Video Update: 5 February – Trading Tips

Welcome to the video update for Friday, February the 5th.  In this video update, Trader Rick shares two trading tips to enhance your trading performance.  The first tip is to float thru various timeframes during the trading day to find setups, specifically slingshot setups.  The euro currency 3 minute chart from Thursday’s trading shows two clean slingshot patterns.  Next, Trader Rick gives an example of checking the various timeframes for a sling setup using the euro currency chart.  He goes thru the 3 min/5 min/9 minute and the 15 minute charts.  See which timeframe provided a clean sling setup.

Next tip is to check the larger timeframes during the trading day for setups.  Large timeframe could be a 60 minute chart, a 240 minute chart, a 174 minute for the euro, or even a daily chart.  Patience is the key along with proper risk control.  See what Trader Rick considers a common price behavior leading to a quality trading opportunity.  Multiple examples are given.

Looking ahead to Friday’s trading, a look at the ES daily chart tells us what to look for IF price rallies or if price falls.

Good trading!

[flashvideo width=550 height=413 filename=http://videoupdates10.s3.amazonaws.com/videonewsl020410/videonewsl020410.flv /]

Tags: enhance trading performance, large timeframes, risk control, sell zone, slingshots, trading tips