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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/11\/Emini-bear-trend-from-the-open.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. I rarely 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 currently in the market, these entries would be logical times for him to enter.<\/p>\n
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EURUSD daily Forex chart beginning 1 – 3 day pullback after buy climax<\/h2>\n
The EURUSD daily Forex chart has a bear trend bar and a lower high so far today. This is after 5 consecutive bull trend bars, which is a buy climax.<\/p>\n Since 5 bull days represents strong buying, the bulls will be eager to buy again. That means the pullback will probably last only 2 – 3 days. However, it might last a little longer and reach the October 31 low.<\/p>\n The bears have another lower high in the bear channel that began on October 16. But, after 5 bull days, they will probably need a micro double top before they can test down to the November 12 low. Consequently, they will take profits between 100 – 150 pips down from today’s high.<\/p>\n I said over the weekend that last week was a buy signal bar on the weekly chart, but with problems. The 8 week tight bear channel made a big rally this week unlikely. Also, because last week’s range was big, many bulls did not want to buy above its high. The risk would be too big. Instead, they would look to buy a 50% pullback. That is currently around 1.1350.<\/p>\n In addition, after a 5 day rally, the bulls will buy reversals up. However, since the bulls are exhausted, they will only scalp for the next couple of days. <\/p>\n Here are several reasonable stop entry setups for today. I show each buy entry with a green rectangle and each sell entry with a red rectangle. I rarely 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 currently in the market, these entries would be logical times for him to enter.<\/p>\n A gap up within the next few days would create an island bottom. That is a minor reversal pattern. In general, a big gap is exhaustive and the market usually has to go sideways for a few days. That is what is likely here. This is especially true since tomorrow and Friday will have less trading because of Thanksgiving. 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 rallied strongly for 5 days. Since every trend up or down over the past 6 month pulled back by the 5th or 6th day, this week was likely to have a pullback. Today might be the start. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart reversed down 60 pips so far overnight. This is probably the start of a 1 – 3 day pullback to around 1.1350. Consequently, the bears will sell rallies. Since the chart has been in a 30 pip tight range for the past 5 hours, the bears are mostly scalping. But, some will hold for around a 100 – 150 pip pullback over the next 2 – 3 days. <\/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 had a big gap down today. After a rally from a parabolic wedge bottom, it sold off from a wedge top. It then remained in a trading range, but closed below and near the open. <\/p>\n
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\nTrading Room<\/h4>\n
Charts use Pacific Standard Time<\/h4>\n