Video Update: 19 February – trading setups

Welcome to the video update for Friday, February the 19th. If you trade crude oil, today is the last trading day for the March contract. In this video update, Trader Rick reviews two setups from Thursday’s trading and offers a few trading tips from his vantage point. First chart is the 4500 volume euro currency chart where a 9/30 or a 3x trend method long is setting up. See any warning flags not to take the long? Well, you have a confirmed setup here but the lesson today is being aware of the larger timeframes. Take a look at the higher timeframes to see if they provided any clues.

Next market Trader Rick reviews is the 5 minute ES globex chart. Based on the emini globex fib extension methodology, the 1.27 fib identified a possible shorting opportunity at the 1102 area in early Thursday trading. For higher probability trade setups look for other factors that also point to the same area to enter a position. In this case, Trader Rick pointed to the 14400 volume chart which showed a 1-2-3 or 3 pushes up pattern. This is an actual trade that Trader Rick took, exiting the full position at the target of the 1-2-3.

Good trading!

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Tags: 1-2-3 pattern, 3 humps, 3 Pushes, 3X Trend Method, 9/30 Setup, emini, multiple timeframe analysis