Welcome to the video update for Monday, February the 28th.  My apologies for the delay in sending this to you.  A computer problem had to be resolved which took too long!  With the end of the month we will take a look at some of the monthly charts as well as the shorter timeframes.  First chart is the weekly EUR/USD pair where this past week closed higher than the high of the previous week.  Bullish.  See why the 9/30 short we have been talking about for several weeks is no longer valid.  On the daily chart IF a lower high is in place, then look for a potential ab=cd with a D target of just above 1.3400.

Looking at the monthly gold continuation chart, price is forming an inside candle, indicating hesitation.  IF price pulls back look for a buying opportunity in the buy zone.  The weekly chart shows price approaching resistance in the 1424 to 143o area.  Watch this level closely.  Trader Rick reviews the ab=cd pattern on the daily gold chart.  The 1.618 fib extension provided support and price has been rallying since.  The crisis in the middle east, and particularly in Libya sent gold prices sharply higher this past week.  Very important to understand and watch price action.  Price traded all of last week outside the upper keltner channel, telling us that the momentum is strong to the upside currently.

Do you know the megaphone pattern?  Take a look at the corn 60 min day session only chart where price may be forming a megaphone pattern.  Is this bullish or bearish?

In crude, the monthly chart shows price in the upper end of the fib zone, so it will be important to see what price does from here.  Will it go to $220 which is what is being suggested in the media this past week in light of what has happened in Libya?  Support on the weekly comes in just above $87.  The daily chart in crude showed price trading all week outside the upper keltner channel.  Very bullish price action.  Support on the daily timeframe comes in just above $93.

In the stock indexes, looking at the ES monthly chart, price continues trading completely outside the upper keltner channel.  Bullish.  If you follow floor pivots, see what Trader Rick has to say about the yearly floor pivot levels.  Very interesting and worth keeping in mind.  Last chart is the 2 bar per day in the ES and Trader Rick is watching price that is now in the sell zone.  Overhead resistance comes in at the 1322 to 1323 area.  This matches up with the sell zone on this timeframe so worth watching. Note:  Since this is late going out, the open gapped up above the resistance zone and should now be support.

Good trading!

Welcome to the video update for Monday, January the 10th.  The EUR/USD pair monthly chart is first up where in last week’s video update Trader Rick talked about the inside candle for the month of December and to watch a break of either side of the this candle.  Did price break the inside candle already?  Did the ab=cd pattern mentioned in last week’s video update reach its target or did it fail?  Note how well the upper keltner channel contained price action to the upside this past week on the 60 min EUR/USD pair chart.

Look at the gold daily continuation chart where the $1425 area has been tested three times now.  Do you know about the rule of 3?  Note the ab=cd pattern too. 

Trader Rick discusses the conservative 9/30 short on the 60 min crude chart. 

Moving to the stock indexes, the weekly ES chart show price traded completely outside the upper keltner channel this past week.  But are there any warning signs?  Look at the daily ES chart.  Current support comes in at the 1250 to 1253 area. 

Good trading!

Welcome to the video update for Monday, December the 13th.  Trader Rick reviews 9/30 setups starting with the EUR/USD pair daily chart.  See which 9/30 on the daily chart has the highest probability of success?  Does a 9/30 short near support a high probability setup?  The 9/30 short setup triggered this past week is also a possible slingshot pattern. 

Trader Rick is currently watching a triangle pattern on the 4500 volume euro currency futures chart.  In overnight trading as this video update was made price is close to breaking out of the triangle.  How would you enter a break of the triangle?  Trader Rick reviews two choices. 

Moving to the stock indexes, look at the S&P daily cash chart.  Price has been trading outside the upper keltner channel the past 6 trading days.  By now you probably know this means momentum is strong to the upside currently.  Note where the 1.27 fib extension is on this chart.  Price came very close to reaching this fib level in trading this past Friday.  Watch for evidence of hesitation or loss of momentum.

Good trading!

