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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/03\/ES-20.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 2 day bull flag more likely than bear reversal<\/h2>\n
The EURUSD daily Forex chart has had a 3 week, 2 legged rally to the top of the 3 month trading range. Since yesterday had a big tail below and the 3 week momentum up is strong, the rally will probably continue at least a little higher.<\/p>\n However, the range has lasted far more than 20 days on the daily chart. That means that there is almost a 50% chance of a bear breakout on that chart before there is a bull breakout on the weekly chart. <\/p>\n The bears got a reversal yesterday on the daily chart. But, there was a prominent tail at the bottom of the bar and the 5 day rally has been strong. In addition, there is room to the top of the range, which is about 80 pips above yesterday’s high. As a result, yesterday was more likely a pause in the rally than a reversal. If the bulls can hold above 1.2350, they will make another attempt at the top of the range around 1.2550.<\/p>\n The bears need a strong reversal down. In addition, they need to break below the March 20 major higher low of 1.2239. If they succeed, they then can try to break below the March 1 low. That 1.2153 low is the neck line for the February 16 and March 27 double top.<\/p>\n Since the range has been only 40 pips since yesterday morning, day traders have been scalping. They are waiting for a breakout up or down to swing trade. After yesterday’s huge bear day, today was a trading range day. The bears got some trend resumption down in the final hour.<\/p>\n The markets are closed on Friday. Therefore, tomorrow is the final trading day of the week and month. Consequently, weekly and monthly magnets will be important, especially in the last hour. 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 daily Forex chart has been in a trading range for 3 months. It was in a strong bull trend last year. Therefore the odds favor a bull breakout. Furthermore, there is a monthly bear trend line around 1.2650. Since that is resistance and it is close, it is a magnet. Consequently, the odds favor a breakout above the range, which is a bull flag on the weekly chart.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart has been in a 40 pip range for 24 hours. Traders are deciding if yesterday’s selloff was the start of a reversal down to the March 1 low, or a pullback from the break above the March 8 high. As long at it holds above 1.2350, the odds are that it is a pullback. That means traders will more likely see a bull breakout within 3 days than a bear breakout. <\/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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\nToday was a trading range day after yesterday’s huge outside down day. It closed near the open and was a bear doji day.<\/p>\n
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