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!

Video Update: 12 July

Welcome to the video update for Monday, July the 12th. Please note the next video update will be either July 21st or July 22nd. Trader Rick will be on vacation in beautiful Arizona enjoying the hot weather.

First chart is the EUR/USD pair weekly chart and note that price is in the sell zone, up against the upper keltner. This may be an important week for this market. Watch this coming Friday’s close to see if a 9/30 short is triggered. We also have a possible slingshot forming. The ab=cd pattern is still in play. On the daily EUR/USD pair chart we have a possible abc correction which would tell us to look for the downtrend to resume once the correction is complete.

Gold traders should take a look at the weekly continuation chart where price is in the buy zone. Will the current bullish sentiment be ignored and price moves higher? Be sure to look at the daily gold chart!

On the weekly crude chart, see what tells us we might see a trading range. If you trade crude, be sure to check out the 60 minute chart.

In the stock indexes, first chart is the YM weekly chart where the moving averages are converging where price currently is. What does this mean? Expect some increased volatility IF price moves away from this area.

The video update concludes with a look at the ER weekly and ES charts.

Good trading and see you the middle of next week!

WYPBRNF3HA99

Video Update: 6 July

Welcome to the video update for Tuesday, July the 6th. The markets are closed on Monday in the US for the Independence Day holiday. Electronic sessions close early on Monday. First chart up is the EUR/USD pair monthly chart where we continue to monitor the possibility of an ab=cd pattern. Trader Rick discusses another possibility so if you trade the euro be sure to watch. The weekly, daily, and 60 minute charts are also reviewed.

Next up is the weekly Canada chart where it appears we have a lower high in place and now price may be testing important support in the .9212 area. Another pattern to keep an eye on is the ab=cd pattern.

If you are a gold trader be sure to listen to Trader Rick’s analysis of this volatile market. Big down week last week which is not surprising considering the extreme bullish sentiment.

Next chart is the weekly crude where we had a lower high the previous week and a down week last week. Be sure to watch and see what typically accompanies a lower high and also where support is. Knowing where price is in relation to the keltner channel as shown on the 60 min chart can be very helpful in keeping you on the right side to be trading.

ES traders be sure to watch Trader Rick’s discussion on this market. He covers the monthly, weekly, daily, the two bar chart, the 60 minute day session only chart and the 30 and 15 minute chart. Market structure is key to your analysis!

Good trading!

Video Update: 28 June – doji everywhere

Welcome to the video update for Monday, June 28th. Trader Rick will start with the monthly EUR/USD pair chart where the month of June is going to finish completely outside the keltner channel, indicating current momentum is strong to the downside. Note the D target of the ab=cd pattern. The weekly chart shows overhead resistance levels.

The EUR/JPY pair monthly chart shows a divergence to be aware of. Bullish? The monthly Canada chart is up next and you will see what candle is currently forming. Underlying support is very clear on this chart. The dragon pattern on the weekly Canada chart is still in play.

Trader Rick discusses the monthly and weekly gold charts where price is trading just above the 1.618 fib.

The next chart is the monthly crude where we are currently in a trading range and price is in the buy zone.

Moving to the index charts, the theme of these charts is the doji candlestick. Take a look at the Dow, the S&P cash, and the ES charts and you will see doji. On the daily ES chart, is the dragon pattern still intact?

Good trading!

Video Update: 14 June – Trading lesson

Welcome to the video update for Monday, June 14th. Check out the short trading lesson on the two most common types of retracements after a rally outside the keltner channel. First chart is the EUR/USD pair weekly chart where price completed the 4th consecutive week trading outside the lower keltner channel. Note the overhead resistance levels IF price rallies. The D target of the ab=cd pattern remains at just above 1.1400. The EUR/JPY pair weekly chart is similar as price continues trading outside the lower keltner channel.

