Video Update: 8 March

Welcome to the video update for Monday, March the 8th. We will start off with the eurostoxx 50 weekly chart where we are looking for a lower high, a double top or higher prices. Trader Rick looks at the weekly gold chart where we are still watching a possible abc correction. The MACD is still favorable for higher prices but we cannot discount the possibility for a more complex correction. On the 60 minute chart note where underlying support is. MACD was also helpful for identifying support.

The EUR/USD pair weekly chart put in yet another doji. If price rallies in to the sell zone look for a shorting opportunity. If price does not rally, see what Trader Rick is looking for to the downside. Take a look at the 60 minute chart too if you trade this market to see if we got a buying opportunity in the overnight US market.

Trader Rick talks about a possible pattern forming on the weekly Canada chart. Does it normally lead to higher or lower prices?

Take a look at the 1800 tick yen chart which has a high probability short setup. Very clean trade and illustrates the importance of trade selection. This setup was confirmed by not only the 3x timeframe but also the 9x timeframe.

Note where underlying support comes in on the 60 minute crude chart. This could be a key support in the near term.

Trader Rick analyzes the YM, ER and the ES charts. While the ER is making new recent highs, the YM and ES is thus far not confirming, creating a divergence. If you are a trader who likes to take countertrend trades, be sure to look at the 60 minute ES chart. This could save you a lot of money by staying out a strong momentum market. Ok, what was the ideal timeframe to have been watching last Friday in the ES? It is at the end of the video update.

Good trading!

Video Update: 11 January – S&P cash update

Welcome to the video update for Monday, January the 11th.  First chart up is the eurostoxx 50 weekly and you will see after moving sideways for about 6 weeks that price has begun moving higher in the last 3 weeks.  Note what the overhead resistance level is now.

Trader Rick reviews the gold weekly continuation chart.  The prior week was an inside week, indicating hesitation, and this past week price moved higher, triggering an aggressive 9/30. The daily chart continues in an uptrend with the recent correction finding support just above the .786 fib.

If you trade the EUR/USD pair take note of the daily chart and see if price moves in to the sell zone.  The 3x indicator and slow sto are down and the keltner channel is now sloping down so be aware of a possible lower high.  Overall trend on the weekly remains up tho.  Keep an eye on the overhead fib zone on the daily chart.  The .500 fib may provide some resistance if we get up there.  Take a look at the 60 minute if you like the long side.  Price has exceeded a previous swing high so watch for a long opportunity if we get a pullback in to the buy zone.

Take a look at the 15 minute all session euro currency chart.  The MACD gave us a heads up to look for a buying opportunity.  Note the inside candle!  Then price moved sideways last Friday afternoon before continuing higher in overnight trading.

We are still watching the dragon pattern unfold on the weekly Canada chart.  If you trade the Canada please take a look.

In crude the weekly and daily charts are discussed by Trader Rick.  The daily chart shows the current strength in this market.  The .500 fib comes in around the $90 level.

So what is the trend in the S&P cash market?  Up or down?  Trader Rick shows indications now lean towards a specific direction.  Know what an irregular abc is or a power buy?  The monthly, weekly and 60 minute charts are reviewed.  Note support shown on the 60 minute chart.

Good trading!

Trader Rick

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!