{"id":116781,"date":"2021-06-09T06:20:00","date_gmt":"2021-06-09T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=116781"},"modified":"2021-06-10T03:37:35","modified_gmt":"2021-06-10T10:37:35","slug":"emini-new-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/market-update\/emini-new-high\/","title":{"rendered":"Emini new high in June but no clear breakout"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday June 9, 2021<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Emini pre-open market analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Emini daily chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Emini new high in 10-day tight trading range at top of 9-week trading range, so Breakout Mode.<\/li><li>Strong trend since May 19 low, and strong trend since March 2020 low, so odds slightly favor bull breakout.<\/li><li>There is a measured move target at 4,244.00 on the weekly chart that I have talked about for months. It is an important magnet, and only 21 points above today&#8217;s high.<\/li><li>Bulls want strong breakout above 9-week tight trading range, and then a 200-point measured move up, based on the height of the range.<\/li><li>Bulls need a couple bull bars closing near their highs, before traders will conclude that the breakout is successful.<\/li><li>Yesterday made a new all-time high on the open, but then reversed down to below Monday&#8217;s low. It was therefore an outside down day.<\/li><li>Traders bought below Monday&#8217;s low, and the Emini reversed back up to above yesterday&#8217;s high, becoming an outside up day.<\/li><li>Yesterday tested into gap below June 4 low, but did not close the gap.<\/li><li>There have been several breakouts, above and below the trading range since it began in April.<\/li><li>Each one reversed and led to a breakout in the opposite direction. This is therefore an expanding triangle. <\/li><li>Since that is just a type of trading range, it does not change anything. The chart is still in Breakout Mode. <\/li><li>Yesterday was another breakout above the range, but the bulls need follow-through buying today, or tomorrow for the breakout to be successful.<\/li><li>The bears need a bear bar and a reversal down within the next few days, for traders to conclude that the breakout has failed.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Overnight Emini Globex trading on 5-minute chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li> Up 7 points in Globex session. Might gap above yesterday&#8217;s high. If so, gap will probably be small, and small gaps typically close in 1<sup>st<\/sup> hour or so.<\/li><li>Most days over past few weeks have had at least one swing up and one swing down, so traders will look for at least one reversal today.<\/li><li>Since testing top of trading range, there should be either strong breakout, or strong reversal down at some point, which means one or more strong trend days in either direction.<\/li><li>If series of strong trend bars in the 1<sup>st<\/sup> hour, day traders will expect trend day. If not, they will look for reversals, like they have been doing for a couple weeks.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yesterday&#8217;s Emini setups<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up-680x383.png\" alt=\"\" class=\"wp-image-116899\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"caption\">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. 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).<\/p>\n\n\n\n<p class=\"caption\">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<p class=\"caption\">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 Emini.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">EURUSD Forex market trading strategies<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD Forex daily chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top-680x383.png\" alt=\"EURUSD Forex wedge bull flag but possible double top\" class=\"wp-image-116891\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/EURUSD-Forex-wedge-bull-flag-but-possible-double-top.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Near the top of 12-month and 7-year trading ranges.<\/li><li>Yesterday was a small bear inside day, in middle of 4-week tight trading range.<\/li><li>A bear bar is a low probability High 1 buy signal bar. There is an increased chance of sellers above.<\/li><li>Trading range is Breakout Mode, which means that the probability of a successful bull breakout, is about the same as a successful bear breakout.<\/li><li>Strong bull trend since March 31, so odds slightly higher for bull breakout.<\/li><li>Friday reversed up from a 3-week wedge bull flag. <\/li><li>Traders see yesterday as a pullback from Friday&#8217;s and Monday&#8217;s rally, which was the 1<sup>st<\/sup> leg up. Bulls hope that today is start of 1- to 3-day 2<sup>nd<\/sup> leg up.<\/li><li>Bears want double top with June 1 high, which would be double top lower high major trend reversal.<\/li><li>There is no sense that the price is terribly wrong and therefore no emotion to create a sustained move in either direction.<\/li><li>All trading ranges eventually break into trends, but until they do, traders will continue to look for reversals every few days.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Overnight EURUSD Forex trading on 5-minute chart<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Today broke above yesterday&#8217;s high, which triggered a High 1 bull flag buy signal in the rally that began June 4.<\/li><li>Breakout stalled at 3 pips above yesterday&#8217;s high, and therefore the breakout has been weak. This was likely because yesterday was a bear bar in a tight trading range.<\/li><li>Day traders so far have been scalping up and down. <\/li><li>They will switch to swing trading if there is a series of strong trend bars up or down, but there is no sign of that yet.  <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Double top with yesterday&#8217;s all-time high on the open.<\/li><li>Micro double top and Low 2 top, but led to trading range instead of bear trend.<\/li><li>After small sell climax and 2<sup>nd<\/sup> leg down, reversed back up.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel-680x383.png\" alt=\"Emini trading range with bear breakout and bear channel\" class=\"wp-image-116908\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-trading-range-with-bear-breakout-and-bear-channel.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"caption\">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. 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).<\/p>\n\n\n\n<p class=\"caption\">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<p class=\"caption\">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 Emini.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of day summary<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>High 2 top on the open, but then tight trading range for most of day.<\/li><li>Continued to make lower highs all day so bear channel.<\/li><li>Late bear breakout and measured move down to below Globex low.<\/li><li>Today is bear inside day after outside day on daily chart so ioi Breakout Mode pattern.<\/li><li>Just below weekly measured move target at 4,244.<\/li><li>Tight trading range for 9 weeks so weekly chart is also in Breakout Mode.<\/li><\/ul>\n\n\n\n<p><em>See the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">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<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Trading Room<\/h2>\n\n\n\n<p>Traders can see the end of the day <a href=\"http:\/\/www.brookspriceaction.com\/profile.php?mode=profil&amp;sub=profile_prefer&amp;mod=0\" target=\"_blank\" rel=\"noreferrer noopener\">bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed S&amp;P Emini futures price action real-time throughout the day in the BrooksPriceAction.com <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a>. We offer a <a href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\" rel=\"noreferrer noopener\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Charts use Pacific Time<\/h3>\n\n\n\n<p>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 <a href=\"https:\/\/www.brookstradingcourse.com\/blog\/market-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Update<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Wednesday June 9, 2021 Emini pre-open market analysis Emini daily chart Emini new high in 10-day tight trading range at top of 9-week trading range, so Breakout Mode. Strong trend since May 19 low, and strong trend since March 2020 low, so odds slightly favor bull breakout. There is a measured move target [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":116899,"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":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[342,281,60],"class_list":{"0":"post-116781","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"tag-all-time-high","9":"tag-eurusd-forex","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/06\/Emini-outside-down-and-then-outside-up.png","author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/116781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=116781"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/116781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/116899"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=116781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=116781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=116781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}