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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/03\/ES-7.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from Friday. I sometimes also show limit order entries and entries on the close of bars.<\/p>\n
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EURUSD small sideways day likely<\/h2>\n
The EURUSD daily Forex market has 2 doji bars in the middle of a 3 month trading range. The bulls and bears are perfectly balanced.<\/p>\n However, that monthly bear trend line is resistance. Resistance is a magnet. Like all magnets, its pull is stronger when the market gets close. At the moment, it is likely that there will be a bull breakout within a couple of months. <\/p>\n Yet, the bull trend on the weekly chart has been weaker for 6 months. The current 8 week trading range might therefore be the final bull flag in the trend. That means there is an increased chance of a bull breakout failing. A reversal down from the monthly bear trend line would create a wedge bear flag on the monthly chart.<\/p>\n The bears prefer a bear breakout below the 3 month range without a bull breakout coming first. Their target is a measured move down based on the 400 pip tall height of the range. That would be around 1.17. That is the middle of the November range. If the EURUSD got there, it would probably get to the 1.15 bottom of that range. It would then be testing the top of the 2015 – 2016 trading range.<\/p>\n The overnight bear channel was tight. Tight bear channel usually do not reverse into bull trends without 1st going sideways for 20 or more bars. As a result, the upside is small for at least a couple of hours. Since Friday was a doji and today is overlapping most of it, there is an increased chance of another doji. Therefore today’s open of 1.2311 will be a magnet all day. After selling off early from above the February 27 major lower high, today entered a trading range. The late rally could not hold above the open.<\/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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\nAfter a strong bull trend in 2017, the EURUSD daily Forex chart has been in a trading range in 2017. It has had several strong legs up or down, and there is no evidence that it is about to break out. Since the weekly chart is in a bull trend and there is a bear trend line just above, the odds favor a bull breakout. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart has been in a 60 pip range for 2 days. In addition, it is in the middle of last week’s 300 pip rally. While it has sold off 60 pips overnight, it is still above Friday’s low. Friday was a doji bar on the daily chart in the middle of a trading range. It is therefore neutral. The odds are that beats will not get a strong break below Friday’s low. Consequently, there is probably not much left to the overnight selloff. Traders will begin to switch to scalping. <\/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 sold off from above the February 27 major lower high. Today is therefore a sell signal bar on the daily chart for a double top with that high. Since today was not a big bear bar and it followed 5 strong bull bars, this is a low probability sell setup. More likely, the Emini will go sideways for at least a couple of days.
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