Note how Trader Rick uses support resistance along with the weekly and daily chart information to find a setup on the intraday chart. Entry can be made on the timeframe with the setup or dial down to find a possible lower risk entry. The setup shown in the update is confirmed by a higher timeframe.

This is a good example of selecting a high probability setup and executing a successful trade based on market structure and multiple timeframe analysis.

Good trading!

Trader Rick next looks at the weekly gold chart where price is in the buy zone. Watch where we close this week.

Moving to the stock indexes, the next chart is the weekly S&P cash chart. Price is in the sell zone and note where the overhead resistance area is. The YM, ER and ES charts are also discussed so check them out.

Last chart is a scalp trade taken by Trader Rick on the euro. Take a look and see how it turned out.

Good trading!

First chart is the EUR/USD pair weekly chart and note that price is in the sell zone, up against the upper keltner. This may be an important week for this market. Watch this coming Friday’s close to see if a 9/30 short is triggered. We also have a possible slingshot forming. The ab=cd pattern is still in play. On the daily EUR/USD pair chart we have a possible abc correction which would tell us to look for the downtrend to resume once the correction is complete.

Gold traders should take a look at the weekly continuation chart where price is in the buy zone. Will the current bullish sentiment be ignored and price moves higher? Be sure to look at the daily gold chart!

On the weekly crude chart, see what tells us we might see a trading range. If you trade crude, be sure to check out the 60 minute chart.

In the stock indexes, first chart is the YM weekly chart where the moving averages are converging where price currently is. What does this mean? Expect some increased volatility IF price moves away from this area.

The video update concludes with a look at the ER weekly and ES charts.

Good trading and see you the middle of next week!

WYPBRNF3HA99

Trader Rick looks at the daily gold chart and we can see from a price action point of view that we are still making HH and HL. If we get a rally in to the sell zone look for a lower high and a 9/30 setup.

Next up is the S&P cash daily chart where we have several noteworthy events happening. Be sure to watch this video to see what Trader Rick is referring to on this important chart. On the 60 minute S&P chart price continues trading higher with no sell signals. Resistance is on up to 1083.

Good trading!

Next up is the weekly Canada chart where it appears we have a lower high in place and now price may be testing important support in the .9212 area. Another pattern to keep an eye on is the ab=cd pattern.

If you are a gold trader be sure to listen to Trader Rick’s analysis of this volatile market. Big down week last week which is not surprising considering the extreme bullish sentiment.

Next chart is the weekly crude where we had a lower high the previous week and a down week last week. Be sure to watch and see what typically accompanies a lower high and also where support is. Knowing where price is in relation to the keltner channel as shown on the 60 min chart can be very helpful in keeping you on the right side to be trading.

ES traders be sure to watch Trader Rick’s discussion on this market. He covers the monthly, weekly, daily, the two bar chart, the 60 minute day session only chart and the 30 and 15 minute chart. Market structure is key to your analysis!

Good trading!

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!

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!

On the daily S&P cash chart, see what the two patterns Trader Rick is watching for. One has bullish implications and the other has bearish potential.

Trader Rick looks at the 30 minute ES chart and note where the overhead resistance area is, especially at the time of the rate announcement.

Good trading!

Next chart up is the weekly Canada chart and after holding support at the 9212 level, what is next? Don’t forget, the dragon pattern on the weekly chart remains in play.

Gold made a new high this past week, closing above the $1250 level. What is the next target to the upside?

Trader Rick goes over the weekly and daily crude charts. Be sure to check out the quick quiz on the daily chart!

Moving to the stock indexes, first chart is the Dow weekly chart where price broke out of a trading range this past week. See what Trader Rick expects next. If you trade the YM or the ES be sure to watch this video update for important trading information.

Good trading!

Next up is the weekly gold chart. Trader Rick is watching notable resistance at the $1250/oz level where we have the 1.618 fib. If price can decisively close above this level price should continue moving higher to the measured move target of about $1330. Please note that the current bullish sentiment is very high and it would not be a surprise to see a correction in the near future. If you trade gold please be sure to look at the 60 minute chart!

Nothing new to update on the Canada chart so we take a look at the weekly crude where price is trading near support. If support holds here we might be in a trading range. If you are a crude trader look at the daily chart for overhead resistance levels.

Trader Rick takes a look at the Dow starting with the monthly chart, all the way down to the 60 minute chart. Knowing where the large timeframes are can be very helpful in making trading decisions on the intraday timeframes. The 60 minute chart shows a possible pattern worth noting.

Good trading!