{"id":185324,"date":"2023-08-09T06:12:37","date_gmt":"2023-08-09T13:12:37","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=185324"},"modified":"2023-08-09T23:09:15","modified_gmt":"2023-08-10T06:09:15","slug":"emini-test-of-4600","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-test-of-4600\/","title":{"rendered":"Emini Bulls Hopeful for Test of 4,600"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday August 9, 2023<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P 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 Emini reversed below last Friday\u2019s low and closed as a bull reversal bar. The bulls are hopeful that today will rally and lead to a strong entry bar for the bulls and a test of 4,600. &nbsp;<\/li>\n\n\n\n<li>The bears will try their best to prevent the bulls from getting a strong entry bar following yesterday\u2019s bull reversal bar.<\/li>\n\n\n\n<li>The bulls have the potential to get a rally over the next couple of days due to the recent selloff being a leg in a trading range. This means it is reasonable for the bears to exit above yesterday&#8217;s high.<\/li>\n\n\n\n<li>The channel up to the July high was tight and held above the moving average for over 40 bars. This is a sign of strong buying and increases the odds that the first reversal down will lead to a minor reversal.<\/li>\n\n\n\n<li>Tight bull channels typically evolve into trading ranges before becoming a bear trend. This means traders should expect sideways trading and a possible test back to 4,600 over the next few weeks.<\/li>\n\n\n\n<li>Overall, traders will pay close attention to how determined the bulls are to get a strong entry bar. If the bulls can get a strong entry bar following yesterday\u2019s buy signal bar, it will increase the odds of higher prices and a test of 4,600.<\/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 up 6 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market has gone sideways for the past several hours.<\/li>\n\n\n\n<li>Traders should expect a trading range open for at least the first hour on the open. As I often say, traders should consider waiting for 6-12 bars on the open before placing a trade. By waiting for 6-12 bars, a trader is gaining clarity on the type of day that is likely to be present.<\/li>\n\n\n\n<li>In Generally, there is an 80% chance of an open trading range. This means that 80% of the time, traders will not miss out on waiting for 6-12 bars before placing a trade.<\/li>\n\n\n\n<li>Traders should expect a trading range day but also be open to the possibility of a bull trend day as the bulls try to get a strong entry bar closing on its high.<\/li>\n\n\n\n<li>Because of yesterday\u2019s climactic behavior late in the day, the open may go sideways for the first two hours of the session.<\/li>\n\n\n\n<li>Traders should pay close attention to the day&#8217;s open and yesterday\u2019s high as both will probably be important magnets.<\/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>The Emini went sideways for the first 15 bars of the day and entered breakout mode.<\/li>\n\n\n\n<li>The bears got a downside breakout on bar 17, which led to two more legs down to bar 30.<\/li>\n\n\n\n<li>By bar 30 (12:00 EST), the market had formed consecutive sell climaxes and was likely to get two legs up.<\/li>\n\n\n\n<li>As of bar 40 (12:50), the market is probably Always In long. However, the upside will probably be limited.<\/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\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Wedge Bottom Small Pullback Bull Trend\" class=\"wp-image-185567\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/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 near 4-year library of more detailed explanations of swing trade setups (see Online Course\/BTC Daily Setups). Encyclopedia members get current daily charts added to Encyclopedia.<\/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\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-680x383.jpg\" alt=\"EURUSD Daily: Tight Trading Range, Sideways Likely\" class=\"wp-image-185579\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Tight-Trading-Range-Sideways-Likely-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a tight trading range over the past 8 bars. Until there is a clear breakout of the tight trading range, traders should assume that the tight trading range price action will continue indefinitely.<\/li>\n\n\n\n<li>The bulls are trying to defend the July 6<sup>th<\/sup> buy signal bar high. The bears have been unable to reach the July 6<sup>th<\/sup> buy signal bar high during the August selloff. This is a sign of strength for the bulls.<\/li>\n\n\n\n<li>The market may have to reach the July 6<sup>th<\/sup> high before having a rally lasting a couple of lets.<\/li>\n\n\n\n<li>While the selloff from the July high is not enough to transition the market into a trading range, but not a bear trend. This means traders should expect a rally soon, lasting a few weeks. It will probably get near a 50% pullback of the August selloff.<\/li>\n\n\n\n<li>Assuming the bulls get a weak rally, the bears will try a major trend reversal and a second leg down from the August selloff.<\/li>\n\n\n\n<li>Overall, traders should expect the bears to continue to get disappointed after the selloff on the August 3<sup>rd<\/sup> low and a weak rally lasting a couple of weeks. &nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trend From The Open Then Reversal Up\" class=\"wp-image-185620\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of day video review<\/h3>\n\n\n\n<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-d4383f5\" data-video=\"https:\/\/www.youtube.com\/watch?v=WPT1fqbZa1M\" data-block-id=\"d4383f5\"><button class=\"stk-block-video-popup__overlay stk-row stk-inner-blocks stk-block-content stk-hover-parent\" aria-label=\"Play Video\">\n<div class=\"wp-block-stackable-icon stk-block-icon has-text-align-center stk-block stk-e13d5f6\" data-block-id=\"e13d5f6\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-e13d5f6\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-e-13-d-5-f-6-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-e-13-d-5-f-6-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg data-prefix=\"fas\" data-icon=\"play\" class=\"svg-inline--fa fa-play fa-w-14\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path fill=\"currentColor\" d=\"M424.4 214.7L72.4 6.6C43.8-10.3 0 6.1 0 47.9V464c0 37.5 40.7 60.1 72.4 41.3l352-208c31.4-18.5 31.5-64.1 0-82.6z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-image stk-block-image stk-block stk-b5540a5\" data-block-id=\"b5540a5\"><figure class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-179791\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png\" width=\"680\" height=\"382\" alt=\"Brad Wolff Emini EOD Review\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px-300x169.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure><\/div>\n<\/button><\/div>\n\n\n\n<p>Here is YouTube link if video popup blocked:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=WPT1fqbZa1M\" target=\"_blank\" rel=\"noreferrer noopener\">Emini End of Day Review &#8211; Wednesday August 9, 2023 &#8211; Brad Wolff<\/a><\/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: Wednesday August 9, 2023 S&amp;P 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 Al created the SP500 Emini charts. Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":185567,"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":[281,60],"class_list":{"0":"post-185324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-eurusd-forex","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Wedge-Bottom-Small-Pullback-Bull-Trend.jpg","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\/185324","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=185324"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/185324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/185567"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=185324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=185324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=185324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}