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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/08\/Emini-failed-breakout-above-yesterdays-all-time-high.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 parabolic wedge buy climax at resistance<\/h2>\n
Yesterday’s reversal was a 3rd leg up from the August 15 low. The 3 week rally was in a tight bull channel and therefore it is a parabolic wedge. <\/p>\n The rally came from a parabolic wedge sell climax. Trend reversals usually have a transition when there are elements of both a bull and bear trend. For example, the 1st leg up in the August 15 parabolic wedge bottom began before the final low. This is common. <\/p>\n The rally is strong enough to have one more leg up before there is exhaustion. But, it has met the minimum goal. In addition, it is just below the July 31 major lower high and at the 20 week EMA resistance. Furthermore, the daily chart has been oscillating around 1.17 for 4 months, so that is also resistance.<\/p>\n The daily chart has probably entered a trading range, especially since it is back in the middle of a 4 month range. While there might be another minor high this week, the chart will probably be sideways for at least a week or two. Traders will sell rallies, buy selloffs, and take quick profits.<\/p>\n When the daily chart enters a trading range, the lower time frame charts begin to have smaller bars and lots of small trading ranges. Day Traders will be quick to take profits. However, there will be 30 – 50 pip day trades from minor support and resistance on the daily and 60 minute charts. <\/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 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 had a 3 legged rally in a tight bull channel. This is a parabolic wedge buy climax. Two small legs sideways to down over the next week are likely. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart sold off 70 pips overnight. I said yesterday that the trading range would probably be about 150 pips tall. Obvious support is the 20 day EMA, the August 23 low just above 1.15, and he June 21 low. <\/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 rallied strongly to a new all-time high. However, the 2 day trading range on the 60 minute chart is a possible Final Bull Flag. In addition, this rally is extreme and therefore climactic. This increases the odds of a 1 – 2 day pullback soon. However, the bull trend is intact and higher prices are likely.
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