Welcome to the video update for Monday, March 28th.   Looking back on the weekly Silver chart, Trader Rick reviews the 9/30 aggressive buy setup that resulted in a potential profit of about 9 dollars or $45k.  Note also the slingshot and the MACD buy setups.  If you are a position trader these are key things to look for.  This could easily be a 5 minute chart and the setups would apply.  This is a good chart to study, even if it is in retrospect.

Looking at the weekly EUR/USD pair chart, this past week was a narrow range week, indicating hesitation.  Will we continue moving higher or will we see a retracement?  Note the support level IF price retraces in to the buy zone.  On the 60 min EUR/USD pair chart, see which pattern Trader Rick is watching for Monday’s trading.

Next chart is the 13,500 volume euro where a very familiar chart pattern is reviewed.  This pattern took place last week and the target was hit.

In the stock indexes, study the 9/30 on the 129,600 volume  ES chart that took place last Thursday.  An aggressive 9/30 buy setup was supported by previous price action.  Quality setups such as this on a large timeframe are worth watching very closely.  The risk is typically higher but the probability of success are higher.  If you dial down to a lower timeframe risk can be minimized, even if it takes more than one attempt to get on board.

Last chart is the 2 bar per day ES chart, price continues moving higher after the bullish ab=cd pattern we talked about last week.  See one concern Trader Rick has on this chart.  IF price retraces watch for support in the 1292 area.

Good trading!

Here is your video update for Thursday, March the 24th.  The dragon pattern is a favorite trading pattern of Trader Rick.  Today the ES formed a dragon pattern and reached full target by the end of the trading day.  Using an overnight globex 5 min chart, Trader Rick illustrates the requirements for a dragon pattern and where to enter and exit.  Note that the feet of the dragon formed at the 1.27 fib extension for the globex session.

This pattern requires patience for the confirmed formation but can yield a nice profit with controlled risk.

Good trading!

Welcome to the video update for Monday, March 21st.   We’ve been following the dragon pattern on the weekly Canada chart since 2009 when the pattern was identified as a possibility.  we’ve witnessed price breaking out of the ‘head’ pattern to the upside and now after many weeks, Trader Rick discusses the target of this pattern.  Are we there?  Trader Rick also takes a look at a 200 tick Canada chart which offered two 9/30 short setups this past Friday.  See how those turned out and what to look for next.

For crude oil traders, Monday is the last trading day for the April contract so be sure to roll to the May contract (symbol K) sometime on Monday.   Looking at the daily continuation crude chart, what are the longer term moving averages telling us?  Things can and do change but being on the same side as the longer term moving averages can improve significantly your profitability.  Note the support levels under the market.  One note of importance is, according to the commitment of traders report (COT), the commercial traders are NOT supporting this current move up.  Something has got to give.

In the stock indexes, the first chart is the S&P cash weekly chart where price is currently in the buy zone.   In the event of a selloff, please note the support levels.  On the daily S&P cash chart, price tested the fib zone and we are now watching the bounce up.  Watch the upper keltner for possible resistance.  Last chart is the 2 bar per day, day session only chart and note the pattern Trader Rick talks about.  Does this have bullish implications?

Good trading!

Welcome to the video update for Monday, March the 14th.  Tuesday at 2:15pm est is the FOMC announcement.   First chart is the 30 year 984 tick bond futures where we are watching the ab=cd pattern for support.  D target comes in at the 120 area.  If price drops below 120 then look for support at the 1.27 fib extension.

Next up is the EUR/USD pair weekly chart where last week price made a new high but closed lower than the close of the previous week.   Trader Rick explains the various possibilities that could happen here.  Triangle?  Lower high?  What about the 60 minute chart?  Bullish?  Watch the buy zone IF price retraces and finds support at the lower keltner.

Trader Rick looks at the ES starting with the weekly chart where last week was the lowest close since the last week of January.  Note how price dipped down to the rising lower keltner line.  The ab=cd pattern which has bullish implications can be seen on the 60 minute chart and on the 2 bar per day chart.  Worth watching!