Welcome to the video update for Monday, November the 8th.  First chart is the EUR/USD pair weekly where we saw price last week move higher but sellers stepped in, evidenced by the selling shadow on the candle.  Last weekend’s video update showed two possible patterns developing on the daily chart.  Which pattern prevailed? 

Trader Rick looks at the crude daily chart where price continued higher last week, finishing the week trading outside the upper keltner channel.  The weekly chart shows price is testing previous resistance just above the 87 level.  Note last week’s candle was a wide range candle so do not be surprised if we see some price consolidation here.  Or price may blast thru the 87 level. 

In the stock indexes, the first chart is the weekly ES where we saw price move sharply higher, taking out the swing high from April 2010.  Which index did NOT take out it’s April highs?  Trader Rick finishes up with the 203 minute chart and the 60 min ES chart where near term support can be seen at the 1215 area. 

Good trading!

Welcome to the video update for Monday, October the 25th.  First chart is the EUR/USD pair weekly chart where last week’s candle was a spinning top, indicating hesitation.   Could be sellers taking control or just a break before the buyers push prices higher.  Have we had a close below the low of the recent high candle?  Trader Rick makes note of overhead resistance levels and underlying support.  On the daily chart we have the possibility of a slingshot pattern, indicating higher prices.  60 min chart shows price currently trading outside the upper keltner channel with  noted underlying support. 

Trader Rick takes a look at the weekly gold continuation chart where price closed below the previous week’s low.  Note where support comes in if price retraces.  Take a look at the weekly silver chart.  Good example of why it can be profitable watching the big picture especially during consolidation.  Once price broke the triangle and traded outside the upper keltner it moved $4 straight up, providing about $20k net profit per contract in 5 weeks. 

Crude traders, take a look at the daily chart where price has most likely completed an ab=cd pattern.  A slingshot pattern may also be forming. 

Moving to the stock indexes, take a look at the ER daily chart if you trade this market.  Note the inside/outside/inside pattern that was discussed the first week of October.  Price appears to be breaking the high of inside bar from last Friday.  Slingshot may also be forming. 

Final charts are the ES weekly, daily (day session only), and the 2 bar per day chart.  1190 is the next level of resistance. 

Good trading!

Welcome to the video update for Monday, October the 18th.  First chart up is the EUR/USD pair weekly chart where last week price continued trading outside the upper keltner channel, telling us that currently the momentum and trend is strong to the upside.  Last week’s candle was a doji, so that means buyers may be taking a breather.  Note where overhead resistance and underlying support may come in to play.   For a look at the market structure on the daily EUR/USD pair, Trader Rick looks at previous price action where price broke out of a balance area or a trading range and price then rallied directionally to where we are today.  Knowing this market structure would keep you out of taking short positions unless scalping or day trading.  

Gold made new highs again last week, reaching almost the $1390 level with no correction in sight.  When price retraces look for support in the $1260 area or the lower keltner line. 

Moving to the stock indexes, first chart is the Dow weekly where price moved higher last week, forming a spinning top candle completely outside the upper keltner channel.  You know what that means!  Price is in position to form a lower high, a double top or a higher high.  A weekly close below last week’s low would be a negative.   On the daily Dow chart, Trader Rick is watching a large ab=cd pattern potential.  Price is trading just above the D target with the 1.27 fib at 11330.   If price retraces here look for support at the lower keltner. 

Final charts analyzed are the ER weekly, ES weekly, ES 203 minute and the 15 minute chart. 

Good trading!

Welcome to the video update for Monday, October the 11th.   First chart up is the weekly EUR/USD pair weekly chart where last week was a spinning top candle formation.  With price moving thru resistance levels, note the next level of overhead resistance.  Also noteworthy is the fact that price has traded outside the upper keltner channel the last 2 weeks.  On the daily EUR/USD chart, price put in two doji the end of last week, indicating hesitation.

Trader Rick has talked about a measured move target in gold for over a year now and the target was finally reached this past week at the $1325 to 1330 area.  Price reached $1360 last week.  Support comes in at the $1266 level.

