{"id":212881,"date":"2024-07-19T04:19:17","date_gmt":"2024-07-19T11:19:17","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=212881"},"modified":"2024-07-19T22:56:00","modified_gmt":"2024-07-20T05:56:00","slug":"emini-at-important-support","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-at-important-support\/","title":{"rendered":"Emini at Important Support"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday July 19, 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 reached the moving average and the 5,600 round number yesterday which are two important support levels on the daily chart.<\/li>\n\n\n\n<li>The market has been away from the moving average for about 30 bars, which is climactic.<\/li>\n\n\n\n<li>While the bears have done a great job getting the market down to the moving average and forming consecutive bear bars, the odds favor a trading range more than the strong of a strong bear selloff.<\/li>\n\n\n\n<li>This means that bears are selling yesterday\u2019s close risk, selling into support, and sitting through a deep pullback.<\/li>\n\n\n\n<li>The breakout over the past two days is strong enough for a second leg down.<\/li>\n\n\n\n<li>The bears are hopeful that the recent selloff is the start of a reversal down to the June low and that the year&#8217;s high is in place.<\/li>\n\n\n\n<li>The odds are against the market going straight down to the June low. This means that the bears will probably have to create a series of lower highs in a tight trading range before they can get a clear downside breakout.<\/li>\n\n\n\n<li>Overall, the Bears have done a good job getting to the moving average. Next, they need to get strong closes below the moving average as a sign of increased strength.<\/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 sold off to the bottom of yesterday&#8217;s range and has gone sideways to up on the 15-minute chart.<\/li>\n\n\n\n<li>The Bulls will see a double bottom with yesterday\u2019s low and the low of today\u2019s Globex session. Next, the bulls want a breakout above the neckline (yesterday\u2019s 1:30 PM EST) and a measured move up of the double bottom.<\/li>\n\n\n\n<li>Because the daily chart is at support, bulls want an upside breakout today and a strong reversal up.<\/li>\n\n\n\n<li>As always, traders should expect a trading range open for the market to go sideways.<\/li>\n\n\n\n<li>In general, most days, there is an 80% chance of forming a trading range open and only 20% of a bull trend from the open. This means that traders should not be in a rush to place a trade.<\/li>\n\n\n\n<li>Most traders will be better off waiting for 6-12 bars before placing a trade.<\/li>\n\n\n\n<li>Today is Friday, so the weekly chart is important. This means that traders must be prepared for a possible surprise breakout late in the day as traders decide on the close of the weekly chart.<\/li>\n\n\n\n<li>Overall, the odds favor a bounce today because the daily chart is at important support.<\/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\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Low 2 Top and Then Strong Bear Trend\" class=\"wp-image-213081\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend.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 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 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<ul class=\"wp-block-list\">\n<li>The EURUSD is forming a parabolic wedge top (July 9<sup>th<\/sup>, July 15<sup>th,<\/sup> and July 17<sup>th<\/sup>) and a possible failed breakout of the June high.<\/li>\n\n\n\n<li>Parabolic wedges are always breakouts on higher time frames. This means that the odds are it is a minor reversal that will lead to a second leg up.<\/li>\n\n\n\n<li>Because yesterday is a strong bear reversal bar for the parabolic wedge, it is reasonable for bulls to exit below and see what the pullback looks like.<\/li>\n\n\n\n<li>The bears need to get a strong entry bar to increase the risk of a second leg down.<\/li>\n\n\n\n<li>Overall, the bulls have done a good job with the July rally. However, the rally is within a trading range, which increases the risk that it fails and reverses back down.<\/li>\n\n\n\n<li>Traders must be prepared for a possible downside breakout of a bull flag and a test of the bottom of the range. At the moment, the best the bears can likely get is a trading range. &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\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-Then-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Wedge Bottom Failed Then Trading Range\" class=\"wp-image-213165\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Wedge-Bottom-Failed-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: Friday July 19, 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":213081,"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":[281,60,140],"class_list":["post-212881","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-update","category-analysis","tag-eurusd-forex","tag-sp-emini","tag-support-and-resistance","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/SP500-Emini-5-Minute-Chart-Low-2-Top-and-Then-Strong-Bear-Trend.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\/212881","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=212881"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/212881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/213081"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=212881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=212881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=212881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}