Yesterday was another bull trend day. The odds are that the rally will continue up to the March high, just above 2800. However, if so, there will probably be 1 – 2 day pullbacks along the way. Since most days in a bull trend on the daily chart have bull bodies, traders will look for an early low every day.
Today is rollover day, but most day traders will continue to trade the June contract. The Emini is up 6 points in the Globex session. Since yesterday was a buy climax, there is only a 25% chance of a strong bull trend today. Yet, there is a 50% chance of some follow-through buying within the 1st 2 hours. Finally, there is a 75% chance of at least a couple hours of sideways to down trading beginning by the end of the 2nd hour. After 4 consecutive bull trend days, a strong bear trend day is unlikely.
Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.
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