Good trading!

Welcome to the video update for Monday, March the 7th.   Note that the currencies will be rolling over to the June contract this week and the stock indexes roll on Thursday to the June contract.  Symbol M.  First chart up is the EUR/USD pair weekly chart where last week put in the highest close since the first week of November, 2010.  Trader Rick gives the upside targets as well as support.  On the daily chart, in last week’s video update a possible ab=cd pattern was discussed but price action this past week negated this possibility.  Now Trader Rick is looking at a possible dragon pattern on this timeframe.  Note the target of the tail of the dragon.

Gold traders, take a look at the weekly chart where last week put in an inside week.  Previously, we had a 3 bar candlestick pattern that Trader Rick discusses the implications.  Support and overhead resistance levels are given.

Next chart up is the weekly crude where price continues to accelerate to the upside.  Price has now exceeded the .618 fib extension on the monthly chart.  Support now is at $100, then $93.

Moving to the stock indexes, the ER and the NQ are stronger than the ES and YM.  On the 60 minute ER chart, Trader Rick talks about a possible ab=cd pattern, IF price moves higher.  In the ES, last week was an inside week on the weekly chart, indicating hesitation.  Note the support and resistance levels, especially in the 1283 area.   Trader Rick then analyzes the 2 bar per day chart, the 60 minute and a 9/30 setup on the 43,200 volume chart.

Good trading!

Welcome to the video update for Monday, February the 28th.  My apologies for the delay in sending this to you.  A computer problem had to be resolved which took too long!  With the end of the month we will take a look at some of the monthly charts as well as the shorter timeframes.  First chart is the weekly EUR/USD pair where this past week closed higher than the high of the previous week.  Bullish.  See why the 9/30 short we have been talking about for several weeks is no longer valid.  On the daily chart IF a lower high is in place, then look for a potential ab=cd with a D target of just above 1.3400.

Looking at the monthly gold continuation chart, price is forming an inside candle, indicating hesitation.  IF price pulls back look for a buying opportunity in the buy zone.  The weekly chart shows price approaching resistance in the 1424 to 143o area.  Watch this level closely.  Trader Rick reviews the ab=cd pattern on the daily gold chart.  The 1.618 fib extension provided support and price has been rallying since.  The crisis in the middle east, and particularly in Libya sent gold prices sharply higher this past week.  Very important to understand and watch price action.  Price traded all of last week outside the upper keltner channel, telling us that the momentum is strong to the upside currently.

Do you know the megaphone pattern?  Take a look at the corn 60 min day session only chart where price may be forming a megaphone pattern.  Is this bullish or bearish?

In crude, the monthly chart shows price in the upper end of the fib zone, so it will be important to see what price does from here.  Will it go to $220 which is what is being suggested in the media this past week in light of what has happened in Libya?  Support on the weekly comes in just above $87.  The daily chart in crude showed price trading all week outside the upper keltner channel.  Very bullish price action.  Support on the daily timeframe comes in just above $93.

In the stock indexes, looking at the ES monthly chart, price continues trading completely outside the upper keltner channel.  Bullish.  If you follow floor pivots, see what Trader Rick has to say about the yearly floor pivot levels.  Very interesting and worth keeping in mind.  Last chart is the 2 bar per day in the ES and Trader Rick is watching price that is now in the sell zone.  Overhead resistance comes in at the 1322 to 1323 area.  This matches up with the sell zone on this timeframe so worth watching. Note:  Since this is late going out, the open gapped up above the resistance zone and should now be support.

Good trading!

Welcome to the video update for Monday, February the 21st.  Monday is a US holiday and we will see early closes in the electronic session.  The stock index futures will close at 11:30am est.  First chart up is the 900 tick Ten Year note which had an aggressive 9/30 long setup.  Look at this price pattern on this chart because it is one we see over and over.

