Welcome to the video update for Wednesday, July 29th. In response to email inquiries, Trader Rick reviews some emini and euro currency intraday setups from Tuesday’s trading. First up is the 14400 volume ES chart with a countertrend setup shortly after the NY open. The setup was ‘double confirmed’ which is usually a high probability setup. But the trade didn’t work if you traded it a certain way. Trader Rick shares his preferred method to enter this counter trend setup.
Learn what Trader Rick takes in to consideration when evaluating a trade setup intraday. Trade selection is the key to consistent profitable trading. It is safe to say you should know what the overall price action is, plus what the larger timeframes are showing. Trader Rick shows the 60 minute chart to emphasize the importance of knowing where price is on a larger timeframe.
Next chart up is the ES 5 minute day session only. While countertrend setups carry lower probability of success, Trader Rick gives reasons why this setup is worth your consideration. In the end, it is up to the individual trader to determine what is an acceptable risk to take. Even in congestion there can be minor trends to take advantage of. This 5 minute chart is an example of such.
Lartge timeframe ES chart targeted Tueday’s low of day. Another reason to know what the large timeframes are doing and to spot noteworthy patterns, such as the ab=cd shown on the 129600 volume chart.
The euro currency provided 3 nice short setups in morning trading. Take a look at these setups. Nice slingshots helped confirm the trades.
Final chart is the daily ES chart and Trader Rick discusses what he is looking for to signal price may be ready to retrace the recent strong rally.
Good trading!
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