Video Update: 26 February

Welcome to the video update for Friday, the 26th of February. If you are a bond or note trader please start moving to the June contract (M). Ok, first up is the daily Canada chart where we have two patterns under watch. One is the ab=cd pattern. The other?

Trader Rick discusses the weekly EUR/USD forex pair where we may finish this week with another doji. What follows several weeks of contraction? At some point, expansion.

The pattern to watch in Thursday’s trading for the stock indexes was the ab=cd pattern. Trader Rick reviews the 60 minute day session charts for the YM, ER and the ES. The ES was a perfect ab=cd. After 3 more hours of trading, price took off to the upside, closing on the highs in all 3 markets. Pays to watch the larger timeframes, both day session and all session!

Good trading!

Video Update: 22 February 2010

Welcome to the video update for Monday, February the 22nd. On the eurostoxx 50 weekly chart, last week price closed higher than the high of the previous week, which has bullish implications. Don’t be surprised tho if price makes a lower high IF price pushes higher. On the daily chart overhead resistance comes in at 2847. See what level could trigger a 9/30 short.

Trader Rick next looks at the weekly EUR/USD pair where for the 2nd week in a row we had a doji. Chances are you know what that means! IF price rallies from here, look for a selling opportunity in the sell zone. The 60 minute chart shows price right at resistance but we have strong momentum currently.

Next up is the weekly gold continuation chart where price broke to the upside after an inside week. Has the abc correction completed or do we get a more complex correction…an abcde?

With the end of the month this week, take a look at the monthly euro currency chart and see what fib level price may have found support. If price moves lower then we will look for an ab=cd pattern.

The weekly Canada chart shows price in a trading range. Dragon pattern is still intact. The 60 minute chart has a bullish bias in the near term with price making a higher high and trading outside the upper keltner channel. Look for a buying opportunity IF price pulls back.

The monthly crude chart shows price in consolidation between 68 and 84. A slingshot is still a possibility but a move to the overhead .50 fib is also possible. Time will tell which direction we go.

If you trade bond futures take a look at the 60 minute day session chart. May get a 9/30 setup and/or a slingshot.

In the indexes take a look at the YM 450 tick chart that has a common pattern that may have completed well before you get this video update. Still worth seeing how it played out. The DOW weekly and daily charts are reviewed as well as the 203 minute day session ES chart. IF we get a continued rally look for the 1125 area to provide initial resistance.

Good Trading!

Video Update: 19 February – trading setups

Welcome to the video update for Friday, February the 19th. If you trade crude oil, today is the last trading day for the March contract. In this video update, Trader Rick reviews two setups from Thursday’s trading and offers a few trading tips from his vantage point. First chart is the 4500 volume euro currency chart where a 9/30 or a 3x trend method long is setting up. See any warning flags not to take the long? Well, you have a confirmed setup here but the lesson today is being aware of the larger timeframes. Take a look at the higher timeframes to see if they provided any clues.

Next market Trader Rick reviews is the 5 minute ES globex chart. Based on the emini globex fib extension methodology, the 1.27 fib identified a possible shorting opportunity at the 1102 area in early Thursday trading. For higher probability trade setups look for other factors that also point to the same area to enter a position. In this case, Trader Rick pointed to the 14400 volume chart which showed a 1-2-3 or 3 pushes up pattern. This is an actual trade that Trader Rick took, exiting the full position at the target of the 1-2-3.

Good trading!

Video Update: 15 February

welcome to the video update for Monday, February the 15th. We are undergoing some changes to the efuturevision web site in the weeks ahead and because of some changes Trader Rick was unable to do a video update during the week last week. Hopefully this video update posts successfully! First chart is the eurostoxx 50 weekly and price put in an inside candle last week, indicating contraction. Both up and down scenarios are discussed. The daily chart illustrates the overhead resistance.

Trader Rick shows the inside week in gold last week on the weekly. Has the abc retracement pattern completed? Targets to the upside remain unfilled. IF prices move lower, take a look at the daily chart where we have an ab=cd pattern possibility, targeting just above the $1000/oz level.

If you trade the euro/yen pair take a look at the weekly chart which shows price breaking out of an 8 month consolidation zone. What’s next? On the EUR/USD weekly chart, price is in the fib zone with last week finishing as a doji. Note where it completed. On the daily chart, price is sitting right on the D target of the ab=cd pattern. If price moves lower look for the 1.27 fib level to provide initial support.

Next up is the 13500 volume euro chart where another ab=cd pattern is providing support. Is there a chance we may see a change of trend? What do we want to see first to confirm a change of trend?

The Canada weekly chart is up next with price in a trading zone. The dragon pattern is still intact.

Crude oil weekly is trading near support, threatening to break out of a channel.

The next chart is the 60 minute 30 year T Bond market and price closed Friday in the sell zone. Check price on Monday morning to see if a sling develops.

