{"id":85924,"date":"2019-01-28T06:20:41","date_gmt":"2019-01-28T14:20:41","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=85924"},"modified":"2019-01-30T23:05:12","modified_gmt":"2019-01-31T07:05:12","slug":"emini-weekly-buy-signal-bar-resistance","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/market-update\/emini-weekly-buy-signal-bar-resistance\/","title":{"rendered":"Emini weekly buy signal bar but at resistance<\/strong>
Intraday market update: Monday January 28, 2019"},"content":{"rendered":"\n

Emini weekly buy signal bar but at resistance<\/h2>\n\n\n\n

I will update again at the end of the day.<\/p>\n\n\n\n

Pre-Open market analysis<\/h2>\n\n\n\n

Last week was a bull doji doji inside bar on the weekly chart. Since it followed a strong 4 week rally, last week is a buy signal bar on the weekly chart. But, it was a doji and the chart is at the 20 week EMA. Therefore, this is a weak buy setup. There are probably sellers not far above.<\/p>\n\n\n\n

The Emini has rallied in a parabolic wedge buy climax on the daily chart over the past 4 weeks. This typically results in exhausted bulls and about a 10 bar pullback. Traders are deciding if the pullback has begun or whether there will be one more brief high before the pullback begins.<\/p>\n\n\n\n

The December 12 high is a magnet above. That was the start of the December crash. Therefore, the bulls might be able to break above it before they finally exhaust themselves.<\/p>\n\n\n\n

Can the rally break strongly above that December 12 high? Unlikely. The odds favor a retracement of at least a third of the January rally beginning within a couple weeks.<\/p>\n\n\n\n

Overnight Emini Globex trading<\/h3>\n\n\n\n

The Emini is down 16 points in the Globex session. If it gaps down today, it will create a one day island top. Island tops and bottoms are minor reversals. I said that on Friday when Friday gapped up and formed a 2 day island bottom.<\/p>\n\n\n\n

The Emini has been sideways for 6 days. It spent most of the time on the 5 minute chart within trading ranges. That is likely again today.<\/p>\n\n\n\n

With the gap down, the bears hope that today will be the start of a small double top with the January high and a bigger double top with the December 12 high. However, the bulls hope that today is simply a pullback from Friday’s break above a 4 day bear flag. <\/p>\n\n\n\n

The 6 day trading range is a sign of balance. Traders are deciding if a 50% pullback from the January rally has begun or if there will be a brief break above the December 12 high first. Until there is a strong breakout, traders will expect that trends up and down will last a couple hours and then enter a trading range or reverse for a couple hours.<\/p>\n\n\n\n

Friday’s setups<\/h2>\n\n\n\n
\"Emini<\/a><\/figure>\n\n\n\n

Here 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\n\n\n

EURUSD daily Forex chart is reversing at bottom of 4 month trading range<\/h2>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

The EURUSD daily Forex chart has had strong legs up and down in a trading range for 4 months. In a trading range, there are many strong legs up and down. However, most breakout attempts fail. Traders therefore look for reversals. <\/p>\n\n\n\n

The 3 week selloff to the bottom of the range ended with Friday’s reversal up. Last week was a buy signal bar on the weekly chart. When the EURUSD traded above last week’s high last night, it triggered the buy signal. However, there has been no follow-through buying. The bulls need a big bull bar on the weekly chart this week to convince traders that the buy signal is significant. So far, it is not.<\/p>\n\n\n\n

3 week bear channel so minor reversal up<\/h2>\n\n\n\n

Since the 3 week selloff was in a tight bear channel, the bulls will probably need to create some bull bars this week before they can get a reversal up to the top of the range. Therefore, the daily chart will probably be mostly sideways for a few days. Then, the bulls will try to create a small double bottom and then a rally to the top of the range.<\/p>\n\n\n\n

The bears hope that Friday’s reversal is just a test of the January 18 high and a 50% pullback. They want a reversal down in the next few days. That would be a double top bear flag with that high. The neck line is last week’s low. They want a strong breakout below and then a 100 pip measured move down.<\/p>\n\n\n\n

If they get their strong breakout, it would also be a break below the 4 month range. They therefore would expect the selloff to continue down for a 300 – 400 pip measured move based on the height of the 4 month trading range.<\/p>\n\n\n\n

Traders know that every trading range over the past year had a successful breakout after about a couple of months. While they will continue to bet on reversals, they will quickly switch to trend trading if they see a couple consecutive closes above or below the range.<\/p>\n\n\n\n

Overnight EURUSD Forex trading<\/h3>\n\n\n\n

The EURUSD 5 minute Forex chart has been sideways since late Friday. Because Friday might be the start of a 2 week rally, the bulls want follow-through buying today. At a minimum, they want a bull bar on the daily chart. Therefore, they will buy dips below today’s open today, trying to get today to close above the open.<\/p>\n\n\n\n

The bears always want the opposite. They therefore will sell rallies to above the open, hoping to get the day to close below the open. Today would then have a bear body and be a sell signal bar for tomorrow.<\/p>\n\n\n\n

Because Friday was such a strong reversal up from support, the bulls have a better chance of a bull close on the daily chart today. Furthermore, if today is a trend day, up is more likely than down.<\/p>\n\n\n\n

However, the past 20 hours have been in a tight range. This tells us that traders have been scalping. Until there is a strong breakout up or down on the 5 minute chart, they will continue to scalp today.<\/p>\n\n\n\n

Summary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n
\"Emini<\/a><\/figure>\n\n\n\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\n\n\n

End of day summary<\/h3>\n\n\n\n

By gapping down, today turned Friday into a 1 day island top. There is now a double top and a double bottom over the past 7 days. This is Breakout Mode. <\/p>\n\n\n\n

Today gapped down, but reversed up. It is a buy signal bar for tomorrow.<\/p>\n\n\n\n

Even if there is a new high, the Emini will probably test the February 2018 low within a month.<\/p>\n\n\n\n

See the <\/em>weekly update<\/em><\/a> for a discussion of the price action on the weekly chart and for what to expect going into next week.<\/em><\/p>\n\n\n\n

\n\n\n\n

Trading Room<\/h2>\n\n\n\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\n\n

\n\n\n\n

Charts use Pacific Standard Time<\/h3>\n\n\n\n

When I mention time, it is USA Pacific Standard Time (the Emini day session opens at 6:30 am PST, and closes at 1:15 pm PST). You can read background information on the intraday market reports on the Intraday Market Update<\/a> page.<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

Emini weekly buy signal bar but at resistance I will update again at the end of the day. Pre-Open market analysis Last week was a bull doji doji inside bar on the weekly chart. Since it followed a strong 4 week rally, last week is a buy signal bar on the weekly chart. But, it […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"shadow","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-85924","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market-update","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/85924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=85924"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/85924\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=85924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=85924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=85924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}