{"id":89830,"date":"2019-05-16T06:20:29","date_gmt":"2019-05-16T13:20:29","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=89830"},"modified":"2019-05-16T13:41:02","modified_gmt":"2019-05-16T20:41:02","slug":"emini-2nd-outside-bar-buy-signal-minor-reversal-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/market-update\/emini-2nd-outside-bar-buy-signal-minor-reversal-up\/","title":{"rendered":"Emini 2nd outside bar buy signal for minor reversal up"},"content":{"rendered":"\n

Emini and Forex Trading Update:
Thursday May 16, 2019<\/h2>\n\n\n\n

I will update again at the end of the day.<\/p>\n\n\n\n

Pre-Open market analysis<\/h2>\n\n\n\n

The Emini yesterday formed an outside up day. This is the 2nd one in a week. A 2nd bottom attempt has a higher probability of success. There is an increased chance of a bull trend today and of a gap up.<\/p>\n\n\n\n

However, the 3 week bear channel is tight. Consequently, even it the Emini rallies over the next week, it will probably form a lower high. A 2nd leg sideways to down is likely before the bulls get their new high.<\/p>\n\n\n\n

Overnight Emini Globex trading <\/h3>\n\n\n\n

The Emini is up 10 points in the Globex session. Today therefore might have a small gap up. Small gaps typically close in the 1st hour. <\/p>\n\n\n\n

However, because of consecutive bottoms on the oversold daily and 60 minute charts, the odds favor a rally for at least a few days over the next week. It might have begun yesterday. Consequently, day traders should be ready for an increased chance of a bull trend day today.<\/p>\n\n\n\n

In addition, even if the day is a trading range day, if the daily chart is beginning a leg up, there is an increased chance of a close near the high of the day. Day traders should look for a buy setup in the final hour for a late rally.<\/p>\n\n\n\n

Finally, whenever the odds of a bull trend are higher, so are the odds of a bear trend. This is because when something seems likely, there is the potential for a crowded trade. Many traders might buy early, betting on a trend. If one does not develop, they might sell and not buy again today. <\/p>\n\n\n\n

The absence of buyers could then lead to a bear trend on a day that was likely to rally. If the Emini enter a bear trend, it could last all day. But, the odds favor at least a weak bull trend today and a few days of sideways to up trading.<\/p>\n\n\n\n

Yesterday’s setups<\/h2>\n\n\n\n
\"Emini<\/a><\/figure>\n\n\n\n

Here 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. Buyers of the Brooks Trading Course have access to a much more detailed explanation of the swing trades for each day.<\/p>\n\n\n\n

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\n\n\n

EURUSD Forex market trading strategies<\/h2>\n\n\n\n
\"EURUSD<\/a><\/figure>\n\n\n\n

The EURUSD daily Forex chart has been sideways for 3 weeks. There is a double top and 2 higher lows. This is therefore a triangle and it is another breakout mode pattern. <\/p>\n\n\n\n

Since the chart has been in a bear channel for a year, the odds favor a new low. However, most prior bear rallies went further above the EMA than this one. Consequently, there is slightly better than a 50% chance that the 3 week rally will test the April 12 high before there is another new low.<\/p>\n\n\n\n

Because the chart is at the apex of a triangle, it is in Breakout Mode. There is almost a 50% chance that the breakout will be up or down. In addition, there is a 50% chance that the 1st breakout will fail and reverse within a day or two.<\/p>\n\n\n\n

Overnight EURUSD Forex trading<\/h3>\n\n\n\n

The EURUSD 5 minute Forex chart has been in a 30 pip trading range overnight. Day traders are looking for 10 pip scalps up and down. <\/p>\n\n\n\n

Because the daily chart is at the apex of a triangle, traders know that there is an increased chance of a 50 pip breakout up or down in the next few days. Furthermore, a successful breakout will probably lead to at least a few days of a trend. <\/p>\n\n\n\n

But, until there is a breakout, there is no breakout. Day traders will continue to take small scalps.<\/p>\n\n\n\n

Summary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n
\"Emini<\/a><\/figure>\n\n\n\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. Buyers of the Brooks Trading Course have access to a much more detailed explanation of the swing trades for each day.<\/p>\n\n\n\n

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\n\n\n

End of day summary<\/h3>\n\n\n\n

I have been saying for several days that the Emini would probably test last Friday’s high. In addition, I said that today had an increased chance of being a bull trend day. Today’s strong rally reached the target, but the bulls took profits there. The Emini then entered a bear channel and gave back half of the rally. <\/p>\n\n\n\n

This is disappointing for the bulls. Disappointment is consistent with the rally leading to a lower high on the daily chart, even if it lasts a few days.<\/p>\n\n\n\n

See the weekly update<\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n

\n\n\n\n

Trading Room<\/h2>\n\n\n\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\n\n\n

\n\n\n\n

Charts use Pacific Standard Time<\/h3>\n\n\n\n

When I mention time, it is USA Pacific Standard Time (the Emini day session opens at 6:30 am PST, and closes at 1:15 pm PST). You can read background information on the intraday market reports on the Intraday Market Update<\/a> page.<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

Emini and Forex Trading Update:Thursday May 16, 2019 I will update again at the end of the day. Pre-Open market analysis The Emini yesterday formed an outside up day. This is the 2nd one in a week. A 2nd bottom attempt has a higher probability of success. There is an increased chance of a bull […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"shadow","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-89830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market-update","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/89830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=89830"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/89830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=89830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=89830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=89830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}