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: 21 June

Welcome to the video update for Monday, June 21st. In this video update, Trader Rick talks about 3 things on the EUR/USD weekly chart that gets his attention. See what they are. On the daily EUR/USD chart, see what often happens after a descending triangle in an extended run.

Next chart up is the weekly Canada chart and after holding support at the 9212 level, what is next? Don’t forget, the dragon pattern on the weekly chart remains in play.

Gold made a new high this past week, closing above the $1250 level. What is the next target to the upside?

Trader Rick goes over the weekly and daily crude charts. Be sure to check out the quick quiz on the daily chart!

Moving to the stock indexes, first chart is the Dow weekly chart where price broke out of a trading range this past week. See what Trader Rick expects next. If you trade the YM or the ES be sure to watch this video update for important trading information.

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: 6 May – dragon patterns

Welcome to the video update for Thursday, May the 6th. First chart is the yen daily where the potential for a dragon pattern is beginning to be seen. See what part of the dragon has formed and what to look for next. Today also gave an aggressive buy signal, based on the double bottom pattern and the candlestick that formed in Wednesday’s trading. Dial down to a 60 minute chart to see the potential for a change in trend here.

Weekly crude in 3 short trading days has created an outside week with price currently in the buy zone. Trader Rick looks at the 525 tick crude chart where a dragon pattern may also be forming.

The ER and ES both had ab=cd patterns mentioned in the weekend update so today’s video updates these patterns. In the ER, price reached the 1.618 extension of the ab=cd pattern in early trading on Wednesday. See where overhead resistance is. In the ES, in the first hour of trading on Wednesday, price reached the 1.27 extension just below 1157.00. We also had a 1.618 fib of a swing coming in at 1157, creating a confluence of fib levels. Overhead resistance lies in the 1176 area which was previous support.

Good trading!

Video Update: 3 May 2010

Welcome to the video update for Monday, May the 3rd. We will start with the eurostoxx 50 weekly chart where an ab=cd pattern may be forming. Keep in mind we are in the buy zone.

Take a look at the EUR/USD weekly chart. What candlestick do you see for last week? Does it have any implications?

Trader Rick takes a look at the weekly gold chart where price continues higher, closing above the swing high in mid January of this year. The daily chart has a pattern worth looking at. We may have a rising wedge forming which has bearish implications.

Look at the weekly Canada chart where price put in an inside week this past week. The two previous weeks were both outside weeks! Dragon pattern continues to unfold. If you trade the Canada, please look at the 60 minute chart where an important trend line lies overhead.

Next up is the weekly crude chart where price put in an outside week. We are closing in on the .50 fib at just above $90. On the 60 minute chart, look for a possible 9/30 long if we get a pullback in to the buy zone.

Moving to the stock indexes, the first chart is the monthly DOW chart where we had a very narrow range for the month of April. What does this possibly mean? The daily DOW chart shows near term support. The NQ monthly is different than the DOW chart. Take a look. The NQ daily shows near term support. Price could be rolling over here or simply we are moving in to a trading range.

If you trade the NQ please look at the 60 minute chart where an ab=cd pattern may be forming. If the D level holds, price should move back higher. The ER 60 minute chart also has an ab=cd pattern forming possibly, with the D target not far away.

Trader Rick ends with the various ES charts…the weekly, daily, 60 minute and the 203 minute chart. The megaphone pattern continues to be a possibility. Keep an eye on it!

Good trading!

Video Update: 26 April

Welcome to the video update for Monday, April the 26th. Quick reminder that Wednesday is FOMC announcement day at 2:15pm est. Make a note on your trading calendar! First chart is the weekly EUR/USD pair and last week price traded lower but we have early evidence that a trading range may be forming. The overall trend on this chart is still down indicated by the slow stochastic and the 3x indicator. Trader Rick updates the EUR/USD daily chart from last weekends video update where an ab=cd pattern was forming. Be sure to see how this has played out this past week. Friday’s price action was a piercing pattern, indicating that we may have seen short term lows.

What should you be looking for on the EUR/USD 60 minute chart that would indicate a change of trend? This is a common pattern so if you trade this forex pair be sure to watch.

Trader Rick updates the EUR/JPY weekly chart. MACD has turned down. What next?

The daily gold chart shows a conservative 9/30 long entry this past trading week. Do you see it?

The weekly Canada chart is updated as the dragon pattern continues to unfold. Target of this pattern is approximately 300 basis points to the upside!

On the daily crude chart, note how previous resistance is now support.

Turning to the stock indexes, take a look at the weekly Dow chart and a measured move that has been in play for many months. We are now about 100 Dow points away from reaching this target. When this pattern was pointed out back in the summer of 2009 it seemed very unlikely we would reach this target based on how bearish the sentiment was at the time.

The Dow daily and 60 minute charts are discussed. Note the ascending triangle on the 60 minute chart. What might this be telling us? The NQ weekly chart shows we are right below the target of a dragon pattern. We’ve been watching this possible pattern develop since early 2009. Note the ascending triangle on the 60 minute NQ chart!

Trader Rick reveals the overhead targets for the ES market.

Good trading!

Video Update: 12 April

Welcome to the video update for Monday, April the 12th. We will start with the EUR/USD weekly chart where price is moving in to the sell zone in the overnight market. Note Trader Rick’s concern on taking a short setup if presented. On the daily chart Trader Rick is looking at a possible ab=cd pattern with a fib extension. Be sure to watch the end of the video update to see a review of the 60 minute chart from last Thursday’s update. We got the trend reversal as outlined by Trader Rick on Friday.

