{"id":88539,"date":"2019-04-04T06:20:53","date_gmt":"2019-04-04T13:20:53","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=88539"},"modified":"2019-04-05T06:16:18","modified_gmt":"2019-04-05T13:16:18","slug":"emini-buy-climax-testing-2900-big-round-number","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/market-update\/emini-buy-climax-testing-2900-big-round-number\/","title":{"rendered":"Emini and Forex Update: Emini buy climax testing 2900 big round number"},"content":{"rendered":"\n

Thursday April 4, 2019<\/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

Although the Emini gapped up yesterday, it was a trading range day. Yet, the daily chart continues to work higher. The bulls want a break above the 2900 Big Round Number and then a new all-time high.<\/p>\n\n\n\n

But, the weekly buy climax might be a problem for them. It could be too good. The bulls bought the 1st pullback in the 10 bar bull micro channel. There is typically a new high in the channel, and there has been. Then, however, the bulls often take profits. <\/p>\n\n\n\n

This can result in a deeper, longer pullback. For example, TBTL (Ten Bars, Two Legs). On the weekly chart, that is a couple of months. <\/p>\n\n\n\n

At the moment, there is a 50% chance of this coming before there is a new all-time high. If the Emini goes straight up to a new high, it will probably then enter a broad trading range for several months.<\/p>\n\n\n\n

The weekly chart is important<\/h3>\n\n\n\n

Tomorrow is Friday. It therefore determines how this week will look on the weekly chart. So far, the week is a small bull bar. But, this week is the 3rd push up in 6 weeks in a tight channel. That is a parabolic wedge rally. There is therefore an increased chance of a reversal down next week. <\/p>\n\n\n\n

However, the bears will probably need a bear bar on the weekly chart this week before they can get a reversal. Therefore, traders should watch for a possible reversal down to Monday’s open today or tomorrow.<\/p>\n\n\n\n

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

The Emini is down 1 point in the Globex session. There have been many strong swings down on the 5 minute chart over the past 2 weeks. Each one turned out to be a bull flag. The bulls have been refusing to give up, and the daily chart continues to work higher.<\/p>\n\n\n\n

Yesterday’s strong, late reversal up increases the chance of follow-through buying in the 1st 2 hours today. <\/p>\n\n\n\n

Most days over the past 2 weeks have had both a swing up and a swing down. That therefore is likely again today.<\/p>\n\n\n\n

On the daily chart, Tuesday was a bear day and therefore a bad buy signal bar. That is part of the reason for yesterday’s selloff. Yesterday was also a bear day. It is therefore a weak entry bar. The Emini might have to go sideways today before going higher. <\/p>\n\n\n\n

Also, it might wait until tomorrow to decide whether to close near the top or bottom of the week. A close near the top will increase the chance of a new all-time high within a couple months.<\/p>\n\n\n\n

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

Here 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\n\n\n

EURUSD Forex market trading strategies<\/h2>\n\n\n\n
\"EURUSD<\/a><\/figure>\n\n\n\n

The EURUSD daily Forex chart reversed down overnight after yesterday’s one day bounce. The bulls expect at least a small 2nd leg sideways to up after the 2 week sell climax down to the bottom of the 4 month trading range. Consequently, they will probably buy this selloff.<\/p>\n\n\n\n

The bears want today to close near its low. It would then be a bear day on the daily chart. That would make it a Low 1 bear flag and a sell signal bar for tomorrow. <\/p>\n\n\n\n

However, the 4 month trading range has had many attempts to break out of the top and bottom. Each has failed. In addition, there will be more Brexit news within the the next 2 weeks. That is another reason against a bear breakout this week.<\/p>\n\n\n\n

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

The EURUSD 5 minute Forex chart sold off 40 pips overnight. It has retraced about 50% of the rally from Tuesday’s low. The odds are that the selling will stop within the next couple of hours. <\/p>\n\n\n\n

But, the overnight bear channel has been tight. Therefore, the bulls might need to transition into a trading range for an hour or two before they can begin a rally.<\/p>\n\n\n\n

Neither the 2 day rally nor the overnight selling has been strong. They look like legs within a developing trading range. Day traders are therefore looking for both buy and sell scalps, expecting a trading range today and tomorrow.<\/p>\n\n\n\n

Everyone knows that there will likely be a sharp 200 – 400 pip move beginning soon. But, no one knows if it will be up or down. Day traders are waiting for a 50 – 100 pip strong breakout either way before they will aggressively swing trade. In the meantime, they are mostly scalping up and down for 10 – 20 pips.<\/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.\n<\/p>\n\n\n\n

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

The Emini continued yesterday’s rally on the open. After a 17 bar bull micro channel, it sold to test yesterday’s low and the 60 minute EMA. It rallied from a wedge bottom and closed near the middle. Today was a doji inside day on the daily chart. It is therefore both a buy signal bar and a sell signal bar. However, it is a weak bar for both the bulls and bears.<\/p>\n\n\n\n

Tomorrow is Friday and the weekly candlestick is currently a bull bar. If the bulls can close the week on its high tomorrow, they will increase their chance of a new all-time high within a couple of months.<\/p>\n\n\n\n

The bears want a selloff tomorrow. They would like the week to close near its low. It would then be a sell signal bar for a 6 week small wedge on the weekly chart. The odds are against a big bear trend day tomorrow.<\/p>\n\n\n\n

See the weekly update<\/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":"

Thursday April 4, 2019 I will update again at the end of the day. Pre-Open market analysis Although the Emini gapped up yesterday, it was a trading range day. Yet, the daily chart continues to work higher. The bulls want a break above the 2900 Big Round Number and then a new all-time high. But, […]<\/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-88539","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\/88539","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=88539"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/88539\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=88539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=88539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=88539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}