{"id":191017,"date":"2023-09-26T06:10:00","date_gmt":"2023-09-26T13:10:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=191017"},"modified":"2023-09-26T22:13:58","modified_gmt":"2023-09-27T05:13:58","slug":"emini-august-18th-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-august-18th-low\/","title":{"rendered":"Emini Likely to Reach August 18 Low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday September 26, 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 market is reversing up and attempting to test the August 18<sup>th<\/sup> low.<\/li>\n\n\n\n<li>The Bulls hope this will lead to a successful 2<sup>nd<\/sup> leg trap. More likely, the best the bulls will be able to achieve is a trading range.<\/li>\n\n\n\n<li>The Bulls need to develop more buying pressure to convince traders they are taking control. Until then, the odds favor sellers above and a trading range or a bear flag.<\/li>\n\n\n\n<li>Over the next few days, traders will pay close attention to the August 18<sup>th<\/sup> breakout point low. The bulls want to break above the August 18<sup>th<\/sup> low to relieve the trapped bulls.<\/li>\n\n\n\n<li>The bears want the opposite, and for the market to fail to reach the August 18<sup>th<\/sup> low and force the bulls to sell out their longs.<\/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>The Globex market is in a tight trading range and has gone sideways for most of the overnight session.<\/li>\n\n\n\n<li>The market is in breakout mode on the Globex 60-minute chart and is deciding on a breakout up or down.<\/li>\n\n\n\n<li>Yesterday\u2019s high will likely be a magnet, and the day&#8217;s open during the U.S. Session.<\/li>\n\n\n\n<li>As always, traders should assume an 80% chance of a trading range open and only a 20% chance of a trend from the open.<\/li>\n\n\n\n<li>This means that most traders should consider not trading for the first 6 \u2013 12 bars unless they are comfortable scalping with limit orders.<\/li>\n\n\n\n<li>Most traders should try and catch the opening swing that often begins before the end of the second hour. It is common for the opening swing to start after forming a double top\/bottom or a wedge top\/bottom. This means most traders can wait for one of the above patterns and have a reasonable stop-entry trade with good risk\/reward.<\/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\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Broad Bull Channel From The Open\" class=\"wp-image-191052\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open.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\/09\/EURUSD-Daily-Close-Below-May-31st-Low-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-680x383.jpg\" alt=\"EURUSD Daily: Close Below May 31st Low\" class=\"wp-image-191048\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Close-Below-May-31st-Low-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 closed below the May 31<sup>st<\/sup> low for the first time. This indicates that the bears are getting a successful breakout below the May low. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>However, the bear channel is climactic and has not touched the moving average for 17 bars. This is also happening late in the selloff that began back in July.<\/li>\n\n\n\n<li>Although the bear channel is climactic, it is also tight. This increases the odds that the first breakout above the channel will fail.<\/li>\n\n\n\n<li>The bears are trying to get a bear breakout below the bear channel and major support. The odds are that yesterday\u2019s bear breakout will probably fail, leading to a trading range.<\/li>\n\n\n\n<li>It is important to realize that the bear channel that began in July is a breakout on a higher time frame, such as the monthly chart.<\/li>\n\n\n\n<li>The monthly chart formed a bull breakout of a bear trend ending in July 2022. The bulls likely need a credible major trend reversal to transition the monthly chart into a bull trend. This means the EURUSD could fall back to 1.0000 before the buyer arrives.<\/li>\n\n\n\n<li>Overall, while the daily chart is in a tight bear channel that is a breakout on a higher time frame, the daily chart will likely begin to go sideways for several days and develop into a trading range. Traders will probably disappoint the bears and try to reverse and test yesterday\u2019s high and the moving average.<\/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\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trend From The Open\" class=\"wp-image-191100\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open.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>End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.<\/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: Tuesday September 26, 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":191052,"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":[281,60,1908],"class_list":{"0":"post-191017","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-testing-resistance","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Broad-Bull-Channel-From-The-Open.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\/191017","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=191017"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/191017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/191052"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=191017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=191017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=191017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}