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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/01\/ES-14.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 daily Forex chart in strong bull breakout<\/h2>\n
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The EURUSD daily Forex chart had a strong bull breakout yesterday and good follow-through buying so far today. It is at the top of a tight wedge bull channel and just below the 1.2500 Big Round Number. In addition, this is a possible consecutive complex top, where the November 27 high was the 1st attempt at a top.<\/p>\n Because the bull channel is tight, the 1st reversal will probably be minor. That means that the best the bears can probably get over the next month is a trading range. The low of the range would probably be around the January 4 high and the 1.2000 Big Round Number.<\/p>\n Since the current 6 day rally has not had any pullbacks, the odds are that the bears will need at least a micro double top before the trading range will begin. Furthermore, the 1.2500 Big Round Number is just above today’s high. Because it is important symbolic resistance, the odds are that it will rally will get closer to it before the the bears can get a swing down.<\/p>\n The 5 minute chart sold off 70 pips overnight, but has recovered all of that over the past 15 minutes. It might probably evolve into in a trading range today. If so, day traders will both buy and sell for scalps. When the 240 minute chart is in a tight bull channel, it is easier to make money buying. The selloff on the open was deep enough to make a strong bull trend day unlikely. Even though the bulls got an Opening Reversal up from the 60 minute moving average, today was just another trading range day.<\/p>\n Since tomorrow is Friday, weekly support and resistance can be important, especially at the end of the day. The two most important magnets the week’s high and midpoint. The bulls want a strong bull bar on the weekly chart. The bears want a close below the middle of the week’s range as a sign of selling pressure. 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<\/a><\/p>\n
\nThe EURUSD daily Forex chart is in a strong bull trend. Yet, the bull channel has had a series of buy climaxes and therefore might form a wedge top. Furthermore, this wedge is the 2nd complex top since the November 7 low. That increases the chances of a reversal. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 240 minute Forex chart has been in a tight bull channel with mostly bull trend bars for 3 day. This is a strong bull trend. Consequently, the best the bears can probably get over the next few days is a trading range.<\/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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\nAfter yesterday’s big outside down day, today was unlikely to break far above yesterday’s high or below its low. In addition, today was probably going to mostly overlap yesterday and form a trading range day, which it did. Since it was a bear inside day, it formed an ioi sell signal for tomorrow. But, because the bull channel on the daily chart is tight, it is a minor signal.<\/p>\n
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