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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/09\/Emini-parabolic-wedge-bottom-and-then-weak-lower-low-major-trend-reversal.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 trading range with limit order buyers below and sellers above<\/h2>\n
The EURUSD daily Forex chart has been sideways for 5 days. A 2nd leg sideways to down is likely after the August 28 parabolic wedge buy climax.<\/p>\n But, the bull trend reversal was strong enough to end the bear trend. Consequently, there are probably buyers below, including below the September 4 low. <\/p>\n Since the chart is in a trading range, traders believe that there will not be protracted moves. They will therefore take quick profits. Because traders will scale into shorts above and scale into longs below, the daily chart will have a difficult time going more that a few days in one direction. <\/p>\n However, since the daily chart is in a trading range, it will be difficult for day traders to make more than 30 pips on any trade. The trading range on the daily chart is a sign that traders believe that the price is fair. If the price falls, traders see it as a discount and look to buy a reversal up. When it goes up, they see it as too expensive and look to sell a reversal down. <\/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 Since there is a 7 day bear micro channel, traders will probably sell the 1st reversal up.<\/p>\n <\/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 reversed up strongly from the August 15 failed breakout. However, it is back in its 5 month trading range and again going sideways. The August 28 parabolic wedge buy climax is likely to have a 2nd leg sideways to down. Therefore, there are probably sellers around the current level and up to 1.17.<\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart sold off 70 pips over the past 4 hours. It will probably test the September 4 low early next week, and it might even fall below.<\/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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\nAfter an expanding triangle bottom on the open, the Emini rallied for 2 hours. It sold off from a wedge and expanding triangle top at the 60 minute EMA, the January high, and the top of the 7 day bear channel. The bull trend line on the daily chart is around 2860 and it will probably draw the Emini down to it next week. <\/p>\n
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