E-mini With 11-Bar Bull Micro Channel In Early July
Al Brooks | Jul 06, 2021 09:34AM ET
- 11-bar bull micro channel (every low at or above low of prior day).
- 60-minute chart has 69 bars above EMA so buy climax.
- Both are unusual and therefore unsustainable and buy climaxes.
- Should get a pullback this week.
- Since strong bull trend, bulls will buy the first pullback.
- But, resumption up from first pullback in buy climax usually does not get far before the market enters a trading range.
- Therefore, higher prices likely, but will probably convert into a trading range at some point in July.
E-mini is down 2 points in the overnight Globex session.
Because of the streaks on the daily and 60-minute charts, should get pullback today or tomorrow.
The pullback could be a big bear trend day, or the E-mini might just go slightly down for a couple days. However, the odds are against a third consecutive big bull trend day.
5-minute and daily charts might contain Monday’s trading for the first couple hours today. However, if you then refresh your data, those bars usually will disappear.
h2 Last Friday’s E-mini setups/h2Above is the version that I post every day. Because I often get questions about what subscribers to Daily Setups see, today I am including the example below of that version.
Here are several reasonable stop entry setups from Friday (before US holiday weekend). I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a much more detailed explanation of the swing trades for each day (see Online Course/BTC Daily Setups).
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. These therefore are swing entries.
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It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit (scalp), but often have to exit with a small loss.
If the risk is too big for your account, you should wait for trades with less risk or trade an alternative market like the Micro E-mini.
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