{"id":214913,"date":"2024-08-14T07:21:48","date_gmt":"2024-08-14T14:21:48","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=214913"},"modified":"2024-08-14T21:17:16","modified_gmt":"2024-08-15T04:17:16","slug":"emini-strong-bull-micro-channel-at-resistance","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/emini-strong-bull-micro-channel-at-resistance\/","title":{"rendered":"Emini Strong Bull Micro Channel at Resistance"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday August 14, 2024<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P Emini 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>Yesterday, a strong bull breakout was formed, closing above the daily moving above.<\/li>\n\n\n\n<li>Yesterday, the bull breakout bar was strong, and the 7th bar was in a bull micro channel. This is a strong enough rally on the daily chart that the odds favor a 2<sup>nd<\/sup> leg up after any pullback. This will likely limit the downside of the first reversal attempt.<\/li>\n\n\n\n<li>While the Bulls have done a good job with the 7-bar bull micro channel, the market is getting near the midpoint of the selloff down to the August 5<sup>th<\/sup> low. This increases the odds that bears will begin to sell, betting on a 2<sup>nd<\/sup> leg down and test of the August 5<sup>th<\/sup> low.<\/li>\n\n\n\n<li>The bears selling know that the rally is strong and the odds favor a 2<sup>nd<\/sup> leg. They do not mind and will sell higher on a test of the All-Time High.<\/li>\n\n\n\n<li>Overall, the bull rally is strong enough for a second leg. However, it is getting near resistance, the midpoint of the selloff down to the August 5<sup>th<\/sup> low. This increases the risk of a deep pullback before the bull&#8217;s second leg is down.<\/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 large outside down breakout bar during the 8:30 AM EST report bar. This is a confusion bar within an overall trading range on the Globex chart. This increases the odds of a lot of trading range price action during the open of the U.S. Session.<\/li>\n\n\n\n<li>The bears got a test down to the 8:30 AM report bar low during bar 9. However, the breakout failed, and the market reversed up with bars 10 and 11.<\/li>\n\n\n\n<li>The bulls are hopeful that the reversal up from the 9 low will be the day&#8217;s low and lead to a test of the 8:30 report bar high.<\/li>\n\n\n\n<li>At the moment, bars 10 and 11 look good, but they need follow-through. Without it, the odds are the market will go sideways.<\/li>\n\n\n\n<li>Because the selloff down to bar 9 is a parabolic wedge at support, the 8:30 report bar low, the odds favor two legs up.<\/li>\n\n\n\n<li>Because the channel down to the 9 low is tight, the odds favor sideways rather than straight up.<\/li>\n\n\n\n<li>Bar 13 is a surprise breakout bar and is strong enough for a second leg down. The bears are hopeful that bar 14 is a strong follow-through bar, increasing the odds of a measured move down.<\/li>\n\n\n\n<li>At the moment, the odds are the high of the day is in.<\/li>\n\n\n\n<li>The bulls want bar 13 to be a 2<sup>nd<\/sup> leg trap, and 14 to form a strong bull reversal bar.<\/li>\n\n\n\n<li>The bulls formed a strong reversal bar on 14. This increases the risk of a 2<sup>nd<\/sup> leg trap with bar 13. Always In Bears likely exit above 14 and will wait to see what the rally looks like.<\/li>\n\n\n\n<li>The reversal up from the 14 low is strong enough for a second leg up. This increases the odds we have seen the low of the day. <\/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\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-Trend.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-Trend-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Double Bottom and Then Small PB Bull Trend\" class=\"wp-image-215081\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-Trend-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-Trend-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-Trend-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-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 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 Bulls are so far getting strong follow-through buying after yesterday&#8217;s bull breakout bar.<\/li>\n\n\n\n<li>The Bulls are hopeful that the current breakout is strong enough to break above the December 2023 high. Next, they want a successful breakout of the July 2023 high, which is the top of the trading range that began in early 2023.<\/li>\n\n\n\n<li>Traders will pay close attention to see how today\u2019s follow-through bar closes.<\/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\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trap Rally Then Trading Range\" class=\"wp-image-215153\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Bear-Trap-Rally-Then-Trading-Range.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: Wednesday August 14, 2024 S&amp;P Emini 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 a [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":215081,"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":{"0":"post-214913","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":"tag-support-and-resistance","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/SP500-Emini-5-Minute-Chart-Double-Bottom-and-Then-Small-PB-Bull-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\/214913","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=214913"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/214913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/215081"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=214913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=214913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=214913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}