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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/08\/Emini-outside-down-day.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. 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 in a position at the moment, these entries would be logical times for him to enter.<\/p>\n
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EURUSD Forex breakout below 3 month trading range<\/h2>\n
The EURUSD daily Forex chart has a big bear trend bar so far today. It is a breakout below a 3 month trading range and a resumption of the May bear trend. <\/p>\n If the bulls get a strong bull trend day in the next couple of days and then additional bull days, the breakout will fail. They have a 40% chance of success at the moment.<\/p>\n A big breakout from an extended trading range changes the market from a trading range to a trend. That increases the odds of more trend days over the next week or more. Therefore, day traders will be more willing to hold onto swing trades for more pips. <\/p>\n <\/p>\n Here are several reasonable stop entry setups for today. I sometimes also show limit order entries and entries on the close of bars. 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 in a position at the moment, these entries would be logical times for him to enter.<\/p>\n The candlestick on the weekly chart is also a doji and a sell signal bar for next week. A reversal after a buy climax typically falls in at least 2 legs and lasts 10 or more bars. Therefore, the Emini will probably pull back for at least a couple of weeks. It might test last week’s buy climax low at 2795.00. 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 broke below the 3 month trading range today. For the past several weeks, I said that there would probably be a breakout within a couple of weeks because the daily chart worked its way into a triangle apex. Last week, I said that the 5 consecutive bear days made a bear breakout likely. Today is the breakout. The bigger a bear day the bears get today and the more it closes on its low, the more likely the breakout will succeed. In addition, if there are follow-through bear days over the next few days, the odds will favor a 300 pip measured move down.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nEvery trend has pauses. When there is a trading range on the 5 minute chart, day traders will scalp. The 5 minute chart has been in a 40 pip range for the past 8 hours, which is a scalper’s market. However, day traders will be more willing to swing part of their shorts because of the new bear trend on the daily chart.
\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 gapped down and formed a 3 day island top. It sold off to the 50% pullback level from last week’s 4 day rally and reversed up strongly at the end of the day. Today was a doji day on the daily chart. The bulls hope for a gap up on Monday. That would create a one day island bottom and erase much of today’s bearishness. More likely, the Emini will pull back for at least a couple weeks.<\/p>\n
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