Next up is the weekly gold chart. Trader Rick is watching notable resistance at the $1250/oz level where we have the 1.618 fib. If price can decisively close above this level price should continue moving higher to the measured move target of about $1330. Please note that the current bullish sentiment is very high and it would not be a surprise to see a correction in the near future. If you trade gold please be sure to look at the 60 minute chart!

Nothing new to update on the Canada chart so we take a look at the weekly crude where price is trading near support. If support holds here we might be in a trading range. If you are a crude trader look at the daily chart for overhead resistance levels.

Trader Rick takes a look at the Dow starting with the monthly chart, all the way down to the 60 minute chart. Knowing where the large timeframes are can be very helpful in making trading decisions on the intraday timeframes. The 60 minute chart shows a possible pattern worth noting.

Good trading!

Video Update: 7 June

Welcome to the video update for Monday, June the 7th. A reminder that the indices roll to the September (U) contract this Thursday. We will start with the EUR/USD pair weekly chart and price continues to trade outside the lower keltner channel, telling us that the momentum and trend to the downside is firmly in place at this time. The D target of the ab=cd pattern is not far below. Under the current conditions, don’t be a hero and buck the trend. Look to sell rallies until a 9/30 long presents itself.

Quick look back at the EUR/JPY weekly chart which we have been watching since late 2009. Once price broke out of the trading range, look what took place. Price moved up in to the sell zone, setting up an aggressive 9/30 short. Good reminder to keep an eye on your larger timeframes.

Trader Rick walks you thru the weekly Canada chart where price is holding just above support at 9212. On the daily chart we had a conservative 9/30 setup and in overnight trading the first target is nearby.

Next chart is the weekly crude chart. Last week was an inside week, following an outside week, so look for a break of the inside candle. The daily Crude chart had two 9/30 short setups last week. This can test your patience! This scenario is a very good reason why you should have a written trading plan so you know how you are going to manage this type of price action when your initial target is not hit.

Now to the stock indices. First up is the YM weekly chart where price is just above support. What setup did we have on the daily YM chart last Thursday? You won’t be surprised. Trader Rick shows the 60 minute day session chart from last Friday. Knowing this information during the trading day can keep you from losing money trying to trade countertrend setups such as bullish divergences. Unless you are good at scalping, don’t fight the trend! The NQ daily also had a conservative 9/30 setup last Thursday. Do we see a pattern here on these daily charts? Tis why you want to keep an eye on them!

Last chart is the 129600 volume ES chart. Note where overhead resistance is now after the big down day on Friday.

Good trading!

Video Update: 27 May

Welcome to the video update for Thursday, May the 27th. If you trade gold, remember to roll to the August (Q) contract. Grader Rick starts with the EUR/USD pair weekly chart where we continue to monitor an ab=cd pattern with a D target of about 1.1400. With price trading outside the keltner channel on a large timeframe we know the downtrend is firmly in place. The daily EUR/USD chart shows a baby slingshot and now a possible double bottom. If price takes out the high of last Friday we will watch for a potential dragon pattern. One reason we may see higher prices in the near term is the 60 minute chart showing a possible completion of 5 waves down.

Next up is the weekly Canada chart where price is currently testing a support band between 9212 and 9300. On the 1800 tick chart we are monitoring an ab=cd pattern which has bullish implications.

If you are a crude trader take a look at the daily chart and see if you recognize the candlestick from Tuesday’s trading. What are the implications? IF price moves higher, what are the overhead resistance levels? The 60 minute day session chart shows price traded completely outside the upper keltner channel in Wednesday’s trading.

Moving to the stock indexes, first chart up is the 13500 volume ER chart where we find price in the buy zone after making a slight new high in early trading on Wednesday. In the ES, Trader Rick shows the 129600 vol chart where price found support at the .618 fib. If price rallies see where overhead resistance may come in. Last chart up is the 60 min day session ES chart and overhead resistance is pretty clear on this timeframe. See if the MACD is telling us to look for a buying or a selling opportunity.

Good trading!

