\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2018\/11\/Emini-outside-down-day-after-minor-trend-reversal-up-to-20-day-EMA.png\" "\\"\\"")
<\/a><\/p>\nHere are several reasonable stop entry setups from Friday. 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
<\/p>\n
EURUSD weekly Forex chart has double top and double bottom<\/h2>\n
The EURUSD weekly Forex chart has a double bottom after a double top. Since last week was a weak buy signal bar and the 6 week bear channel is tight, the odds favor at least a small bear breakout within a few weeks.<\/p>\n This is especially true with last week being only a doji bar. That is a weak buy signal bar. It is usually not a strong enough foundation to support a rally after a strong selloff. Consequently, there are probably more sellers than buyers above last week’s high. <\/p>\n However, there is both a double bottom and a double top since July. That means that the weekly chart is still in a trading range. It is therefore still in Breakout Mode. Since most trading range breakouts fail, there are probably more buyers than sellers below last week’s low. In addition, if there was a 100 point bear breakout, the bulls would try to create a reversal up from the bottom of a wedge bull flag that began in November, 2017.<\/p>\n Unless the bulls get a very strong reversal up over the next few weeks, any rally will probably be minor. At the moment, the odds favor a breakout below the double bottom and then a reversal up. <\/p>\n Thursday’s rally was strong enough to get a least a small 2nd leg sideways to up. Therefore, the odds are that today or tomorrow will begin a 2 – 3 day rally.<\/p>\n Since the momentum down on the weekly chart is strong, the bears will sell the 2 – 3 day rally. Unless there is a very strong rally, there will probably be a break below the October low in November. 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
\n<\/a><\/p>\n
\nThe EURUSD weekly Forex chart has sold off for 2 months. The 6 weeks down from the September 24 high have been in a tight bear channel. Typically, the bulls will need at least a micro double bottom before they can get a leg up. <\/p>\nOvernight EURUSD Forex trading<\/h3>\n
\nThe EURUSD 5 minute chart had a weak 50 pip selloff over night. By falling below Friday’s low, it triggered a sell signal on the daily chart. Because Thursday’s rally was strong, there will probably be buyers below Friday’s low. That is why the overnight selloff has had so many sideways bars with big tails. It is more likely just a test of Friday’s low than the start of a breakout below the 3 month double bottom. <\/p>\n
\n<\/p>\nSummary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n
\n<\/a><\/p>\n
\nThe Emini was in a broad bull channel today. It was also a bull inside bar on the daily chart. There is now an ioi breakout mode setup in the middle of a month-long trading range. The bull body and last week’s rally give the bulls slightly higher odds. But, with tomorrow night’s election results, Wednesday has a 50% chance of reversing any breakout up or down tomorrow.
\n<\/p>\n
\nTrading Room<\/h4>\n
Charts use Pacific Standard Time<\/h4>\n