Video Update: 25 March – emini review

Welcome to the video update for Thursday, March the 25th. Today’s video update will focus entirely on the emini ES futures contract. This is a good practice to follow at the beginning of the trading day, to see how the smaller timeframes fit in to the larger timeframes, hopefullly allowing you to better define risk and identify higher probablility setups. As Trader Rick has stated before, successful consistent profitable trading depends greatly on trade selection.

Watch Trader Rick start with the weekly ES chart and go thru smaller timeframes, down to the 5 minute chart. Knowing where price is on the larger timeframes will help you make decisions on the smaller timeframes. Ideally, a larger timeframe will provide support in taking a smaller timeframe setup.

One primary purpose of doing these exercise is to identify if a trend is in force or not, what the momentum is, where support resistance is, then take advantage of what we know. There will be times when the best trade is no trade.

Good trading!

Video Update: 26 February

Welcome to the video update for Friday, the 26th of February. If you are a bond or note trader please start moving to the June contract (M). Ok, first up is the daily Canada chart where we have two patterns under watch. One is the ab=cd pattern. The other?

Trader Rick discusses the weekly EUR/USD forex pair where we may finish this week with another doji. What follows several weeks of contraction? At some point, expansion.

The pattern to watch in Thursday’s trading for the stock indexes was the ab=cd pattern. Trader Rick reviews the 60 minute day session charts for the YM, ER and the ES. The ES was a perfect ab=cd. After 3 more hours of trading, price took off to the upside, closing on the highs in all 3 markets. Pays to watch the larger timeframes, both day session and all session!

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: 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!