Video Update: 7 September

Welcome to the video update for Tuesday, September the 7th. For those in the U.S., I hope you enjoyed your Labor Day weekend. My aunt celebrated her 95th birthday on Saturday which was great fun.

First chart up is the EUR/USD pair weekly chart where we continue to monitor a possible ab=cd pattern. As we discussed in the previous two updates we do not have a confirmed 9/30 long setup because the 9ema and the 30wma have not crossed. But the slow stochastic is up as is the 3x indicator. We are also in first retracement territory. The monthly chart has a downward bias (what was last month’s candle?) as does the daily chart where we are watching a potential 9/30 short setup IF we get a close below last Friday’s low.

In the stock indexes, looking at the weekly continuation ES chart, we are in a trading range between 1037 on the downside and 1128 area on the upside. For Tuesday’s trading note if we push decisively thru the 1103 – 1105 area or fail. Trader Rick gives a tip what to look for that suggests we are in a trading range.

Good trading!

Video Update: 30 August – dragon pattern?

Welcome to the video update for Monday, August the 30th. First chart up is the EUR/USD pair weekly chart. Still no valid 9/30 setup but look at the indications that we may see higher prices. Or will we? The daily chart has a bearish bias. If price moves higher watch the price action in the sell zone. Slow sto and the 3x indicator are both down. Note where resistance is to the upside.

Trader Rick normally doesn’t comment on the 30 year bonds or the 10 year notes but if you are a bond trader take a look at the weekly chart. What is the candlestick that formed last week? Any divergences? See what the daily and 60 min charts are telling us.

Next up is the S&P cash daily chart. If prices move higher watch the 1080 to 1083 zone for resistance. Be sure to take a look at the 60 minute chart where Trader Rick spots a potential dragon pattern. Watch if this pattern plays out or not.

Knowing market structure on the ES chart helped Trader Rick spot a possible buy setup in the first hour of trading last Friday. We had daily support at the 1037 area, plus the 1.27 fib extension on the globex 5 minute chart came in at 1038.25. The 4800 volume chart provided the entry off a buy divergence at the lows of the day. This was Trader Rick’s only trade on Friday.

Watch the 1083 area in the ES for overhead resistance.

Good trading!

Video Update: 23 August:

Welcome to the video update for Monday, August 23rd. First chart is the EUR/USD pair weekly chart where price pulled back for the 2nd consecutive week. If you know the 9/30 method take a look and see if the 9ema has crossed the 30wma on this weekly chart. Also, look at the gap between the fast sto and the slow sto. Mean anything? We are still tracking a possible ab=cd pattern with a D target at just above 1.1400. Trader Rick also looks at the 60 min EUR/USD pair chart and notes where initial overheard resistance may come in to play.

if you trade the euro futures contract (6E) take a look at the 174 minute chart. Last weekends video update gave a full target of 1.2731 which was hit in last Friday’s trading. See what the wave count may be indicating.

Next up is a quick update from last weekends video update in the yen (6J) so if you trade the yen be sure to check this chart out.

Final charts are the S&P cash weekly, the ER weekly and the ES 203 minute and ES 60 min charts. Full target on the bearish wedge pattern on the 2 bar per day chart is close by.

Good trading!

Video Update: 17 August – what’s next for the ES?

Welcome to the video update for Monday, August 17th. Thanks to everyone who took the time to complete the survey last week. This will help improve the services offered by efuturevision.com!

First chart is the EUR/USD weekly where price pulled back in to the buy zone last week. Note where underlying support is. The daily EUR/USD pair chart shows momentum is currently strong to the downside and that price is currently oversold. IF price rallies, look for a selling opportunity in the sell zone. If you trade the euro futures, Trader Rick recommends watching a specific big timeframe to keep an eye on the big picture.

Next chart is the weekly Yen chart. Note price is up against resistance and that this past week made a new high but closed lower than the close of the previous week. If you are long the yen, tighten stops to protect profits. Note the double top formation.

