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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2017\/07\/ES-17.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.<\/p>\n
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EURUSD Forex market trading strategies<\/h2>\n
The 240 minute EURUSD Forex chart has an expanding triangle top near the top of its bull channel<\/p>\n Although most tops fail, most bull channels evolve into trading ranges. That is likely to happen within the next month or so here on the daily chart. Because of the parabolic wedge rally, the odds are that the EURUSD daily chart will begin to pull back within a week or so. The bulls hope that the pullback will be another bull flag that leads to another strong breakout to a new high. <\/p>\n But, because of the buy climax at resistance, bulls will probably sell out of longs at a new high and bears will short. Hence, the odds are that the channel will soon start to go sideways and form a trading range.<\/p>\n Therefore, it will probably transition into a trading range over the next couple of hours. Hence, bulls buying up here have to be prepared to exit quickly if the rally begins to stall. They instead will begin to use trading range techniques, which means buy low, sell high, and scalp. <\/p>\n Because the 5 minute channel is tight, bears will wait for at least a little sideways trading before shorting. However, since the channel is tight, the downside over the next 2 hours is small. The Emini opened and closed near the open of the week. It began with a weak selloff, and then had a week reversal up back to above the high of the day and open of the week. It spent 3 hours in a 2 point range.<\/p>\n <\/p>\n See the weekly update<\/a> for a discussion of the price action on the weekly candlestick chart and for what to expect going into next week.<\/p>\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
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\nThe EURUSD Forex market has been in a strong bull trend for 7 months on the daily chart. Yet it is at resistance on the monthly chart. In addition, it now has an expanding triangle top on the 240 minute chart. Any reasonable top has a 40% chance of a swing down. There is a 60% chance of the chart going sideways or up. The bears want either a lower high major trend reversal, or for a breakout to a new high to fail and reverse down. They then want a test of the bottom of the triangle. If they get that, they then want a measured move down.<\/p>\nTrends lead to trading ranges<\/h4>\n
Overnight EURUSD Forex trading<\/h3>\n
\nThe 5 minute chart has rallied 70 pips since yesterday’s close. Yet, it is still within its 6 day trading range. Furthermore, bears will probably sell above yesterday’s high. While the overnight rally has been strong, it is near resistance. <\/p>\n
\n<\/p>\nSummary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n
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\nThe Emini formed a bull inside day on the daily chart after yesterday’s big bear doji day. It is therefore a buy signal bar for Monday. This is the 8th day in a tight trading range. Because of the buy climaxes on the daily, weekly, and monthly charts, the odds are that the Emini will pullback for several months. Yet, there is no clear top or strong reversal down yet. Therefore, the odds favor sideways to slightly up.<\/p>\n
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