Moving to the stock indexes, first chart is the Dow daily chart where price is approaching the D target of an ab=cd pattern.  Be sure to listen to Trader Rick’s comments about typical price behavior after price has traded for an extended period of time outside the keltner channel.  Learn this price behavior and you will gain an edge in our trading!  Similar price behavior is discussed on the 60 min chart.

If you trade the ER, take a look at the 1.27 fib extension target on the ab=cd pattern on the daily chart.

Trader Rick looks at the ES weekly, 2 bar per day and the 60 minute charts.  Note the significant support level on the 60 minute charts.

Heavy number of economic reports come out Thursday and Friday of this week.

Good trading!

Here is your video update for Friday, July the 2nd. This video update will focus on the EUR/USD pair and the ES charts. Note the 9/30 setups! On the EUR/USD pair weekly chart, price is rallying in to the sell zone. Trader Rick shows the overhead resistance levels to watch. This is a bear market rally. On the daily EUR/USD pair chart, a 9/30 long was triggered on Thursday, rallying over 200 basis points. Next resistance is 1.2671.

Trader Rick will show a progression of varous timeframes of the ES beginning with the daily chart. This is what he looks at prior to the open to get a feel for the current market structure. The daily chart shows price trading outside the lower keltner channel, as well as below the previous swing low. The two bar per day chart is also trading outside the lower keltner channel. The 60 minute chart is bearish too. Trader Rick also looks at the overnight globex range and makes note of the market profile value areas in relation to the open. In this case, price opened well below the lower value area.

Take a look at the intraday 9/30 setups that occurred in Thursday’s trading, both from the short side and from the long side. Hopefully this helps to see how an expert trader approaches the trading day, incorporating market structure to find high probability setups.

Good trading!

Welcome to the video update for Monday, June 28th. Trader Rick will start with the monthly EUR/USD pair chart where the month of June is going to finish completely outside the keltner channel, indicating current momentum is strong to the downside. Note the D target of the ab=cd pattern. The weekly chart shows overhead resistance levels.

The EUR/JPY pair monthly chart shows a divergence to be aware of. Bullish? The monthly Canada chart is up next and you will see what candle is currently forming. Underlying support is very clear on this chart. The dragon pattern on the weekly Canada chart is still in play.

Trader Rick discusses the monthly and weekly gold charts where price is trading just above the 1.618 fib.

The next chart is the monthly crude where we are currently in a trading range and price is in the buy zone.

Moving to the index charts, the theme of these charts is the doji candlestick. Take a look at the Dow, the S&P cash, and the ES charts and you will see doji. On the daily ES chart, is the dragon pattern still intact?

Good trading!

Welcome to the video update for Thursday, May the 27th. If you trade gold, remember to roll to the August (Q) contract. Grader Rick starts with the EUR/USD pair weekly chart where we continue to monitor an ab=cd pattern with a D target of about 1.1400. With price trading outside the keltner channel on a large timeframe we know the downtrend is firmly in place. The daily EUR/USD chart shows a baby slingshot and now a possible double bottom. If price takes out the high of last Friday we will watch for a potential dragon pattern. One reason we may see higher prices in the near term is the 60 minute chart showing a possible completion of 5 waves down.

Next up is the weekly Canada chart where price is currently testing a support band between 9212 and 9300. On the 1800 tick chart we are monitoring an ab=cd pattern which has bullish implications.

If you are a crude trader take a look at the daily chart and see if you recognize the candlestick from Tuesday’s trading. What are the implications? IF price moves higher, what are the overhead resistance levels? The 60 minute day session chart shows price traded completely outside the upper keltner channel in Wednesday’s trading.

Moving to the stock indexes, first chart up is the 13500 volume ER chart where we find price in the buy zone after making a slight new high in early trading on Wednesday. In the ES, Trader Rick shows the 129600 vol chart where price found support at the .618 fib. If price rallies see where overhead resistance may come in. Last chart up is the 60 min day session ES chart and overhead resistance is pretty clear on this timeframe. See if the MACD is telling us to look for a buying or a selling opportunity.

Good trading!