For Wednesday April 14, 2021
Full Emini and Forex daily reports will only be issued when Al is in the Trading Room. See sidebar calendar for “No Webinar” days when this “SP500 Emini trade setups” post will replace the daily report.
For Thursday April 15, 2021
Charts use Pacific Time
When I mention time, it is USA Pacific Time (the Emini day session opens at 6:30 am PT, and closes at 1:15 pm PT). You can read background information on the intraday market reports on the Market Update page.
Hello, is it correct to define bar 18 as high/2 entry bar while bar 17 is high/2 signal bar? While bar 14 was High/1 signal bar follow by failed bar 15 entry bar?
Yes, you’re correct. Bar 18 is also failed L2 of bar 16 which trap bears who sold it. It is also TTR which was possible final flag. The breakout might be the third leg up which you could expect it to fail and reverse back to TTR or EMA which it did.
I assume you are talking about today’s chart. There are different ways to look at it, depending on whether a trader wants to infer what is going on with a lower time frame. On this chart, 14 is a High 1 and 17 is a High 2.
For the bears, I typically call 16 a micro double top with 13. Therefore, 17 is also a failed micro double top.
You could also infer that 16 is a 2nd leg down and it must therefore be a Low 2 top on a smaller time frame.