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!
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Tags: emini, futures, high probability setups, trade selection
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