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Al is presenting at the TradersEXPO on Friday, July 20, 2018. As a result, Al and Laura are taking a long weekend break in Chicago.

As Al is not trading on Thursday and Friday, the next Intraday Update report will be on Monday, 23 July 2018.

There will also be no weekly report for this Saturday 21 July, 2018

Wishing you all good trading and a wonderful weekend.

The post No Intraday market update until next Monday 23rd<br />Al and Laura taking long weekend break appeared first on Brooks Trading Course.

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The post Emini breakout above March major lower high needs follow-through<br />Intraday market update: Wednesday July 18, 2018 appeared first on Brooks Trading Course.

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Emini bull channel but double top bear flag with March high

I will update again at the end of the day.

Pre-Open market analysis


The Emini could not sustain a weak bull reversal day yesterday. It was the 5th consecutive small trading range day. Traders want to know if there will be a breakout far above the March high or a reversal down. There is no sign of either yet. Day traders will continue to mostly scalp until there is a series of strong bull trend bars up or down on the 5 minute chart. However, a month-long swing up or down will probably begin within the next 2 weeks.

Overnight Emini Globex trading


The Emini is down 5 points in the Globex market. Today therefore might gap down. Traders are deciding if yesterday’s pullback will lead to one more leg up to the March high this week or continue down to the July 11 pullback low. Because the past 5 days have been mostly sideways on the 5 minute chart, that is likely again today. But, since the daily chart is at important resistance, a strong trend up or down can begin at any time.

Yesterday’s setups


Here 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.

EURUSD Forex market trading strategies

With the overnight reversal down, the trading range on the EURUSD daily Forex chart now has 5 legs. It is therefore a triangle. But, the parabolic wedge sell climaxes in May were extreme, as was the June 14 sell climax. Therefore, the chart is slightly more likely to test the June 14 high before breaking below the June 21 low.


The EURUSD daily Forex chart has been in a trading range for 2 months. It is therefore in Breakout Mode. Traders expect a 300 pip measured move up or down. But, the parabolic wedge sell climaxes in May were exceptionally strong. In addition, they stopped at support on the weekly chart. Finally, there was another extreme sell climax on June 14. These factors make a test of the June 14 high more likely than a breakout below the June 21 low.

However, even if the daily chart gets a 50% pullback to around 1.20, the bear trend is so strong that the rally will probably be a pullback in a bear trend and not a new bull trend. Consequently, the odds favor a break below the June 21 low after any rally over the next couple of months.

Overnight EURUSD Forex trading


The EURUSD 5 minute Forex chart rallied above yesterday’s high, but reversed back down. Since the 50 pip selloff is in a tight bear channel, the odds are against a strong rally today. Because the selloff is now back to the apex of the 2 month triangle, it will probably not continue much lower today. Therefore, today will probably begin to go sideways and day traders will scalp. The bottom of the range will likely be around where the market now is and yesterday’s low. That is about 25 pips lower.

Summary of today’s S&P Emini futures price action and what to expect tomorrow

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.


The Emini finally broke above the March major lower high. As strong as the rally was, it could not get far above that resistance. It closed only 1 tick above.

The bulls need follow-through buying over the next several days to convince traders that the breakout will be successful.

See the weekly update for a discussion of the price action on the weekly candlestick chart and for what to expect going into next week.

Traders can see the end of the day bar-by-bar price action report by signing up 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. We offer a 2 day free trial.

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 page.

The post Emini bull channel but double top bear flag with March high <br />Intraday market update: Tuesday July 17, 2018 appeared first on Brooks Trading Course.

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The post Emini in Breakout Mode at 2800 and March major lower high<br />Intraday market update: July 16, 2018 appeared first on Brooks Trading Course.

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Monthly S&P500 Emini futures candlestick chart:
Testing buy climax high


The monthly S&P500 Emini futures candlestick chart has a big bull trend bar this month. The bulls need consecutive strong bull bars before traders will believe that the bull trend is resuming.

The monthly S&P500 Emini futures candlestick chart has had a 4 month rally after a 3 month reversal from a buy climax. Since the rally lacks consecutive strong bull trend bars, there is still a 50% chance that it will fail around the all-time high. The bulls want the month to close on its high and above 2800. Furthermore, they want August to also be a bull bar closing on its high. If so, the rally will probably continue to between 3,000 – 3,200 by the end of the year.

