{"id":207109,"date":"2024-05-06T06:59:18","date_gmt":"2024-05-06T13:59:18","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=207109"},"modified":"2024-05-06T21:21:47","modified_gmt":"2024-05-07T04:21:47","slug":"emini-bull-breakout-of-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-bull-breakout-of-bear-flag\/","title":{"rendered":"Emini Bull Breakout of Bear Flag"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Monday May 6, 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 broke above the 20-period moving average last Friday. However, the bulls failed to get a strong close above the moving average.<\/li>\n\n\n\n<li>The bulls are hopeful that today will close far above last Friday\u2019s high, creating trapped traders and a successful bull breakout of a bear flag. <\/li>\n\n\n\n<li>The bulls are hopeful that this is the start of a bull breakout above the April bear flag (April 19<sup>th<\/sup> low to the April 29<sup>th<\/sup> high).<\/li>\n\n\n\n<li>Next, the bulls want a measured move up to near 5,300.<\/li>\n\n\n\n<li>The bears want the breakout above the April 29<sup>th<\/sup> high to fail and lead to a reversal back down and a test of the April low.<\/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 formed a tight trading range for most of the overnight session and rallied during the early morning hours.<\/li>\n\n\n\n<li>The bulls are hopeful that today will continue the bull-trending behavior from the past few days.<\/li>\n\n\n\n<li>However, today, there will likely be a lot of trading range price action.<\/li>\n\n\n\n<li>As always, traders should assume that the first hours will have a lot of trading range price action. This means traders should consider waiting for 6-12 bars before placing a trade. &nbsp;<\/li>\n\n\n\n<li>There is a 20% chance of a trend from the open and an 80% chance of a trading range open. This means there is an 80% chance of the market forming a double top\/bottom or a wedge top\/bottom during the first two hours.<\/li>\n\n\n\n<li>It is common for the market to create an opening swing that begins before the end of the second hour after the formation of one of these patterns mentioned above.<\/li>\n\n\n\n<li>The opening swing typically lasts two legs and two hours and can provide great risk-reward with decent probability.<\/li>\n\n\n\n<li>Traders should pay attention to last Friday\u2019s high, as it will likely be a magnet today. The bulls want to close far above it, and the bears want to close below it.<\/li>\n\n\n\n<li>The open of the day will likely be another important magnet.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini Intra-Day Update<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini formed a trend from the open bull trend. However, bar 1 is a bad buy signal bar. This increases the odds that there are sellers above bar 1 and that the market will retest the bar 1 high.<\/li>\n\n\n\n<li>The bulls are hopeful that bars 2-4 are strong enough to create a successful bull trend from the open after the gap up.<\/li>\n\n\n\n<li>As of bar 9, it looks like the current bull trend from the open will evolve into a trading range and test down to bar 1 high.<\/li>\n\n\n\n<li>The bears are hopeful that the market will form an opening reversal back down to last Friday\u2019s high, which is a magnet.<\/li>\n\n\n\n<li>Because the market is gapped up on the open, the bulls are hopeful that they will be able to create a bull trend day.<\/li>\n\n\n\n<li>While the bulls have done a good job with the buying pressure and created a gap between bar 1 high and bar 6 low, the selling pressure is increasing. This increases the risk that the opening gap at bar 1 high will close.<\/li>\n\n\n\n<li>If today is clearly going to become a small pullback bull trend day, the bulls need to create more opening gaps and further trap the scale-in bears.<\/li>\n\n\n\n<li>Bar 19 is attempting to break below the moving average after forming a wedge bottom (4,8, and 15). The bears need a strong close below the moving average and, ideally, 2-3 bars closing below it. Probably will test back to the open of day and possibly last Friday\u2019s high. Bears need follow-through after bar 19.<\/li>\n\n\n\n<li>Bar 20, bears failed to create follow-through, and instead, bulls formed a strong reversal bar. Bulls want 2<sup>nd<\/sup> leg up after bar 20.<\/li>\n\n\n\n<li>The market is going sideways at the moving average (bar 24). The bulls want trend resumption up, and a second leg up after the gap up on the open. The bears want a successful breakout of the moving average and a test of the bar 1 lone.<\/li>\n\n\n\n<li>Bar 27, bulls trying to get the upside breakout above the Bar 15 high. We have not gone above the 18 bar range so will probably go at least 1 tick above bar 15.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Friday&#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\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Low 2 Top Wedge Bull Flag Then Sideways\" class=\"wp-image-207164\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways.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 Friday. 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 formed in inside bar last Thursday, and the bulls broke above it on the following day.<\/li>\n\n\n\n<li>While the bulls did a good job getting the upside breakout, the breakout bar closed below its midpoint which is disappointing for the bulls.<\/li>\n\n\n\n<li>The bulls are trying to get another follow-through bar today. They are hopeful that today will close beyond las Friday\u2019s high.<\/li>\n\n\n\n<li>However, today will likely not close beyond last Friday\u2019s high.<\/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\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Trading Range Open Then Small Pullback Bull Trend\" class=\"wp-image-207410\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Trading-Range-Open-Then-Small-Pullback-Bull-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><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: Monday May 6, 2024 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Emini Intra-Day Update Friday&#8217;s Emini setups Al created the SP500 Emini charts. Here are reasonable stop entry setups from Friday. I show each buy entry bar with a green arrow and each sell [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":207164,"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":[1907,281,60],"class_list":{"0":"post-207109","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-bear-flag","10":"tag-eurusd-forex","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/SP500-Emini-5-Min-Chart-Low-2-Top-Wedge-Bull-Flag-Then-Sideways.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\/207109","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=207109"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/207109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/207164"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=207109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=207109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=207109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}