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: February 1st – review of monthly charts

Welcome to the video update for Monday, February the 1st.  With a new month Trader Rick will review most of the monthly charts where appropriate.  First chart up is the daily Eurostoxx 50 where price is testing a support level going back to the end of December.  Trend and momentum is currently down.  If price rallies look for a shorting opportunity in the sell zone.  The 60 minute chart is putting in lower lows and lower highs.  See which swing high if taken out will reverse the price action.

Next up is the gold monthly chart where the front month moves from February to April.  The month of January put in a shooting star.  Note where underlying support may come in and what the monthly pivot is.  Pivots are tested on a high percentage of the time.  Do you know how to calculate a pivot?  (H+L+C) /3. The daily gold chart has a possible abc pattern in play.

Trader Rick discusses the monthly EUR/USD forex pair chart where price is in the buy zone.  If support does not hold then an ab=cd pattern may develop.  The daily chart shows how to dial down to a smaller timeframe to locate a high probability setup based on the position of price on the daily.

The euro currency monthly chart shows price in the buy zone.  Will price find support here?  What might happen if price does not hold support?  The weekly and 60 minute charts are also covered.

The monthly Canada chart is next price has found resistance in the fib zone.  The dragon pattern is still intact on the weekly chart.  Price is in the support zone.  The daily Canada chart has a possible ab=cd pattern.

Trader Rick discusses the monthly crude oil chart where price is in the sell zone but moving sideways.  Slingshot may have influence on the price action.  Weekly chart shows price trading in a channel.

Next up are the stock index charts beginning with the S&P cash monthly chart.  Last month was a bearish engulfing candle.  Does this signal the end of this 10 month upmove?  Trader Rick also covers the YM, NQ and the ES charts.  Look at the 240 minute ES chart for important overhead resistance levels.

Good trading!

Video Update: 29 January – two trading tips

Welcome to the video update for Friday, January 29th.  With the end of the month Trader Rick offers two trading tips based on the position of the price in relation to the keltner channel.  In preparation for the trading day consider looking at your higher timeframe charts to see where price is trading.  As trading closes for the week and the month, look at the weekly and monthly charts too.  This information can help you trade in the direction of the prevailing trend, if there is one.

First chart is the crude monthly where we may have the lowest close since last September.  See what pattern may also be forming.  On the daily crude chart, price is trading outside the lower keltner channel, telling us very important information.  Trader Rick walks thru 60 minute and 15 minute charts pointing out high probability setups.

The ES daily chart is similar to the crude daily chart in that price was trading outside the lower keltner channel, providing high probability short setups on the 15 minute and 60 minute charts.

Knowing where price is trading can keep you out of low probability countertrend setups and spot high probability, with trend, short setups.

Good trading!