Video Update: 18 March – Do you know how to frame a market?

Welcome to the video update for Thursday, March the 18th. If you trade crude, remember that we roll to the May contract starting this Friday. First chart is the EUR/JPY forex weekly where price is poised to move in to the sell zone. Watch for a shorting opportunity by reading the candlesticks. Note where overhead resistance is. Dialing down to the daily EUR/JPY chart shows more clear the nearby overhead resistance in the 125.20 area.

Trader Rick shows why it is important to use multiple timeframe analysis when trading. Using the 60 minute chart, he shows why it is important to know where current price action is taking place in relation to the daily chart. The more information you know, the better trading decision you can make…and hopefully save you money!

Do you know how to frame a market and why it is important? Trader Rick will tell you why he thinks it is important. In this case, using a daily ES chart, just knowing a recurring chart pattern will allow you to find higher probability setups. Golden!
He uses a 9 minute chart to illustrate the highest probability setups in retracements of a trend. A must read!

Good trading.

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Tags: multiple timeframe analysis