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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2017\/06\/es-20.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from yesterday.<\/p>\n
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EURUSD Forex market trading strategies<\/h2>\n
Yesterday was a big bull trend bar on the daily EURUSD Forex chart. Furthermore, it broke far above the strong resistance of the November 9 high. However, today so far is a doji bar. This is therefore bad follow-through. Hence, it increases the chances that the breakout will fail.<\/p>\n The EURUSD Forex market is in a bear trend on the monthly chart. It has been in a trading range for 2 years. There have been more than 10 attempts to break above 1.1400 and each has failed. Will this one succeed? Probably not. When a market is in a trading range, it often tries to break into a trend. And eventually it always does. However, 80% of strong attempts fail. Therefore, the odds are that this one will fail as well. Hence, the trading range of the past 3 weeks will probably be the final bull flag in the 6 month rally. The daily chart will therefore likely soon go sideways to down for at least a couple months. <\/p>\n Because there is no clear top yet, and a couple of the rallies in the past 2 years have gone above 1.1500, this rally might continue for a few more weeks. In addition, it might go up for even 200 more pips. Yet, the odds are that it will not go higher or last longer. <\/p>\n While it is possible that the daily chart could reverse down sharply, the 6 month bull trend has been in a tight channel. Consequently, the bulls will probably buy 200 pip pullbacks for a couple of months. Therefore, the daily chart will probably soon enter a 200 pip trading range that will last at least a couple of months<\/p>\n They also know that yesterday’s breakout was strong. Hence, they will look to buy 100 – 200 pip selloff, like they just did. Finally, they know that the EURUSD market will probably have a hard time going far up or down over the next week or so. They therefore are taking quick profits.<\/p>\n <\/p>\n The Emini gapped above yesterday’s wedge bear channel. After a High 2 pullback, it rallied from an opening reversal up. The rally was a small pullback bull trend.<\/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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\nYesterday closed far enough above the November 9 lower high to be a strong bull breakout. Yet, the EURUSD market is still in a 2 year trading range. While I have been saying for several weeks that the odds favored the breakout, I also said that the breakout would still be only a bull leg in the 2 year trading range. In addition, I have been saying that the breakout would fail. What no one knows is if the breakout will fail immediately or after several more weeks and 200 more pips.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe 5 minute chart sold off 900 pips within the past hour and then bounce 50 pips. Big Down, Big Up means Big Confusion, which means a trading range is likely for a few days. Therefore day traders will mostly scalp. They know that 1.1400 is resistance and they will therefore look to sell around there. <\/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 strong bull trend day. The odds are that tomorrow will either be a trading range day or a bull trend day. The all-time high is within reach tomorrow. However, since last week was a sell signal bar on the weekly chart, the bear will try to get the week to close below last week’s low.
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