Price is in the sell zone on the weekly EUR/JPY chart. If price moves thru the immediate overhead resistance level, see where price may go next. Otherwise, price is in position to roll over at the current level.

Next up is the gold weekly chart where price was up $35 this past week and closed at its highest level since December of 2009. It appears the abc correction is complete. The daily chart shows the current momentum strength as price traded outside the keltner channel all last week!

The weekly Canada chart shows price moving higher this past week and is approaching the dragon pattern target.

Next chart is the weekly crude chart where price is moving closer to the .50 fib which is at $90.35. Be sure to catch the commentary on the 60 minute crude chart where a gap may be providing support in an uptrend. Trader Rick also talks about counting waves in a retracement. Most waves are simple abc corrections but often we see a complex correction and this is a good example of an abcde retracement.

Next up are the stock indexes with the first chart being the S&P cash weekly chart. Also discussed is the NQ weekly, the 13,500 volume ER which you want to watch and the weekly/daily ES.

Good trading!

Video Update: 5 April

Welcome to the video update for Monday, April the 5th. The eurostoxx 50 daily chart shows price closed last Friday at the highest level since mid January. See what the next upside target is.

Trader Rick reviews the weekly gold chart where price is in a trading range.

Next up is the weekly EUR/JPY chart where price is in the sell zone. Can price move thru the overhead resistance? On the weekly EUR/USD chart, IF price moves in to the sell zone, then look for a shorting opportunity. IF price moves lower first, look for potential support in the .786 area. If you trade the EUR/USD, take a look at the 60 minute chart and see how the 9/30 setup played out.

The weekly Canada chart shows price continuing higher, closing last week at its highest level since July 2008. Price is closing in on the targets of the dragon pattern.

Trader Rick reviews the weekly crude chart where price may be breaking out to the upside. Next upside target is the .50 fib at just above the $90 level. On the daily chart, there are no divergences so watch for price continuation if support holds at the 81.50 area.

Next up are the stock index charts, starting with the NQ weekly and daily. Note where support should come in. Trader Rick finishes with the ER 60 min chart and the ES daily and 60 min charts.

Good trading!

Video Update: 29 March 2010

Welcome to the video update for Monday, March the 29th. Note, if you are a gold trader please remember to watch for the roll to the June contract. First chart up is the 13500 volume eurostoxx 50 chart where we see an example of previous resistance becoming current support. See what two patterns are most likely forming currently.

Trader Rick discusses the weekly gold chart where price is in the middle of a trading range. Note where support levels are.

The weekly EUR/JPY pair chart shows heavy resistance overhead. A shorting opportunity may present itself if price moves in to the sell zone. The EUR/USD pair weekly chart shows a possible 5 wave pattern. If we close above last week’s high that would be a warning to traders who are short.

With the end of the month coming in a few days, Trader Rick took a look at the monthly Canada chart where we will probably see the highest close since July of 2008. The weekly chart shows the current status of the dragon pattern. Note the beautiful 3x trend method long setup in the summer of 2009.

In crude, on the monthly chart, price is poised to put in a very narrow range candle for March. We have seen only a 5 point swing for the entire month. This will most likely change very soon! The weekly chart shows the current trading box we are in.

Moving to the stock index futures, first chart is the weekly chart where Trader Rick reviews the dragon pattern which is beginning to near upside targets. The NQ 60 minute chart shows intraday support at about the 1942 level. What does Trader Rick use to identify current support?

The next chart is the monthly ER chart where price has pushed thru resistance at the 640 level. Price is poised to make the highest monthly close since August of 2008. The daily ER chart shows the next target to the upside so if you trade the ER please take a look at this chart.

The monthly, daily and 60 minute ES charts are discussed so don’t miss them!

Good trading!

Video Update: 15 March

Welcome to the video update for Monday, March the 15th. Don’t forget we have a FOMC announcement on Tuesday at 2:15pm est.
Ok, first chart up is the weekly eurostoxx 50. Last week was a narrow range doji, indicating hesitation, contraction. Note where price is in relation to the 9ema. If price moves higher look for a test of the last swing high. The daily eurostoxx 50 chart paints a different picture. Is it bullish?

Trader Rick looks at the gold weekly, daily and 60 minute charts so if you trade gold, don’t miss these. We may get a complex correction on the weekly chart. If price does retrace lower take a look at the daily chart for a possible downside target. The 60 minute chart shows nearby support and also two MACD short setups.

We finally got movement on the weekly EUR/USD chart after multiple doji weeks. Keep an eye on the sell zone IF price moves higher.

Trader Rick reviews the EUR/JPY weekly forex chart where we are watching price to see if it can reach the sell zone. Combined with considerable overhead resistance this could provide a good selling opportunity.

Trade Canada? Take a look at the weekly Canada chart where price may be breaking out of a trading range. The long discussed dragon pattern is moving closer and closer to its tail target.

The weekly crude chart is next and last week was a narrow range week. Overhead resistance is not far away.

Index traders should look at the SPX, YM, ER and the ES charts. Note the daily ER ab=cd pattern that completed last Friday. The market seems to be hesitating here but the overall trend remains up. Note we have the YM not making new highs while the other major indexes made new highs this past week.

Good trading!

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