Remember, price action is still showing higher highs and higher lows on the monthly.  Take a look at the weekly and daily charts too.

The monthly euro currency chart looks very similar to the EUR/USD chart.  If price pulls back keep an eye on the fib zone.  Daily euro chart may be forming a baby slingshot.  Support is nearby.

Trader Rick goes over the monthly Canada chart.  See why he is watching the .50/.618 fib zone.  The weekly chart still has the dragon pattern in play and the trend is still up.  For a clue of the next direction watch where Trader Rick is looking for a daily close.

For crude and bond traders take a look at the long term charts presented.  If you are a bond trader be sure to look at the daily chart with a possible shorting opportunity IF prices rally.

Wrapping up the video update, Trader Rick illustrates the Dow monthly, the NQ monthly, weekly and daily charts and the ES monthly and 60 minute charts.  A measured move is discussed with a target at about 1108.

Good trading!   (gold will be discussed in the next video update!)