{"id":199451,"date":"2024-02-02T06:22:37","date_gmt":"2024-02-02T14:22:37","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=199451"},"modified":"2024-02-02T20:21:56","modified_gmt":"2024-02-03T04:21:56","slug":"emini-sideways-likely-after-high-1","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-sideways-likely-after-high-1\/","title":{"rendered":"Emini Sideways Likely after High 1"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday February 2, 2024<\/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 triggered a High 1 buy setup by going above the January 31<sup>st<\/sup> bear breakout bar. High 1 buy setups, especially late in a trend, often lead to sideways trading.<\/li>\n\n\n\n<li>While January 31<sup>st<\/sup> was a surprise and likely to get a second leg down, the rally&#8217;s first downside breakout began back on January 17<sup>th<\/sup>. This increased the odds of more buyers below.<\/li>\n\n\n\n<li>The bears needed to get follow-through selling below the moving average following the January 31st breakout, and they failed.<\/li>\n\n\n\n<li>While yesterday was a surprisingly strong rally; it is forcing traders to buy high at the top of a tight trading range. This will limit the number of traders willing to buy above yesterday\u2019s high.<\/li>\n\n\n\n<li>There are probably sellers above the January 31<sup>st<\/sup> high, and the odds favor those bears being able to make a scalp.<\/li>\n\n\n\n<li>The odds are against today forming another strong bull breakout bar. This means that today will probably disappoint the bulls by forming a bad follow-through bar.<\/li>\n\n\n\n<li>The bears who sold the close of the January 31<sup>st<\/sup> bear breakout are disappointed by yesterday\u2019s rally. This increases the odds that those bears will likely exit on any pullback or retest of the January 31<sup>st<\/sup> close.<\/li>\n\n\n\n<li>Overall, traders should expect more sideways trading as both the bulls and bears fight for a second leg in their direction.<\/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 down 20 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market went sideways for most of the overnight session.<\/li>\n\n\n\n<li>The bears ended up getting a strong downside breakout during the 8:30 AM EST report.<\/li>\n\n\n\n<li>The downside breakout is enough of a surprise that it will likely get a second leg down and influence the open of the U.S. Session.<\/li>\n\n\n\n<li>Traders should be prepared for the open to have a lot of sideways trading. Most traders should consider not trading for the first 6 \u2013 12 bars, unless they are comfortable trading with limit orders and making quick decisions.<\/li>\n\n\n\n<li>Most traders should focus on catching the opening swing that often begins before the end of the second hour, after the formation of a double top\/bottom or a wedge top\/bottom.<\/li>\n\n\n\n<li>The benefit to trying to catch the opening swing is that one can wait for a credible stop entry based on one of the above mentioned patterns. It also often leads to two legs and lasts two hours, which provides a great risk-reward opportunity with decent probability.<\/li>\n\n\n\n<li>Today is Friday, so weekly support and resistance is import. Traders should be mindful of a possible surprise breakout late 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\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"382\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom-680x382.jpg\" alt=\"SP500 Emini 5-Min Chart Wedge Top Failed and Then Wedge Bottom\" class=\"wp-image-199628\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom-680x382.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom-768x431.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom.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\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a strong reversal yesterday, closing at the moving average instead of far above it.<\/li>\n\n\n\n<li>The bulls tried to get follow-through buying today. However, they failed, and the bear ended up overwhelming the bulls and getting a reversal down.<\/li>\n\n\n\n<li>Because of yesterday&#8217;s strong bull reversal bar, there are probably buyers below its low.<\/li>\n\n\n\n<li>The bears want to trap the bulls into a bad long and force them to sell out of longs for a loss. This would likely drive the market down to the December low.<\/li>\n\n\n\n<li>More likely, the EURUSD is going to continue to go sideways to up, and the bears will soon get disappointed.<\/li>\n\n\n\n<li>Overall, traders will pay close attention to today\u2019s bar to see how determined the bears are to get a strong close on its low.<\/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\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-Open.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-Open-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Small Pullback Bull Trend From Open\" class=\"wp-image-199697\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-Open-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-Open-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-Open-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Small-Pullback-Bull-Trend-From-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: Friday February 2, 2024 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 reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":199628,"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":[281,329,60],"class_list":{"0":"post-199451","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-high-1-buy-signal","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/SP500-Emini-5-Min-Chart-Wedge-Top-Failed-and-Then-Wedge-Bottom.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\/199451","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=199451"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/199451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/199628"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=199451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=199451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=199451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}