Video Update: 24 May

Welcome to the video update for Monday, May the 24th. Continue to trade conservatively while volatility remains in the markets. First chart up is the EUR/USD weekly chart. Price broke the lows back in late 2008 so we shall see if price finds support here, resulting in a short term rally in to the overhead sell zone. Note the target of the ab=cd pattern if that plays out. Be sure to look at the daily and 60 min charts if you trade this forex pair.

If you trade the Canada please note the near term support levels. The dragon pattern remains intact which means we have unmet overhead targets. Also, when I point out setups on currency charts that they apply to the related forex charts. So when I talk about the Canada charts, look at the USD/CAD forex charts for similar setups. I heard from one trader who took full advantage of the 9/30 conservative short setup on the daily Canada chart but traded it on the forex. Great job, by the way!

Trader Rick discusses the weekly crude chart and points out near term support levels. Overhead resistance levels are pointed out on the daily chart.

In gold, watch where price closes this month on the monthly chart. We have a possible doji forming along with a bearish divergence. If you trade gold please remember we are rolling to the August contract (Q) later this week.

Next up are the stock index charts with the Dow monthly chart up first. It is quite possible price will find support in the buy zone before continuing higher but we are in area of resistance at these levels. On the weekly chart we are watching the 9835 level for support. If that is taken out, look for a possible trend change to the downside.

Note that the Dow (YM) and the NQ did not make a new low this past week while the ES and ER did make new lows since the May 6 crash low. Trader Rick shares two possible patterns that may be forming.

Final charts are the ES weekly, 203 minute and 60 minute charts.

Good trading!

Video Update: 21 May – 9/30 results

Welcome to the video update for Friday, May the 21st. In last weekend’s video update Trader Rick showed 4 9/30 setups on the daily chart…so let’s see how they turned out. First up is the eurostoxx 50 daily chart and we had a conservative 9/30 short setup. Initial target of 2560 was hit this week. Next up is the Canada daily where we had another conservative 9/30 short setup. 9794 was the trigger and the initial target was the 9610 area which was hit. Full target came within 12 ticks in overnight trading tonight.

Next chart is the ER daily where we had another conservative 9/30 short setup which was triggered at 704.30. How did this one turn out? Finally, the ES had a 9/30 but it was of the aggressive variety. Take a look at this short setup on the ES daily chart. Initial target was hit, plus much more. We are now testing the ‘crash’ low.

In Thursday’s trading, Trader Rick gives two illustrations how a trader might jump on a strong trending market with relatively low risk. He takes a look at the ER and ES 5 minute charts with a common pattern….the ab=cd pattern. This is a trend continuation pattern and, as you will see, afforded a safe entry.

Good trading!

Video Update: 17 May – 9/30 setups

Welcome to the video update for Monday, May the 17th. 9/30 setups on the daily chart are opportunities for both the position trader and the day trader and in this video update we have some great examples! First chart up is the eurostoxx 50 daily chart where we had a conservative 9/30 short setup in the sell zone. Take a look at the chart and see for yourself as these examples have favorable reward to risk ratio setups. On this chart, note the MACD is telling us to sell the next swing up.

Trader Rick takes a look at the EUR/USD pair weekly chart where price reaches full target in overnight trading. This is not the place to establish short positions tho. Look at the ab=cd pattern to find downside targets, if price continues lower.

Next chart up is the EUR/JPY pair weekly chart where price is at near term support. See what pattern Trader Rick is looking at that may lead to a much lower price. Once again, the MACD, as taught in the Traders Club, alerted us to sell the next swing up which worked out well.

The daily Canada chart had a conservative 9/30 short setup that was triggered in trading on Friday. Crude traders should note we are approaching possible support levels on the weekly chart. If you dial down to the daily chart you will see price has been trading outside the keltner channel for over a week now. Watch for a trade opportunity if price retraces in to the sell zone.

In the stock indexes, 9/30 setups also happened on the daily chart for the ER and the ES as illustrated by Trader Rick. Check them out! See how Trader Rick dialed down to find a lower risk short setup on the 203 minute ES chart.

Good trading!

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