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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/08\/Emini-weak-bull-trend-reversal-day.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 bear rally and trading range more likely than bull trend<\/h2>\n
The EURUSD daily Forex chart has reversed up strongly for 5 days. It is testing the 20 day EMA and the breakout point at the bottom of the 3 month trading range.<\/p>\n I have been writing for months that the weekly chart is still bullish. Therefore, even if the bears reach their goal of 1.12, there will then be a reversal back up. The 3 month trading range is probably the Final Bear Flag in the 8 month swing down. When a market reverses up from a Final Bear Flag, the 1st target is always the top of the Final Flag. Here, that is 1.18, but the bulls might need several months to get there.<\/p>\n Since the rally has been strong, swing traders will begin to look to day trade for a swing up once there is a 50% pullback to around 1.14. The bear day traders will be quicker to take profits for a couple of days until there is more of a trading range. At that point, they will look for 30 – 50 pip swings down from new highs on the 5 minute chart. <\/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 But, the Emini all-time high is still a magnet just above. In addition, the past 3 days had bull bodies. Therefore, while today is a sell signal bar for tomorrow, the reversal will probably be minor. That means a few days of sideways to down trading. The odds favor a new all-time high in the Emini within the next couple weeks. It still might come this week. 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 reversed up strongly for 5 days after a strong 3 week selloff. Big Down, Big Up means Big Confusion. Confusion is one of the hallmarks of a trading range. Therefore, the daily chart will probably be sideways for at least a couple of weeks. The bears will try to create a double top bear flag. They then want a test of the 1.12 measured move target. However, the bulls want a double bottom with last week’s low and then the start of a bull trend.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart has been sideways overnight after a buy climax up to resistance on the daily chart. Because the 5 day rally has been extreme and it has reached resistance, the odds favor sideways to down for several days. Therefore, day traders will mostly scalp.<\/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 began as a Bull Trending Trading Range day. However, the Emini reversed down in the middle of the day after the cash index made a slight new all-time high. Because it reversed down and closed on its low, today is a sell signal bar on the daily chart for tomorrow. In addition, the 3 legs up over the past 3 weeks created a wedge top. If tomorrow gaps down, today would be a 1 day island top. The bears need big bear days over the next few days to convince traders that they have taken control.<\/p>\n
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