Video Update: 7 May

Welcome to the video update for Thurday’s trading.  In crude, Trader Rick updates the daily chart from the weekend video update as price is moving higher.  A recent swing high was exceeded this week which has bullish implications.  Trader Rick revisits the measured move pattern that has been discussed severatl times in recent video updates.  If you trade crude you want to be aware what the target is of the measured move.  Do you know where support/resistance is and where the buy zone is?

In the euro, the 2 key moving averages have crossed on the daily chart and now Trader Rick is looking for a buying opportunity IF price dips in the buy zone.

The emini chart shows price moving higher again in Wednesday’s trading.  Tuesday was an OKC day which has significance in regards to momentum.  For more information on the OKC (outside the keltner channel) please visit the Traders Club where details are given on how to access the training videos in the video library.  Trader Rick shows where current support is for the emini.  Do you see the possible inverted head and shoulders pattern?   Dialing down to a 60 min day session chart Trader Rick shows a bearish pattern to be aware of.  Primary and secondary targets are discussed.

Quick lesson in market profile in relation to Wednesday’s trading.  When price opens above and remains above the upper value area (901.75) this has bullish implications and you should be looking primarily for long setups during the trading day.

Good trading!

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