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: 26 October – daytrading review

Welcome to the video update for Monday, October 26th.  Trader Rick starts with the weekly gold continuation chart where loss of momentum is taking place.  Last week was an inside week.  Expect a breakout in the next week.  On the daily look for a possible slingshot and support at the lower keltner.

For forex traders, take a look at the 60 minute EUR/USD chart.  Possible ascending triangle.  On the weekly euro currency chart, price continues moving higher.  Upside target is given.  Careful taking countertrend setups!

The dragon pattern is still intact on the weekly Canada chart.  There are some signs of waning momentum.  The daily chart shows near term support.  An aggressive 9/30 setup is shown.

Trader Rick discusses the crude and the 10 year note markets, followed by the indexes.  Be sure to see the intraday short setup in the ES from last Thursday afternoon that failed to materialize.  Good illustration of the importance to use stop losses!

Good trading!