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![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/10\/Emini-bull-trend-reversal-day.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. I rarely 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 currently in the market, these entries would be logical times for him to enter.<\/p>\n
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EURUSD Forex higher low in 3 week trading range<\/h2>\n
The EURUSD daily Forex chart is in the bottom half of a 3 week, 200 pip tall trading range. This is in the middle of its 6 month trading range. <\/p>\n While eventually this 6 month range will break into a trend, there is no indication that the is about to happen. Consequently, traders will continue to look for reversals every 2 – 3 weeks.<\/p>\n The dominant feature is the strong August reversal up from below the bottom of a 4 month trading range. Therefore, as long as pullbacks stay above the August 15 low at 1.13, the odds favor an eventual breakout above the top of the now 6 month range.<\/p>\n Because the daily chart is at support, day traders will look to buy reversals up. The overnight rally is likely to have at least a small 2nd leg up. Consequently, the bulls will look to buy the current pullback to around 1.15.<\/p>\n Since a big rally is unlikely after yesterday’s strong selloff, the bears will sell rallies. They, too, will only scalp because the overnight rally was strong and the chart is at support. <\/p>\n With both the bulls and bears scalping, today will probably form a small trading range. <\/p>\n Here are several reasonable stop entry setups for today. I show each buy entry with a green rectangle and each sell entry with a red rectangle. I rarely 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 currently in the market, 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 has been in a 200 pip trading range for 3 weeks. It is now testing support at the October 9 high and 1.15. However, after last week’s parabolic wedge rally, there might be one more brief leg down to the October 9 low. There will then probably be a bull leg lasting at least a couple of weeks. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute Forex chart reversed up overnight after testing the October 9 high and the 1.15 Big Round Number. Since Monday’s selloff was strong, the bulls might need a micro double bottom before they get a rally to last week’s high. This is especially true after the October 16 wedge top. A selloff from a wedge top typically has at least 2 small legs down.<\/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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\nBy trading below yesterday’s low, the Emini triggered a Low 1 bear flag sell signal. But, yesterday was a bull doji and it followed a big bull day. This is a low probability sell setup. Consequently, the Emini is more likely to go sideways for at least a few days rather than down. The odds are the that 5 day developing trading range will last another week or more.
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\nTrading Room<\/h4>\n
Charts use Pacific Standard Time<\/h4>\n