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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2017\/12\/ES-6.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
The EURUSD daily Forex chart has sold off for 2 weeks from a wedge top. However, the selloff has many small bars with prominent tails. Since the daily chart is in the middle of a 5 month trading range, the most likely thing that it will do after the votes is stay within the range. This is because most attempts to break out of trading ranges fail.<\/p>\n Whenever the odds favor one direction, traders always need to be ready for the opposite. Therefore, there might be a strong bear breakout below the bull flag. The daily chart is in breakout mode. While a wedge bull flag has a 60% chance of a bull breakout, there is a 40% chance of a bear breakout. Day traders will continue to scalp until the breakout comes. Yet, they need to be prepared for a swing trade up or down. The Emini reversed up from below yesterday’s low, but stalled back at Monday’s low. Monday was a sell signal bar 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
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\nIn addition, it is at the 20 day exponential moving average and above the most recent major higher low. It is therefore more likely a bull flag than a bear trend.<\/p>\n
\nThe pullback on the daily EURUSD chart continues to grow. There is a 50% chance that it will fall to the November 21 low before the bulls will again buy aggressively. The lack of big bars up or down is a sign of complacency. It means that the market is waiting for more information. Tomorrow’s Congressional vote on a continuing budget resolution and the upcoming vote on Trump’s tax reform both have important financial implications. Either could lead to a big move up or down in all financial markets. Therefore, all are trying to get neutral before the votes.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart has had a small range overnight. Since this 2 week selloff is a bull flag and it is at support, bulls will look to buy for a swing up. The 240 minute chart is in a wedge bear channel and above the November 21 major higher low. The odds favor a bull breakout today or tomorrow.<\/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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\nToday had a weak rally and then spent the 2nd half of the day going sideways. Traders want a neutral market going into tomorrow’s vote on deferring the continuing budget resolution. There is always a potential for a surprise outcome, which could lead to a big breakout up or down. However, the odds are good that there will not be a surprise. This means that tomorrow will probably be another mostly sideways day. Traders will then wait for the next catalyst, which might be the tax reform vote.
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