{"id":170444,"date":"2023-02-17T06:20:00","date_gmt":"2023-02-17T14:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=170444"},"modified":"2023-02-26T20:44:04","modified_gmt":"2023-02-27T04:44:04","slug":"emini-bears-want-downside-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bears-want-downside-breakout\/","title":{"rendered":"Emini Bears Want Downside Breakout and Test of February 10 Low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday February 17, 2023<\/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\">\n<li>The Daily chart formed a doji bar closing below the past three bull bars.<\/li>\n\n\n\n<li>While this is good for the bears (bears want downside breakout), a doji is a trading range bar that increases the probability of more sideways trading.<\/li>\n\n\n\n<li>The bears want a double top and breakout below the February 10<sup>th<\/sup> neckline. A measured move from the February 14<sup>th<\/sup> high to the February 10<sup>th<\/sup> low would project down to the January 25<sup>th<\/sup> bottom of the bull channel.<\/li>\n\n\n\n<li>The bulls want the past ten trading days to form a bull flag that leads to an upside breakout and a test of the August 26<sup>th<\/sup> top of the bear channel.<\/li>\n\n\n\n<li>The market is in a tight trading range, a breakout mode pattern. This means that the probabilities of a breakout are close to 50%.<\/li>\n\n\n\n<li>Most traders should wait to see the breakout up or down and decide on the odds of a 2<sup>nd<\/sup> leg.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini 5-minute chart and what to expect today<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Emini is down 17 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market has been in a tight trading range following an early morning bear breakout.<\/li>\n\n\n\n<li>The bear breakout that began around 12:00 AM PT is likely exhaustion, and the odds favor that the market will rally to the high of the breakout sometime today.<\/li>\n\n\n\n<li>Traders should expect a lot of trading range trading this morning and likely most of the day.<\/li>\n\n\n\n<li>As I often say, most traders should avoid trading the first 6-12 bars as the market often forms a limit order market during this time.<\/li>\n\n\n\n<li>Most traders should try and catch a swing trade that usually begins before the end of the second hour.<\/li>\n\n\n\n<li>It is common for a swing trade to occur after forming a double top\/bottom or a wedge top\/bottom. This means a trader can often wait for one of these patterns to occur before placing a trade and having a decent chance of catching a swing trade.<\/li>\n\n\n\n<li>Today is Friday, so traders should be mindful of the possibility of a surprise breakout late in the day as traders decide on the close of the weekly chart.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini intraday market update<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No intraday market update Today. <\/li>\n<\/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\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down-680x383.png\" alt=\"SP500 Emini 5-minute Bull Trend From the Open Then DT and Reversal Down. Bears want downside breakout.\" class=\"wp-image-170726\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em><em>Tim created the SP500 Emini chart from Al&#8217;s provided summary &amp; setups<\/em><\/em><\/p>\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. These therefore are swing entries.<\/p>\n\n\n\n<p class=\"caption\">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.<\/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\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low-680x383.jpg\" alt=\"EURUSD Daily: Bears Want to Reach January 6th Low\" class=\"wp-image-170750\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/EURUSD-Daily-Bears-Want-to-Reach-January-6th-Low.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD is breaking out below a 9-day tight trading range, following a strong three-bar breakout. While this is good for the bears, it is getting low in a likely trading range.<\/li>\n\n\n\n<li>The market will probably bounce soon. However, it may have to get closer to the January 6<sup>th<\/sup> low before the market bounces.<\/li>\n\n\n\n<li>The market will likely need to form a higher lower major trend reversal before the bears can argue that the market is in a bear trend.<\/li>\n\n\n\n<li>The bulls will try and argue that the daily chart is in a bull trend as long as the market stays above the January 6<sup>th<\/sup> high.<\/li>\n\n\n\n<li>While this is true, the odds are the market is in a trading range and will likely reach the January 6<sup>th<\/sup> high, even if the market forms a lower high major trend reversal first.<\/li>\n\n\n\n<li>Overall, traders should expect a bounce over the next couple of days and more sideways trading.<\/li>\n<\/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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom-680x383.png\" alt=\"SP500 Emini 5-minute Wedge Top at EMA Then Midday Wedge Bottom\" class=\"wp-image-170812\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Wedge-Top-at-EMA-Then-Midday-Wedge-Bottom.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini chart<\/em><\/p>\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 has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Trading Room<\/h2>\n\n\n\n<p>Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a> days. 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 has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Charts use Pacific Time<\/h3>\n\n\n\n<p>When times are mentioned, it is USA Pacific Time. The Emini day session charts begin at 6:30 am PT and end at 1:15 pm PT which is 15 minutes after the NYSE closes. You can read background information on the 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 has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Friday February 17, 2023 Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Emini intraday market update Yesterday&#8217;s Emini setups Tim created the SP500 Emini chart from Al&#8217;s provided summary &amp; setups Here are several reasonable stop entry setups from yesterday. I show each buy entry with [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":170726,"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":[153,136],"tags":[1861,281,60],"class_list":{"0":"post-170444","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-bear-breakout","10":"tag-eurusd-forex","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/SP500-Emini-5-minute-Bull-Trend-From-the-Open-Then-DT-and-Reversal-Down.png","author_info":{"display_name":"Brad","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/brad-wolff\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/170444","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\/5460"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=170444"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/170444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/170726"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=170444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=170444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=170444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}