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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/07\/Emini-bull-trending-trading-range-day-ahead-of-FOMC-meeting.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 at apex of triangle ahead of Wednesday’s FOMC news<\/h2>\n
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The EURUSD daily Forex chart has nested triangles within a 3 month trading range. Yesterday reversed down from a breakout above the top of the bigger triangle. There was no strong selloff today yet and the chart is still in breakout mode.<\/p>\n Trading ranges are constantly trying to breakout, but 80% of attempts fail. All financials markets will probably go sideways into today’s 11 a.m. FOMC announcement. While traders hope that the news will lead to a successful breakout, the odds still favor a continuation of the 3 month trading range. There is no breakout until there is a clear strong breakout with follow-through. While that will probably happen soon, traders are unwilling to hold onto positions for more than a couple of days until it occurs. <\/p>\n A breakout can come at any time. But, unless it is strong and has good follow-through, day traders will keep looking for reversals. <\/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 The odds still favor a 2nd leg down before a break above last week’s high. But, there will probably be a new all-time high within a couple months. 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 is at the apex of nested triangles that are within a 3 month trading range. Yesterday reversed down from a breakout above the bear trend line of the bigger triangle. Today, so far, is a bad entry bar. The bears now want a successful breakout below the triangle after the failed bull breakout. But, the bulls see the 2 day selloff as a pullback from the breakout attempt. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nToday is the entry day for the reversal down from the top of the triangle on the daily chart. Yet, the 5 minute chart has been in a 30 pip range overnight. There is no sense that the price is horribly wrong and that the market has to quickly move to a new price. Today’s 11 a.m. FOMC announcement is the next obvious catalyst. The extremely tight trading range of the past 2 weeks will probably continue at least until then. Therefore, day traders will keep scalping. <\/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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\nThe Emini formed an outside down day yesterday. It was also a bear trending trading range day. Tomorrow has an increased chance of being an inside day. It would then form an ioi breakout mode setup. <\/p>\n
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