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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/07\/Emini-Small-Pullback-Bull-Trend-and-close-above-March-13-major-lower-high.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. 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 in a position at the moment, these entries would be logical times for him to enter.<\/p>\n
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EURUSD Forex breakout below head and shoulders top bear flag, but probably just bear leg in trading range<\/h2>\n
The EURUSD daily Forex chart has consecutive big bear bars and a head and shoulders top bear flag. However, the May and June sell climaxes were extreme and now the chart is in a trading range at support. There should be buyers around the July 2 low and below the June 21 bottom of the trading range. <\/p>\n Since it would take about a month to test the June 14 sell climax high, the trading range has more to go. Traders are looking for a bottom. The bulls hope that this week will form a higher low and a double bottom with the July 2 low. If this selloff continues down to below the June 21 low, the bulls will buy the breakout. They will try to create a wedge bottom with the May 29 and June 21 lows.<\/p>\n The bears need a strong breakout below the June 21 low. That will require a big bear bar closing below that low, and then a follow-through bear bar. The odds are slightly better for a test of the June 14 high.<\/p>\n If this selloff is a resumption of the bear trend on the daily chart, it should not stop at the July 2 low. It should continue relentlessly far below the June 21 bottom of the trading range. Since that is unlikely, the odds are that the selling will stop today. The 5 minute chart should then reverse up at least 50 pips today or tomorrow if the bears are going to fail. <\/p>\n Here are several reasonable stop entry setups for today. I sometimes 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 in a position at the moment, these entries would be logical times for him to enter.<\/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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\nThe EURUSD daily Forex chart is selling off from a small head and shoulders top bear flag. But, it is in a 2 month trading range and at major support on the weekly chart. Furthermore, the consecutive parabolic wedge sell climaxes and the June 14 sell climax were extreme. Finally, trading ranges resist converting into trends. Therefore, it is likely that the trading range will continue. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nYesterday’s selloff continued overnight. But, it is now near the July 2 low of 1.1591, which is support. Therefore, the selling will probably end today around the overnight low, which is near the July 2 low. Because the 2 day bear channel is tight, the bulls will probably have to stop the selling and form a trading range before they can get a reversal up.<\/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 reversed up from an early brief selloff. It again closed above the March high. Because it had a bull body on the daily chart, is confirmed yesterday’s breakout. Yet, neither yesterday not today closed far above the March resistance. Therefore, there is still a 50% chance that the breakout will reverse down within a week or so. But, if it does, the odds are that the selloff will only be minor, and the bull trend will break to a new all-time high before yearend.
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