{"id":187599,"date":"2023-08-25T06:18:24","date_gmt":"2023-08-25T13:18:24","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=187599"},"modified":"2023-08-29T03:20:27","modified_gmt":"2023-08-29T10:20:27","slug":"emini-bears-2nd-leg-down","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bears-2nd-leg-down\/","title":{"rendered":"Emini Bears Getting 2nd Leg Down"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday August 25, 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 sold off yesterday after testing the August 11<sup>th<\/sup> breakout point low.<\/li>\n\n\n\n<li>The selloff to the August 18<sup>th<\/sup> low was strong enough for a second leg down. However, it was reasonable for the market to test the August 11<sup>th<\/sup> breakout point low first before the Bears got a second leg down.<\/li>\n\n\n\n<li>There were disappointed bulls who bought the August 11<sup>th<\/sup> low and scaled in lower. Those bulls likely used yesterday\u2019s retest of the August low to sell out of longs.<\/li>\n\n\n\n<li>Traders saw yesterday\u2019s open as a two-legged pullback in a tight bear channel.<\/li>\n\n\n\n<li>It was reasonable for the bulls who bought above the August 18<sup>th<\/sup> high to hold long below the first pullback (August 22<sup>nd<\/sup> Low 1). However, they would likely be quick to exit during the 2<sup>nd<\/sup> reversal down, which was yesterday.<\/li>\n\n\n\n<li>The bulls have a four-bar bull micro channel. This will lower the probability of the bears selling at the close of yesterday\u2019s bar. However, yesterday was a big enough surprise that it will likely have at least a small 2<sup>nd<\/sup> leg down.<\/li>\n\n\n\n<li>The bears are hopeful that today will be a strong follow-through bar, following yesterday&#8217;s outside down bar. The bulls want the opposite and for today to form a bull reversal bar closing on its high. Outside bars are generally trading range bars, which increases the odds that today will disappoint the bears.<\/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 20 points in the overnight Globex session.<\/li>\n\n\n\n<li>The Globex market rallied for a couple of legs during the overnight session. However, the rally is probably a leg in a trading range.<\/li>\n\n\n\n<li>The bears are hopeful they will get follow-through selling today. More likely today will have a lot of trading range price action.<\/li>\n\n\n\n<li>Because of yesterday\u2019s consecutive sell climaxes, there is a 75% chance of two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>There is a 50% chance of follow-through selling on the open, followed by two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>Lastly, there is only a 25% chance of a strong trend day up or down.<\/li>\n\n\n\n<li>Since today is Friday, the weekly chart is essential. Traders should be ready for a possible surprise breakout last in the day as traders decide to close the weekly chart.<\/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-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-Trend.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-Higher-High-Double-Top-Then-Small-Pullback-Bear-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Higher High Double Top Then Small Pullback Bear Trend\" class=\"wp-image-187760\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-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-Failed-Breakout-Below-Bear-Channel-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-680x383.jpg\" alt=\"EURUSD Daily: Failed Breakout Below Bear Channel \" class=\"wp-image-187798\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Failed-Breakout-Below-Bear-Channel-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Globex market rallied for a couple of legs during the overnight session. However, the rally is probably a leg in a trading range.<\/li>\n\n\n\n<li>The bears are hopeful they will get follow-through selling today. More likely today will have a lot of trading range price action.<\/li>\n\n\n\n<li>Because of yesterday\u2019s consecutive sell climaxes, there is a 75% chance of two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>There is a 50% chance of follow-through selling on the open, followed by two hours of sideways trading beginning before the end of the second hour.<\/li>\n\n\n\n<li>Lastly, there is only a 25% chance of a strong trend day up or down.<\/li>\n\n\n\n<li>Since today is Friday, the weekly chart is essential. Traders should be ready for a possible surprise breakout last in the day as traders decide to close the weekly chart.<\/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-Expanding-Triangle-Open-Then-Sell-Climax.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-Expanding-Triangle-Open-Then-Sell-Climax-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Expanding Triangle Open Then Sell Climax\" class=\"wp-image-187855\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax.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<p>Today\u2019s End Of Day review will be presented in the Trading Room and only available to the trading room subscribers.<\/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 August 25, 2023 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today 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 sell entry with a [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":187760,"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":[281,60,1877],"class_list":{"0":"post-187599","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":"tag-second-leg","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Higher-High-Double-Top-Then-Small-Pullback-Bear-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\/187599","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=187599"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/187599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/187760"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=187599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=187599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=187599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}