In the stock indexes, the NQ daily closed in the sell zone on Friday but note we closed on the high of the day, and this last leg up came after a bullish divergence, making a short a lower probability here. Trader Rick goes over the 15 minute and 2 minute ES chart for Monday’s trading.

Good trading!

Video Update: 8 February

Welcome to the video update for Monday, Feb. 8th.  Trader Rick starts with the eurostoxx 50 weekly chart where initial support comes in at the 2750 area.  Note the two levels of resistance on the daily chart.

The weekly gold chart indicates an abc pattern in progress with underlying support down at the $1000/oz level.  The daily chart shows a possible ab=cd pattern with the D target coming in just above the $1000/oz level.  The 60 minute day session only chart shows possible support at a higher level.

Next up is the EUR/USD pair weekly chart where price continues to move lower but is now in the .50 to .618 fib zone.  Watch for a selling opportunity IF price rallies in to the sell zone.  Daily chart shows price may be finding support at the D target of an ab=cd pattern.  Watch to see if price can hold support here.

Trader Rick goes over a euro currency futures 15 minute chart where a buy is being monitored.  Keep in mind that by the time you receive this update that this setup may be old news.

Next is the weekly Canada chart where price may be in the buy zone but odds are an ab=cd pattern may be developing on the daily chart so be sure to look at that if you trade the Canada.

A channel is containing current price action on the weekly crude chart.  The 60 minute chart shows overhead resistance.  Trend remains down on this market.

Take a look at the 60 minute day session 30 year bond chart  where we may be seeing a change in trend.  IF price pulls back in to the buy zone a buying opportunity may present itself.

The stock indexes are reviewed including the NQ, YM and the ES.  Overhead resistance is shown on the 60 min NQ chart as well as the YM daily chart.  In the ES resistance comes in just above the 1100 level.  Price is in the sell zone on the 60 minute chart.

Good trading!  …and congrats to the New Orleans Saints for winning the Super Bowl. 

Video Update: 5 February – Trading Tips

Welcome to the video update for Friday, February the 5th.  In this video update, Trader Rick shares two trading tips to enhance your trading performance.  The first tip is to float thru various timeframes during the trading day to find setups, specifically slingshot setups.  The euro currency 3 minute chart from Thursday’s trading shows two clean slingshot patterns.  Next, Trader Rick gives an example of checking the various timeframes for a sling setup using the euro currency chart.  He goes thru the 3 min/5 min/9 minute and the 15 minute charts.  See which timeframe provided a clean sling setup.

Next tip is to check the larger timeframes during the trading day for setups.  Large timeframe could be a 60 minute chart, a 240 minute chart, a 174 minute for the euro, or even a daily chart.  Patience is the key along with proper risk control.  See what Trader Rick considers a common price behavior leading to a quality trading opportunity.  Multiple examples are given.

Looking ahead to Friday’s trading, a look at the ES daily chart tells us what to look for IF price rallies or if price falls.

Good trading!

Video Update: February 1st – review of monthly charts

Welcome to the video update for Monday, February the 1st.  With a new month Trader Rick will review most of the monthly charts where appropriate.  First chart up is the daily Eurostoxx 50 where price is testing a support level going back to the end of December.  Trend and momentum is currently down.  If price rallies look for a shorting opportunity in the sell zone.  The 60 minute chart is putting in lower lows and lower highs.  See which swing high if taken out will reverse the price action.

Next up is the gold monthly chart where the front month moves from February to April.  The month of January put in a shooting star.  Note where underlying support may come in and what the monthly pivot is.  Pivots are tested on a high percentage of the time.  Do you know how to calculate a pivot?  (H+L+C) /3. The daily gold chart has a possible abc pattern in play.

Trader Rick discusses the monthly EUR/USD forex pair chart where price is in the buy zone.  If support does not hold then an ab=cd pattern may develop.  The daily chart shows how to dial down to a smaller timeframe to locate a high probability setup based on the position of price on the daily.

The euro currency monthly chart shows price in the buy zone.  Will price find support here?  What might happen if price does not hold support?  The weekly and 60 minute charts are also covered.

The monthly Canada chart is next price has found resistance in the fib zone.  The dragon pattern is still intact on the weekly chart.  Price is in the support zone.  The daily Canada chart has a possible ab=cd pattern.

Trader Rick discusses the monthly crude oil chart where price is in the sell zone but moving sideways.  Slingshot may have influence on the price action.  Weekly chart shows price trading in a channel.

Next up are the stock index charts beginning with the S&P cash monthly chart.  Last month was a bearish engulfing candle.  Does this signal the end of this 10 month upmove?  Trader Rick also covers the YM, NQ and the ES charts.  Look at the 240 minute ES chart for important overhead resistance levels.

Good trading!