{"id":114534,"date":"2021-04-07T06:20:00","date_gmt":"2021-04-07T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=114534"},"modified":"2021-04-07T17:12:43","modified_gmt":"2021-04-08T00:12:43","slug":"emini-8-bull-bars-streak","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/market-update\/emini-8-bull-bars-streak\/","title":{"rendered":"Emini 8 bull bars streak will probably end today"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Emini and Forex Trading Update:<br>Wednesday April 7, 2021<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Pre-Open market analysis of daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Emini 8 bull bars streak is unusual and therefore unsustainable and climactic.<\/li><li>Since yesterday closed in lower third, today or tomorrow will probably be a bear bar.<\/li><li>Also, today will probably trade below yesterday&#8217;s low.<\/li><li>Open of the day will be a magnet late in the day if the Emini is within 10 points of it.<\/li><li>8 consecutive bull bars means aggressive bulls. They will buy below yesterday&#8217;s low and the first 1- to 3-day pullback.<\/li><li>Extreme buy climax, but no sign of major top. Similar to the parabolic rallies in June and October. Both were followed by 10% pullbacks. Traders will continue to buy until there is a strong reversal down.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Overnight Emini Globex trading on 5-minute chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Yesterday&#8217;s high was a ledge top (5 bars in a tight trading range with identical highs). <\/li><li>Ledge top is a magnet. Emini should break above it within a few days.<\/li><li>Down 3 points in Globex market so will likely get gap down.<\/li><li>Small gaps usually close in 1<sup>st<\/sup> hour.<\/li><li>Bears want big bear day, which would increase chance that yesterday was start of 2-week selloff. <\/li><li>Today will probably close below the open, but bulls will likely buy 1<sup>st<\/sup> 1- to 3-day pullback.<\/li><li>After 2 big bull days, today will probably not be a big bull trend day.<\/li><li>While it is possible that today will be a big bear day, and reverse Monday&#8217;s rally, a trading range day with a close below the open is more likely.<\/li><li>Should have at least one swing up, and one swing down today.<\/li><li>If there is a series of strong trend bars in either direction in the 1<sup>st<\/sup> hour, then could get trend day.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top-680x383.png\" alt=\"Emini bull trend from the open and then bear trend reversal from wedge top. Emini 8 bull bars streak will likely end today.\" class=\"wp-image-114731\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"caption\">Here 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<p class=\"caption\">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<p class=\"caption\">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<h2 class=\"wp-block-heading\">EURUSD Forex market trading strategies<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD Forex daily chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom-680x383.png\" alt=\"EURUSD Forex 1st leg up from wedge sell climax bottom\" class=\"wp-image-114749\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/EURUSD-Forex-1st-leg-up-from-wedge-sell-climax-bottom.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Two big bull days closing near their highs so strong reversal up.<\/li><li>1<sup>st<\/sup> reversal up from tight bear channel is typically minor, which means it is more likely to lead to trading range than to bull trend.<\/li><li>Reversal up from wedge bottom usually has at least 2 legs up, and often reaches last lower high. <\/li><li>Traders will buy 1<sup>st<\/sup> 2- to 3-day pullback, expecting 2<sup>nd<\/sup> leg sideways to up. <\/li><li>Since this is probably a bull leg in what will be a trading range, and trading ranges disappoint traders, rally should stall today or tomorrow.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Overnight EURUSD Forex trading on 5-minute chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Reversed down from above yesterday&#8217;s high. Since 3rd consecutive big bear day is unlikely, today will probably be a trading range day. <\/li><li>Day traders have been selling rallies and buying selloffs, and have been taking quick profits.<\/li><li>Trading range day will probably continue.<\/li><li>If there is a series of big trend bars up or down, day traders will switch to swing trading, but trading range day is more likely.<\/li><li>Open of day will be magnet at end of day. Bulls want 3<sup>rd<\/sup> consecutive bull day, which would increase chance of higher prices tomorrow.<\/li><li>Bears want today to close on its low, which would increase the chance of a pullback tomorrow.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high-680x383.png\" alt=\"Emini trading range day closing on its high\" class=\"wp-image-114766\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-closing-on-its-high.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"caption\">Here 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<p class=\"caption\">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<p class=\"caption\">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<h3 class=\"wp-block-heading\">End of day summary<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Weak rally on open.<\/li><li>Reversal down from wedge.<\/li><li>Late test below open.<\/li><li>Trading range day, but closed on its high.<\/li><li>9th consecutive bull bar on daily chart so unsustainable and climactic.<\/li><li>No top yet, and traders will continue to bet on higher prices.<\/li><li>Bulls will buy the 1st reversal down.<\/li><\/ul>\n\n\n\n<p><em>See the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">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<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Trading Room<\/h2>\n\n\n\n<p>Traders can see the end of the day <a href=\"http:\/\/www.brookspriceaction.com\/profile.php?mode=profil&amp;sub=profile_prefer&amp;mod=0\" target=\"_blank\" rel=\"noreferrer noopener\">bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed S&amp;P Emini futures price action real-time throughout the day in the BrooksPriceAction.com <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a>. We offer a <a href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\" rel=\"noreferrer noopener\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Charts use Pacific Standard Time<\/h3>\n\n\n\n<p>When I mention time, it is USA Pacific Standard Time (the Emini day session opens at 6:30 am PST, and closes at 1:15 pm PST). You can read background information on the intraday market reports on the <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/market-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Update<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emini and Forex Trading Update:Wednesday April 7, 2021 Pre-Open market analysis of daily chart Emini 8 bull bars streak is unusual and therefore unsustainable and climactic. Since yesterday closed in lower third, today or tomorrow will probably be a bear bar. Also, today will probably trade below yesterday&#8217;s low. Open of the day will be [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":114731,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[281,60],"class_list":{"0":"post-114534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"tag-eurusd-forex","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-bull-trend-from-the-open-and-then-bear-trend-reversal-from-wedge-top.png","author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/114534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=114534"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/114534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/114731"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=114534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=114534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=114534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}