{"id":115384,"date":"2021-05-03T06:20:00","date_gmt":"2021-05-03T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=115384"},"modified":"2021-05-03T13:50:21","modified_gmt":"2021-05-03T20:50:21","slug":"emini-5-consecutive-bear-doji-bars","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/market-update\/emini-5-consecutive-bear-doji-bars\/","title":{"rendered":"Emini has 5 consecutive bear doji bars in extreme buy climax"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Emini and Forex Trading Update:<br>Monday May 3, 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 formed 5 consecutive bear doji bars in a tight trading range this week. This is a Breakout Mode pattern.<\/li><li>Only 2 strong bull bars in past 11 days, even though strong bull trend in March and April. <\/li><li>Streak of 13 bull bars that ended April 16 is probably an exhaustive move. Traders should expect a 10% correction to begin in May or June.<\/li><li>Last week was a bear reversal bar, and therefore a sell signal bar for this week.<\/li><li>The next couple of reversals down might fail, like all of the prior attempts. There might be one or two more new highs before a correction begins, but the Emini will probably not go much higher before there is a 10% correction. The correction should lead to a 2-month trading range.<\/li><li>Picking a top is a low probability bet. There have been many tops since the pandemic low, and all failed. It is always more likely that a top will fail and that there will be another new high. <\/li><li>But it is increasingly likely that there will be a 10% correction. Experienced traders can begin to scale into shorts, but they need to trade small and use a wide stops. <\/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>Up 14 points in the Globex session.<\/li><li>5 consecutive bear days in a bull trend is unusual. Today should close above the open and be a bull day on the daily chart.<\/li><li>Bulls also want a close above Friday&#8217;s high, which would increase the chance that last week was just a bull flag. They would expect higher prices and a new all-time high this week.<\/li><li>Bears hope last week will be a top. They need a close below the 5-day tight trading range. If they get a close on the low of the day, and far below last week&#8217;s low, traders will expect at least a couple legs sideways to down.<\/li><li>5 consecutive doji bars in a tight trading range is a Breakout Mode pattern. Traders are deciding if it is a bull flag or a top. There is an increased chance of a strong trend up or down. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Friday&#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-trading-range-day.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-680x383.png\" alt=\"Emini trading range day. 5 consecutive bear doji bars on daily chart.\" class=\"wp-image-115559\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/04\/Emini-trading-range-day.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><figcaption>Above is the version that I post every day. Because I often get questions about what subscribers to Daily Setups see, today I am including the example below of that version.<\/figcaption><\/figure>\n\n\n\n<p class=\"caption\">Here are several reasonable stop entry setups from Friday. 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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-680x383.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-680x383.jpg\" alt=\"\" class=\"wp-image-115656\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Daily-Setup-Friday-April-30-2021.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\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\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges-680x383.png\" alt=\"\" class=\"wp-image-115661\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Friday was big bear bar after consecutive parabolic wedge tops in the April rally. This is a Bear Surprise Bar, which usually will have at least a small 2<sup>nd<\/sup> leg down.<\/li><li>Last week was bear sell signal bar on weekly chart, but after 3 strong bull bars, so minor sell signal.<\/li><li>Consecutive small wedge tops in April, usually leads to a couple legs sideways to down.<\/li><li>Bears want resumption of the January bear trend.<\/li><li>More likely will get a couple legs sideways to down over the next couple weeks. <\/li><li>April was a Small Pullback Bull Trend. 1<sup>st<\/sup> reversal down will probably be minor, but it could retrace about half of the rally and test 1.19.<\/li><li>Bulls want today to be a bull bar closing near its high. Today would then be a buy signal bar for a failed bear breakout. Odds still favor 2<sup>nd<\/sup> leg sideways to down.<\/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>Fell below last week&#8217;s low, which triggered minor weekly sell signal.<\/li><li>Reversed up overnight from just below last week&#8217;s low. This reduces chance of big bear day today.<\/li><li>Overnight rally has been small and Friday was big bear day. This reduces chance of big bull day.<\/li><li>Bulls want today to close above the open so that it will be a bull bar on the daily chart.<\/li><li>Today would then be a buy signal bar for a failed bear breakout on Friday.<\/li><li>Unless today is a big bull bar closing on its high, traders will expect a couple legs sideways to down for a couple weeks. <\/li><li>That means a weak buy signal bar today would likely only lead to a 1- to 2-day bounce.  <\/li><li>Since today will probably not be a big trend day up or down, day traders will scalp in both directions.<\/li><li>The open is the most important price. A close above the open, especially if today is a fairly big bull day on the daily chart, will increase the chance of higher prices 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\/05\/Emini-bear-channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel-680x383.png\" alt=\"Emini bear channel\" class=\"wp-image-115679\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/05\/Emini-bear-channel.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>Gap up and formed triangle, so trading range open.<\/li><li>Bear breakout and then test of 60-minute EMA (not shown).<\/li><li>Trading range day.<\/li><li>Since lower high and lower lows, it was also bear channel.<\/li><li>Today was 6<sup>th<\/sup> consecutive bear bar on daily chart, which happens about once a year. A 7<sup>th<\/sup> bear day would be even more unusual, so increased chance of bull bar tomorrow.<\/li><li>6 bear days is relentless selling, and it is coming after the April streak of 13 consecutive bull days. Increased chance of correction soon.<\/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 Time<\/h3>\n\n\n\n<p>When I mention time, it is USA Pacific Time (the Emini day session opens at 6:30 am PT, and closes at 1:15 pm PT). 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","protected":false},"excerpt":{"rendered":"<p>Emini and Forex Trading Update:Monday May 3, 2021 Pre-Open market analysis of daily chart Emini formed 5 consecutive bear doji bars in a tight trading range this week. This is a Breakout Mode pattern. Only 2 strong bull bars in past 11 days, even though strong bull trend in March and April. Streak of 13 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":115661,"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-115384","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\/05\/EURUSD-Forex-Bear-Surprise-Bar-after-consecutive-parabolic-wedges.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\/115384","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=115384"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/115384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/115661"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=115384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=115384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=115384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}