Trader Rick takes a look at the weekly S&P cash charts where price last week triggered a conservative 9/30 short setup. Thursday and Friday were narrow range days, meaning hesitation, so watch for a breakout in either direction.

The ES weekly, daily and 203 minute charts are analyzed at the end of this video update. Target of the bearish rising wedge is shown.

Good trading!

Video Update: 12 August – the euro and ES

Welcome to the video update for Thursday, August the 12th. Prices moved sharply lower in today’s trading in both the euro and the stock indexes. First chart is the EUR/USD pair 60 minute chart. If you recall in last weekend’s video update Trader Rick talked about what would it take to break the upward bias and that is what took place in trading the last two days. This is a good illustration of how important it is to read price action. In this case, lower lows were made.

Trader Rick discusses the 3 bar per day chart in the euro futures. See what happened when the rising trendline was broken.

If you trade the ES take a look at the last two chart….the daily and the 203 minute chart. Note the pattern on the 203 minute chart and the targets.

Good trading!

Video Update: 9 August – EUR/USD alternative?

Welcome to the video update for Monday, August the 8th. Remember, the Fed announces any interest rate changes this Tuesday, the 10th at 2:15pm est. Be prepared for FOMC day!

Sometimes in trading you come to the point where what you think is going on, may not be. We are possibly at that point in the EUR/USD pair on the weekly chart. Trader Rick has been watching a potential ab=cd pattern for many weeks and while it still may develop, price is telling us that something else may be happening. Take a look at the charts and see.

Any idea why you should look at the S&P cash chart if you trade the ES futures? There is no premium or discount factored in as you see on the futures charts. It is the cash market! On the weekly S&P cash chart price remains in the sell zone so watch where we close this coming Friday.

Trader Rick discusses the two bar per day and the 60 min ES charts so be sure to check them out before the open on Monday.

Good trading!

Video Update: 6 August – ES patterns

Welcome to the video update for Friday, August the 6th. Important employment numbers are released at 8:30am est. In this update Trader Rick will look at 3 chart patterns in the ES. The first is an ab=cd pattern shown on the ES 43200 volume chart from earlier this week. See how you can enter with this pattern, either using the timeframe with the setup or dialing down to a smaller timeframe. Note the targets on this pattern.

Next two patterns take place on the 2 bar per day ES chart and the 60 minute ES chart, day session only. With price in a balance area for 4 days now, expect a breakout soon.

Good trading!

Video Update: 1 August

Welcome to the video update for Monday, August the 1st. New month so please review your monthly and weekly charts for the big picture. First chart is the EUR/USD pair weekly where price continues trading in the sell zone but made a higher high last week. We have the potential for a slingshot. Watch for the lows of last week to be taken out to trigger sell signals. Trader Rick also reviews the daily EUR/USD chart where we are close to achieving the target of a measured move.

If you trade gold take a look at the weekly chart where a possible 9/30 long is setting up. Is it a conservative or an aggressive 9/30? Note that we are watching the December contract.

Next up are the stock index charts starting with the S&P cash monthly chart. The ES monthly is also discussed as is the daily and 60 minute charts so check those out.

Good trading!

Video Update: 29 July – multiple timeframe analysis

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!

Video Update: 26 July – see scalp trade on Friday

Welcome to the video update for Monday, July the 26th. First chart is the EUR/USD weekly where we are still tracking a potential ab=cd pattern with a D target just above the 1.1400 area. Note the overhead resistance area. Take a look at the daily chart where a possible inverted head and shoulders may be in play. A measured move target is given.

Trader Rick next looks at the weekly gold chart where price is in the buy zone. Watch where we close this week.

Moving to the stock indexes, the next chart is the weekly S&P cash chart. Price is in the sell zone and note where the overhead resistance area is. The YM, ER and ES charts are also discussed so check them out.

Last chart is a scalp trade taken by Trader Rick on the euro. Take a look and see how it turned out.

Good trading!

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