Welcome to the video update for Monday, March 21st.   We’ve been following the dragon pattern on the weekly Canada chart since 2009 when the pattern was identified as a possibility.  we’ve witnessed price breaking out of the ‘head’ pattern to the upside and now after many weeks, Trader Rick discusses the target of this pattern.  Are we there?  Trader Rick also takes a look at a 200 tick Canada chart which offered two 9/30 short setups this past Friday.  See how those turned out and what to look for next.

For crude oil traders, Monday is the last trading day for the April contract so be sure to roll to the May contract (symbol K) sometime on Monday.   Looking at the daily continuation crude chart, what are the longer term moving averages telling us?  Things can and do change but being on the same side as the longer term moving averages can improve significantly your profitability.  Note the support levels under the market.  One note of importance is, according to the commitment of traders report (COT), the commercial traders are NOT supporting this current move up.  Something has got to give.

In the stock indexes, the first chart is the S&P cash weekly chart where price is currently in the buy zone.   In the event of a selloff, please note the support levels.  On the daily S&P cash chart, price tested the fib zone and we are now watching the bounce up.  Watch the upper keltner for possible resistance.  Last chart is the 2 bar per day, day session only chart and note the pattern Trader Rick talks about.  Does this have bullish implications?

Good trading!

welcome to the video update for Monday, February the 15th. We are undergoing some changes to the efuturevision web site in the weeks ahead and because of some changes Trader Rick was unable to do a video update during the week last week. Hopefully this video update posts successfully! First chart is the eurostoxx 50 weekly and price put in an inside candle last week, indicating contraction. Both up and down scenarios are discussed. The daily chart illustrates the overhead resistance.

Trader Rick shows the inside week in gold last week on the weekly. Has the abc retracement pattern completed? Targets to the upside remain unfilled. IF prices move lower, take a look at the daily chart where we have an ab=cd pattern possibility, targeting just above the $1000/oz level.

If you trade the euro/yen pair take a look at the weekly chart which shows price breaking out of an 8 month consolidation zone. What’s next? On the EUR/USD weekly chart, price is in the fib zone with last week finishing as a doji. Note where it completed. On the daily chart, price is sitting right on the D target of the ab=cd pattern. If price moves lower look for the 1.27 fib level to provide initial support.

Next up is the 13500 volume euro chart where another ab=cd pattern is providing support. Is there a chance we may see a change of trend? What do we want to see first to confirm a change of trend?

The Canada weekly chart is up next with price in a trading zone. The dragon pattern is still intact.

Crude oil weekly is trading near support, threatening to break out of a channel.

The next chart is the 60 minute 30 year T Bond market and price closed Friday in the sell zone. Check price on Monday morning to see if a sling develops.

In the stock indexes, the NQ daily closed in the sell zone on Friday but note we closed on the high of the day, and this last leg up came after a bullish divergence, making a short a lower probability here. Trader Rick goes over the 15 minute and 2 minute ES chart for Monday’s trading.

Good trading!

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!)