{"id":193772,"date":"2023-11-09T06:20:00","date_gmt":"2023-11-09T14:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193772"},"modified":"2023-11-09T21:25:34","modified_gmt":"2023-11-10T05:25:34","slug":"profit-taking-likely","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/profit-taking-likely\/","title":{"rendered":"Emini Profit Taking Likely"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Thursday November 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 is beginning to go sideways after the recent strong upside reversal from the October 27<sup>th<\/sup> high. The odds are that the bulls will begin to take partial profits, increasing the odds of going sideways over the next few days. <\/li>\n\n\n\n<li>The bears are hopeful that the market will begin to go sideways and that the bulls will take partial profits near the October 17<sup>th<\/sup> high.<\/li>\n\n\n\n<li>There are trapped bears who sold the rally up from the October 27<sup>th<\/sup> low, and they will likely use any pullback they can to buy back shorts with a smaller loss. This increases the odds of buyers below and a second leg up for the bulls.<\/li>\n\n\n\n<li>Because the market is in an overall trading range on the daily chart, it may have to pull back near a 50% retracement of the October 27<sup>th<\/sup> rally before the bulls come in.<\/li>\n\n\n\n<li>Overall, today will probably disappoint the bulls and the market will continue to go sideways within the four-day tight trading range.<\/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 has gone sideways in a tight trading range on the 60-minute chart for most of the overnight session.<\/li>\n\n\n\n<li>The bears are trying to form a large wedge top on the 5-minute Globex chart, going into the open of the U.S. &nbsp;Session.<\/li>\n\n\n\n<li>The bears want today to be a bear bar on the daily chart. This means they will try their best to close far below the day&#8217;s open.<\/li>\n\n\n\n<li>Traders should pay close attention to the open since it will probably be a magnet today.<\/li>\n\n\n\n<li>As always, traders should consider not trading the first 6-12 bars unless they can make quick decisions. If they do trade the open, they should consider waiting for strong consecutive closes.<\/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>Bars 1-2 are strong bear trend bars; this increases the odds of a second leg down and the market becoming either a bear trend or a trading range day. The odds are against a bull-trend day.<\/li>\n\n\n\n<li>The Bulls want to create bad follow-through after bar 2 and prevent the Bears from getting a strong second leg down.<\/li>\n\n\n\n<li>Bar 3 is not strong enough to cause a reversal; this increases the odds of a second leg down. <\/li>\n\n\n\n<li>The Bears ended up getting their second leg down after bars 1-2. The bulls were able to form strong bull bars during 5 and 6, which increases the odds of a trading range forming soon.<\/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\/11\/SP500-Emini-5-Min-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\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Bear Trend From The Open Then Reversal Up\" class=\"wp-image-193876\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-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<p class=\"caption\">Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. 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<ul class=\"wp-block-list\">\n<li>The EURUSD recently formed a strong upside breakout last week (November 2<sup>nd<\/sup>).<\/li>\n\n\n\n<li>The Bulls see the breakout as being strong enough for a second leg up, and the bears are hopeful that they will be able to create a second leg trap.<\/li>\n\n\n\n<li>At the moment, the odds favor the Bulls getting a second leg up and breaking above the November 6<sup>th<\/sup> high.<\/li>\n\n\n\n<li>Yesterday, we formed a High 1 buy setup. There are often sellers above High 1 who buy signal bars for at least a scalp. However, it is often temporary selling, leading to bulls buying and higher prices.<\/li>\n\n\n\n<li>Because the breakout on November 2<sup>nd<\/sup> was strong, the odds favor a second leg up, which means that the bulls who buy above the high 1 and scale in low will probably make money. &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\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Trading Range Open Then Bear Breakout\" class=\"wp-image-193927\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Bear-Breakout.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: Thursday November 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 reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":193876,"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-193772","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\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up.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\/193772","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=193772"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/193772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/193876"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=193772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=193772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=193772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}