![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2017\/12\/ES-4.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.<\/p>\n
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EURUSD Forex market trading strategies<\/h2>\n
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The EURUSD daily Forex chart is in a 9 day tight trading range. After its parabolic wedge top, the minimum target for the pullback is a test of the 30 day exponential moving average.<\/p>\n The bulls want the November rally to resume and to break above the September high. However, that is at major resistance on the monthly chart. Consequently, a rally to the September high will probably stall. <\/p>\n Trading ranges resist breaking out. There is no sign that this 5 month trading range or the bigger 2 year range is about to break into a trend. The odds are that the 5 month range will continue for at least another few weeks.<\/p>\n The bulls will probably need at least a small double bottom before they can regain control. There is no sign of a bottom yet. Therefore, this selloff might continue down to below last week’s low. Once there, traders will try to stop the selling with a double bottom with last week’s low. If they cannot get one, the next support is the November 21 low just above 1.1700. The Emini rallied from above yesterday’s low, but then reversed down. When it fell below yesterday’s low, it triggered a sell signal on the daily chart.<\/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<\/a><\/p>\n
\nThe EURUSD daily Forex chart has been in a tight range for 9 days. It is pulling back from a parabolic wedge top. Therefore, it is likely to have at least a 2 legged sideways to down pullback to support. It has met the minimum of 2 legs sideways to down. Yet, the nearest support is last week’s low and the 20 day EMA. Therefore, this pullback is likely to fall more. Furthermore, it could reach the November 21 major higher low.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe 5 minute chart has been in a 35 pip range. Furthermore, it is still withing the 5 day pullback from last week’s parabolic wedge top. While the odds favor more trading range trading, they also favor a test down to at least last week’s low. This is about 30 pips below the over night low. The 5 minute chart has sold off in a tight channel for the past 3 hours. <\/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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\nYesterday was a sell signal bar on the daily chart. The Emini opened above yesterday’s low and rallied. The bulls were therefore trying to create an inside day. Yet, the rally failed and the Emini reversed down. The bears got their breakout below yesterday’s low. They therefore triggered the sell signal on the daily chart.
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