{"id":116590,"date":"2021-06-04T06:20:00","date_gmt":"2021-06-04T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=116590"},"modified":"2021-06-04T14:27:40","modified_gmt":"2021-06-04T21:27:40","slug":"emini-triggered-sell-signal","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/market-update\/emini-triggered-sell-signal\/","title":{"rendered":"Emini triggered sell signal for May 7 and June 1 double top"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday June 4, 2021<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Emini pre-open market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Yesterday broke below Tuesday&#8217;s low, giving an Emini triggered sell signal for the May 7\/June 1 double top.<\/li><li>Since yesterday had a bull body, it was a weak entry bar. The bears need bear bars today and next week if the reversal down will be successful.<\/li><li>After 3 bear bars, yesterday was likely to be a bull bar, and it was.<\/li><li>Yesterday tested below last week&#8217;s low, and back below the May 14 neckline of the May 12\/May 19 double bottom, but reversed up and formed a bull reversal bar.<\/li><li>Yesterday is a High 1 bull flag buy signal bar for today. The bulls want a breakout above the May 7\/May 28 double top, which means a new all-time high.<\/li><li>Big tail on top of yesterday&#8217;s bar, and middle of 8-day tight trading range, so not strong buy setup.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Weekly support and resistance can be important on Friday<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>On the weekly chart, this week reversed down from above last week&#8217;s high, and then up from below last week&#8217;s low. This week is therefore an outside bar.<\/li><li>But this week&#8217;s range so far is small, and the weekly chart has been in a tight range for 8 weeks. Therefore, this week is not a reliable buy or sell signal bar.<\/li><li>Today is Friday and weekly support and resistance can be important.<\/li><li>If this week closes below last week&#8217;s low, especially far below, there would be an increased chance of lower prices next week.<\/li><li>If this week closes above last week&#8217;s high, which is unlikely, there will be an increased chance of higher prices next week.<\/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 18 points in Globex session.<\/li><li>Today will probably open in yesterday&#8217;s range.<\/li><li>Bulls want trend resumption up from yesterday&#8217;s early rally.<\/li><li>They want week to close above last week&#8217;s low, and above midpoint of this week.<\/li><li>Unlikely to rally back above last week&#8217;s high.<\/li><li>Bears want yesterday&#8217;s rally to be a bull trap in an early bear trend on the daily chart.<\/li><li>At a minimum, they want this week to close below last week&#8217;s low.<\/li><li>Day traders will begin the day expecting a continuation of yesterday&#8217;s trading range.<\/li><li>They will look for either trend resumption up or trend reversal down. If there is a series of strong trend bars in either direction, they will switch to swing trading.<\/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\/06\/Emini-bull-trending-trading-range-day-680x383.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day-680x383.png\" alt=\"Emini bull trending trading range day resulting in Emini triggered sell signal.\" class=\"wp-image-116706\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-bull-trending-trading-range-day.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\/06\/EURUSD-Forex-2-legs-down-in-trading-range.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range-680x383.png\" alt=\"EURUSD Forex 2 legs down in trading range\" class=\"wp-image-116727\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-2-legs-down-in-trading-range.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Yesterday was big bear day, and reversal down from Tuesday&#8217;s lower high double top with the May 25 high. <\/li><li>It broke below the May 28 low, which is the neckline of the double top. It closed slightly below that low, which increases the chance of lower prices.<\/li><li>Bears hope this is the start of a selloff to the May 5 bottom of the 2-month trading range.<\/li><li>Big enough Bear Surprise Bar so that there should be at least a small 2<sup>nd<\/sup> leg sideways to down.<\/li><li>If the bears get a 2<sup>nd<\/sup> consecutive big bear bar today, traders will look for a measured move down to below 1.20. <\/li><li>Bulls want reversal up today or Monday for a wedge bull flag with the May 21 and May 28 lows.<\/li><li>It would also be a High 2 bottom and double bottom with the May 28 low.<\/li><li>This week is an outside down bar on the weekly chart. Bears want this week to close below last week&#8217;s low. That would increase chance of lower prices next week.<\/li><li>The bulls want the week to close above last week&#8217;s low. That would reduce the chance of lower prices next week.<\/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>Traded just below yesterday&#8217;s low, but has been in small range. <\/li><li>Bulls want today to have bull body, so that it would be a buy signal bar Monday, for a High 2 bottom with the May 28 low. Moves up and down in trading ranges often reverse after a couple legs.<\/li><li>So far, today has a small range, and it is trading around last week&#8217;s low. Today is Friday so weekly support and resistance can be important.<\/li><li>So far, day traders are scalping long and short. <\/li><li>After several hours at yesterday&#8217;s low, and the bears unable to get a big bear day, today will probably not become a big bear day.<\/li><li>Bulls hope for an upside breakout of today&#8217;s range. If they get a series of strong bull bars, day traders will switch to swing trading, betting that today will become a strong buy signal bar for Monday.<\/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\/06\/Emini-weak-small-pullback-bull-trend.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend-680x383.png\" alt=\"Emini weak small pullback bull trend\" class=\"wp-image-116742\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-weak-small-pullback-bull-trend.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>Wedge rally for 2 hours and then minor reversal down to the EMA.<\/li><li>High 2 and 20 Gap Bar buy at EMA, and then a Small Pullback Bull Trend that tested open of week.<\/li><li>Close below open of week so small bear doji on weekly chart.<\/li><li>Close just below all-time high so possible gap up to new all-time high next week.<\/li><li>Bears want reversal down from double top with May 7 all-time high, but most reversals fail.<\/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\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Friday June 4, 2021 Emini pre-open market analysis Emini daily chart Yesterday broke below Tuesday&#8217;s low, giving an Emini triggered sell signal for the May 7\/June 1 double top. Since yesterday had a bull body, it was a weak entry bar. The bears need bear bars today and next week if the reversal [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":116727,"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-116590","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\/06\/EURUSD-Forex-2-legs-down-in-trading-range.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\/116590","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=116590"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/116590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/116727"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=116590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=116590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=116590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}