Welcome to the video update for Thursday, July 29th. This update will focus on how Trader Rick uses multiple timeframe analysis and market structure to identify and confirm an intraday setup. We are using the ER chart beginning with the weekly where we find price in the sell zone. The daily chart price action shows sellers entered the market on Tuesday’s session.
Note how Trader Rick uses support resistance along with the weekly and daily chart information to find a setup on the intraday chart. Entry can be made on the timeframe with the setup or dial down to find a possible lower risk entry. The setup shown in the update is confirmed by a higher timeframe.
This is a good example of selecting a high probability setup and executing a successful trade based on market structure and multiple timeframe analysis.
Good trading!