- Yesterday traded below Tuesday’s low and then above its high following the FOMC announcement. Yesterday was therefore an Emini outside up day. The Emini also made another new all-time high. <\/li>
- 10-day rally in tight bull channel so traders expect higher prices.<\/li>
- Testing 4,000 Big Round Number, and reversals often come from just below major resistance.<\/li>
- A reversal down today would create 6-day micro wedge top. If today closes in its lower half, it will be sell signal bar for tomorrow on the daily chart. <\/li>
- If the week closes below the open of the week, this week will have a bear body and be a sell signal bar on the weekly chart.<\/li><\/ul>\n\n\n\n
Overnight Emini Globex trading on 5-minute chart<\/h3>\n\n\n\n
- Down 25 points in Globex session.<\/li>
- Overnight selloff has been in Spike and Channel Bear Trend, so traders should expect break above bear trend line, and at least a couple hours of sideways to up trading today.<\/li>
- Open of week has been magnet all week, and week ends tomorrow. Bears want week to close below the open, so that this week will have a bear body, and be a sell signal bar on weekly chart.<\/li>
- As always, if there is a series of strong trend bars in either direction in the 1st hour, traders will look for a strong trend day.<\/li><\/ul>\n\n\n\n
Yesterday’s Emini setups<\/h3>\n\n\n\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/03\/Emini-bull-breakout-after-FOMC-1-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\nHere are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a much more detailed explanation of the swing trades for each day (see Online Course\/BTC Daily Setups).<\/p>\n\n\n\n
My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter.<\/p>\n\n\n\n
If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.<\/p>\n\n\n\n
EURUSD Forex market trading strategies<\/h2>\n\n\n\n
EURUSD Forex daily chart<\/h3>\n\n\n\n
![\"\"](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/03\/EURUSD-Forex-double-top-and-double-bottom-so-Breakout-Mode-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- Yesterday might be the 2nd leg sideways to up from the March 9 wedge bottom. If so, today could be forming double top bear flag.<\/li>
- Because of wedge on weekly chart (see last weekend report), market should reach November 4 low at some point, before breaking above January high.<\/li><\/ul>\n\n\n\n
Overnight EURUSD Forex trading on 5-minute chart<\/h3>\n\n\n\n
- Trending down in overnight session, and reversed most of yesterday’s rally. Since in bear channel, bears prefer to sell rallies, and many are now scalping.<\/li>
- Since Spike and Channel Bear Trend, bulls are willing to buy reversals up for scalps.<\/li><\/ul>\n\n\n\n
Summary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/03\/Emini-bear-breakout-below-trading-range-1-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\nHere are several reasonable stop entry setups for today. I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a much more detailed explanation of the swing trades for each day (see Online Course\/BTC Daily Setups).<\/p>\n\n\n\n
My goal with these charts is to present an Always In perspective. If a trader was trying to be Always In or nearly Always In a position all day, and he was not currently in the market, these entries would be logical times for him to enter.<\/p>\n\n\n\n
If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro Emini.<\/p>\n\n\n\n
End of day summary<\/h3>\n\n\n\n
- Double bottom pullback led to 2-hour rally.<\/li>
- Rally lacked strong breakouts and was likely going to be wedge bull channel in trading range or a bull trap.<\/li>
- Strong selloff in 2nd half of day to below yesterday’s low. Likely to get follow-through selling tomorrow and maybe for several days.<\/li>
- Tomorrow is Friday so weekly support and resistance can be important at end of day. Targets open and low of week.<\/li><\/ul>\n\n\n\n
See the weekly update<\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n
\n\n\n\nTrading Room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed S&P Emini futures price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nCharts use Pacific Time<\/h3>\n\n\n\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/03\/Emini-bull-breakout-after-FOMC-1.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n