Video Update: 5 March – index divergence

Welcome to the video update for Friday, March the 5th. The EUR/USD pair weekly chart looks like it may end this week with another doji, the 4th week in a row. This market is in big time hesitation mode! The various moving averages overhead provide resistance so if price moves up in to the sell zone which is above the 9ema, look for a shorting opportunity. On the 60 min chart Trader Rick shows the short that setup in early trading on Thursday resulting in a clean aggressive 9/30 sell. The slow sto and the 3x indicator confirmed.

Next up is a clean setup on the 4500 volume euro chart. See how this sell was confirmed resulting in a solid move to the downside. Good example of a slingshot.

Moving to the stock indexes, compare the weekly ER chart and the ES weekly chart. Divergence! Will the ES follow thru and make new highs or will we get a lower high? The ER may be forming a 1-2-3 pattern. Take a look at the 2 bar per day ES chart and note where significant resistance may be forming.

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: 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: 30 September – emini day trading

Welcome to the video update for Wednesday’s trading.  The focus is on the emini (ES) and Trader Rick begins with the daily chart where a 3 candlestick pattern completed at the close on Monday.  What will happen next?  Keep an eye on the slingshot pattern too.

Next chart is the 60 min day session ES chart and after trading outside the keltner channel on Monday price moved in to the buy zone on Tuesday.  Trader Rick then reviews a 1-2-3 pattern on the 14400 volume chart that took place shortly after the open on Tuesday.  Combine this pattern with a setup using  the globex fib extensions gave reason to take a short position that resulted in price moving down to the opposite 1.27 fib at 1054.00.  These are high probability setups when you get a confluence of a setup taking place at a target.   Price eventually moved 11 points to the downside.  The lower globex 1.27 fib extension yielded a potential of 8 points to the upside. It is important to be selective in your trade setups.  Wait for the high probability opportunities and have confidence to pull the trigger.

Good trading!