{"id":191545,"date":"2023-10-03T06:23:33","date_gmt":"2023-10-03T13:23:33","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=191545"},"modified":"2023-10-03T20:55:12","modified_gmt":"2023-10-04T03:55:12","slug":"emini-second-entry-200-day","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-second-entry-200-day\/","title":{"rendered":"Emini Second Entry at 200-day Moving Average"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday October 3, 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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-680x383.jpg\" alt=\"Emini Daily Chart: Second Entry Buy at 200-Day Moving Average\" class=\"wp-image-191595\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Emini-Daily-Chart-Second-Entry-Buy-at-200-Day-Moving-Average-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini found buyers below last Friday\u2019s Low 1 short, forming a second entry buy a the 200 &#8211; Day Moving Average<\/li>\n\n\n\n<li>The bulls are hopeful that today will form an upside breakout and test the August 18<sup>th<\/sup> low.<\/li>\n\n\n\n<li>Next, the bulls will try to get a strong bull close beyond the August 18th low, increasing the odds of higher prices.<\/li>\n\n\n\n<li>The bears want the August 18<sup>th<\/sup> breakout point low to stay open, leading to a measuring gap. However, since the daily chart is in a trading range, the odds are against the gap staying open.<\/li>\n\n\n\n<li>The bulls are hopeful that the selloff from the July high is a large two-legged pullback and that a test of the July high will follow.<\/li>\n\n\n\n<li>The selloff is large enough that there are likely sellers somewhere above, making the argument of a bull trend unlikely.<\/li>\n\n\n\n<li>Since traders see the market as being in a trading range, trades will look to buy and scale in lower. The bears will look to sell two and three-legged rallies, scaling In higher.<\/li>\n\n\n\n<li>The channel down to the October low is tight, lowering the probability of a major reversal. Tight channels typically reverse into trading ranges and not opposite trends.<\/li>\n\n\n\n<li>The bulls will likely need a stronger trendline break than they have right now.<\/li>\n\n\n\n<li>The bulls must also overcome yesterday&#8217;s bad second entry buy signal bar. One way they can accomplish this is by forming a strong entry bar today.<\/li>\n\n\n\n<li>If the market gets a breakout above yesterday\u2019s high, the bears will try and form a second entry sell.<\/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 pulled back and formed a small second leg up after yesterday\u2019s late bull breakout during the U.S. session but then sold off 30+ points before day session open.<\/li>\n\n\n\n<li>The bulls will try to trigger the buy signal on the daily chart by going above yesterday\u2019s high, and the bears are working to prevent this.<\/li>\n\n\n\n<li>As always, traders should expect the open to have a lot of trading range price action on the open.<\/li>\n\n\n\n<li>There is an 80% chance of a trading range open and only a 20% chance of a trend from the open. This means that most traders should be patient on the open and consider waiting for 6-12 bars before looking to enter.<\/li>\n\n\n\n<li>Most traders should try and catch the opening swing that will typically begin before the end of the second hour.<\/li>\n\n\n\n<li>It is common for the market to form a double top\/ bottom or a wedge top\/bottom before the open swing begins. This allows traders to try and enter on a stop entry, allowing for a strong risk\/reward trade with decent probability.<\/li>\n\n\n\n<li>Traders should pay attention to the open of the day as well as yesterday\u2019s high. The bulls will try their best to get a strong breakout and close above yesterday\u2019s high, and the bears will try to prevent this.<\/li>\n\n\n\n<li>Lastly, being patient is the most important thing on the open. Most of the time, the open has a lot of trading range price action. &nbsp;This means that most days, a trader will not miss out on the opening swing if they wait 6-12 bars. By waiting, traders give up opportunities to trade for certainty of the day structure.<\/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\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"382\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day-680x382.jpg\" alt=\"SP500 Emini 5-Minute Chart Expanding Triangle Open Trading Range Day\" class=\"wp-image-191581\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day-680x382.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day-768x431.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Al created the SP500 Emini charts.<\/em><\/p>\n\n\n\n<p class=\"caption wp-block-paragraph\">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 wp-block-paragraph\">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 wp-block-paragraph\">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 wp-block-paragraph\">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\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-680x383.jpg\" alt=\"EURUSD Daily: Bear Breakout Below Low 1\" class=\"wp-image-191606\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/EURUSD-Daily-Bear-Breakout-Below-Low-1-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Bears formed a bear breakout below the September 29<sup>th<\/sup> Low 1 short. The odds favored buyers below the Low 1, and now the bulls are trapped.<\/li>\n\n\n\n<li>The daily chart has been in a tight bear channel for some time. This increases the odds of a trading range forming soon.<\/li>\n\n\n\n<li>The odds favor buyers below the September 27<sup>th<\/sup> low and the market reaching the moving average.<\/li>\n\n\n\n<li>However, because yesterday\u2019s selloff was a surprise, the bears may get a brief 2<sup>nd<\/sup> leg down before the bulls get their reversal up.<\/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\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bull Trap Sell Climax Then Trading Range\" class=\"wp-image-191627\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Bull-Trap-Sell-Climax-Then-Trading-Range.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\"><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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 October 3, 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":191581,"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":["post-191545","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-update","category-analysis","tag-eurusd-forex","tag-sp-emini","tag-second-leg","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Trading-Range-Day.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\/191545","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=191545"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/191545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/191581"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=191545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=191545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=191545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}