Trader Rick discusses the weekly EUR/USD pair chart where we have seen 3 weeks of sellers keeping pressure on this market evidenced by the shooting stars.  Last week, buyers stepped in and the week ended with the highest close in a month.  Is the conservative 9/30 short still valid?  The daily chart paints a different picture.  This timeframe has a bullish bias and may be creating a dragon pattern.

In the stock indexes, Trader Rick looks at the weekly ES continuation chart where price is approaching a 1.618 fib extension at just above 1248.  No evidence of a retracement on this timeframe.  On the 60 minute day session chart, please make note of the support levels below the market.  Until these support levels are broken the trend remains up.

Good trading!

Welcome to the video update for Monday, February 14th.  How is the weather in your part of the world?  Hopefully spring isn’t far away!   Trader Rick reviews the weekly chart of the EUR/USD pair shown in last week’s video update.  This past week was another shooting star.  3 weeks in a row.  What does this mean?  The 9/30 conservative short was triggered this past trading week at 1.3538.  Target is given in the update.  See if the daily EUR/USD pair is still bullish.

Trader Rick discusses a 9/30 setup on the Canada 1800 tick chart.  Check out the market structure in this market.  See how previous resistance became support and the aggressive 9/30 long setup that took place.

In crude, sellers took control this past week driving prices down to the 85 support level discussed in last weekends video update.  Watch the 85 to 93 trading range to see if it holds.

In the stock indexes, Trader Rick looks at the ES market.  What did the weekly chart do last week?  For a conservative 9/30 setup see the 43,200 volume chart for Trader Rick’s analysis.  From a market structure point of view it is important to know your support/resistance levels.  Combine that information with price patterns and you have an edge in your trading.

Good trading!

Welcome to the video update for Monday, February the 7th.  The weekly EUR/USD pair chart shows a shooting star candle the last two weeks in the sell zone.  If you know the 9/30 setup this might be of interest.  But what is the daily chart showing?  Nobody said trading would be easy.

In crude, look at the weekly continuation chart.  Do you see the dragonfly and shooting star candles?  Buyers.  Sellers.  This may lead to a trading range of 85 to 93.

In the stock indexes, we have the ES and YM making new highs this past week while the NQ and ER were not.  In the ES, in a previous video update, Trader Rick targeted 1300 to 1313 as an area of possible resistance.  Price is approaching the upper end of this zone.  No signs currently warning of a correction.  The 60 minute day session ES chart shows two levels of support to watch.  May want to make note of them.

Good trading!

Welcome to the video update for Monday, January the 31st.  Note the multiple reports due Thursday morning and the important employment report at 8:30am est on Friday.   With Monday the last day of January we will look at the bigger picture charts.  First chart up is the monthly EUR/USD pair where price will most likely close above last month’s close.  What type of candle is this?  Keep in mind the possibility of a large ab=cd pattern with the D target coming in just above 1.1400.  The weekly chart has a conservative 9/30 short setup.  Note the candle.  Sellers present?  Daily chart has a potential bullish bias.   Note support level.  60 minute chart shows initial resistance at mid-stick of the wide range candle.

Trader Rick looks at the monthly gold chart where we may get a lower close for January compared to the previous month.  Keep in mind the bull trend is still intact.  The weekly chart indicates we may see a lower high IF we get a rally.  The 1.27 fib extension on the daily chart did not hold but so far the 1.618 fib extension has held at $1310.  This has bullish implications.

In the stock indexes, the monthly DOW chart is shaping up as a narrow range month, indicating hesitation.  Keep in mind tho that price is trading completely outside the upper keltner.  The weekly DOW closed lower than the previous week, but, price is still trading outside the upper keltner.  The daily DOW made higher highs Wednesday but not the ES, NQ and ER.  Divergence was a red flag.  The daily chart shows the wide range down candle on Friday, bringing price down to the lower keltner.  See what pattern to look for this next week.

Good trading!