Possible double top, but it would only lead to a minor reversal

If the bulls fail to get consecutive strong bull bars, then the rally will probably fail around the January high. If it forms a double top with the January high, the pattern would only have about 10 bars. That is usually too small for a major reversal. Therefore, if the Emini sells off within the next few months, the selloff will probably be minor.

This means that it would be a 2nd leg down after the February selloff. Sometimes a 2nd leg down can be strong. This is because the bears see it as a break below the neck line of a double top.

However, the bear breakout would likely fail within a couple of months. The monthly chart would then either continue in its 7 month trading range, or rally from a High 2 bull flag to a new high.

Therefore, even if there is a 20% correction in the next 6 months, it would probably simply be a bull flag on the monthly chart. The small double top would only have a 30% chance of leading to a bear trend on the monthly chart.

It is important to note that a 20% pullback on the monthly chart would be a bear trend on the daily chart. But, that would likely be a good buying opportunity. The bull trend on the monthly chart is so strong that a move above 3,000 is likely in 6 – 12 months, even if there is a selloff to 2,300 1st.

Weekly S&P500 Emini futures candlestick chart:
Small Pullback Bull Trend


The 4 month rally on the weekly S&P500 Emini futures candlestick chart is gaining strength. However, the bulls need 2 closes above the March high before traders will conclude that last year’s bull trend is resuming.

The weekly S&P500 Emini futures candlestick chart has consecutive bull bars closing near their highs. This is a sign of strong bulls. However, the bears hope that it is simply a buy vacuum test of the March lower high of 2811.00. Traders will find out over the next few weeks.

If the bears get a strong bear bar, traders will sell below its low. They would see it as a sell signal bar for a double top with the March high. The bears want a break below the April low neck line of the double top. Then, they would hope for a 250 point measured move down. However, it is more likely that the selloff would not break below the April low. Instead, it would simply be just a 1 – 2 month bear leg in the 6 month trading range.

Alternatively, if the bulls get consecutive closes above that March high, traders will look for a 250 point measured move up over the next 6 months. The monthly chart was strongly bullish for 3 years. In addition, the momentum is increasing as the rally continues. Therefore, it is more likely that the bulls will reach 3,100 before the bears get 2,300.

Daily S&P500 Emini futures candlestick chart:
Emini 2800 double top or breakout to new all-time high?


The daily S&P500 Emini futures candlestick chart is testing the March 13 major lower high of 2811.00.

The daily S&P500 Emini futures candlestick chart rallied strongly for 2 weeks. Furthermore, the swing up from the May 3 low is strong enough to be a resumption of last year’s bull trend. However, the bulls need at least a 20 point break above the March 13 high. In addition, they need consecutive big bull bars in that breakout. Finally, they want at least 2 consecutive closes 10 – 20 points above that high. If the rally is a resumption of the bull trend, the bulls will accomplish most of this.

On the other hand, if they fail, then the bears will get at least a 2 legged swing down over the next few months. That selloff would still probably only be a bear leg in the 6 month trading range. It would likely stay above the February low. But, there is a 30% chance that it would break strongly below that February low.

Traders can see the end of the day bar-by-bar price action report by signing up for free at BrooksPriceAction.com. I talk about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room. We offer a 2 day free trial.

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 page.

The post Emini 2800 double top or breakout to new all-time high?<br />Emini weekend update: July 14, 2018 appeared first on Brooks Trading Course.

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The post Emini testing key resistance at 2800 Big Round Number<br />Intraday market update: July 13, 2018 appeared first on Brooks Trading Course.

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The post Emini island top and weekly gap below <br />Intraday market update: July 12, 2018 appeared first on Brooks Trading Course.

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The post Emini 60 minute parabolic wedge buy climax below March high <br />Intraday market update: July 11, 2018 appeared first on Brooks Trading Course.

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The post Emini testing 2800 top of 6 month trading range <br />Intraday market update: July 10, 2018 appeared first on Brooks Trading Course.

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The post Emini brief July rally from head and shoulders bottom <br />Intraday market update: July 9, 2018 appeared first on Brooks Trading Course.

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