{"id":120249,"date":"2021-08-24T06:20:00","date_gmt":"2021-08-24T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=120249"},"modified":"2021-08-24T20:42:20","modified_gmt":"2021-08-25T03:42:20","slug":"emini-testing-bull-channel-top-august","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/market-update\/emini-testing-bull-channel-top-august\/","title":{"rendered":"Emini testing bull channel top at end of August"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday August 24, 2021<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">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\"><li>Yesterday was the 3<sup>rd<\/sup> consecutive big bull day closing near its high, and at another new all-time high, with Emini testing bull channel top.<\/li><li>Next target is 4500 Big Round Number, which is also around the top of the bull channel on the daily chart.<\/li><li>Above that, there is resistance at the measured move at 4537 based on the pandemic crash (February 19, 2020 high to March 23, 2020 low).<\/li><li>When there is a tight bull channel, there is an increased chance of a big break above the channel and then a reversal down. That is a blow-off top, and it would probably lead to at least a couple months of sideways to down trading.<\/li><li>Until there is a clear top, traders continue to buy, correctly betting on higher prices.<\/li><li>The bears want the month to close below the open of the month at 4408.00. There are 5 trading days remaining in August, and that is within reach.<\/li><\/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\"><li>Emini is up 4 points in the overnight Globex session.<\/li><li>Yesterday was a buy climax day. There is only a 25% chance today will be another Small Pullback Bull Trend Day.<\/li><li>In addition, there is a 75% chance of at least a couple hours of sideways to down trading starting by the end of the 2<sup>nd<\/sup> hour. This is true even though the 2<sup>nd<\/sup> half of yesterday already formed a trading range.<\/li><li>The bears see a lower high major trend reversal in that trading range and hope for a break below the trading range today.<\/li><li>The bears want a reversal down after 3 strong days up, but bulls will buy the 1<sup>st<\/sup> 1- to 3-day pullback.<\/li><li>A trading range is Breakout Mode. That means there is about a 50% chance of a successful breakout up or down, and a 50% chance that the 1<sup>st <\/sup>breakout will fail and reverse.<\/li><\/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\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high-680x383.png\" alt=\"Emini small pullback bull trend from the open at all-time high. Emini testing bull channel top.\" class=\"wp-image-120328\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p class=\"caption\">Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry with a red rectangle. Buyers of both the Brooks Trading Course and Encyclopedia of Chart Patterns have access to a much more detailed explanation of the swing trades for each day (see Online Course\/BTC Daily Setups).<\/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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high-680x383.png\" alt=\"EURUSD Forex reversal up needs breakout above lower high\" class=\"wp-image-120341\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/EURUSD-Forex-reversal-up-needs-breakout-above-lower-high.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>I mentioned over the weekend that the EURUSD should bounce this week. Yesterday reversed up strongly.<\/li><li>If the bulls get follow-through buying today, Friday&#8217;s low could be the low for the next month. So far, today is a doji inside bar, which is not strong follow-through. However, as long as today does not have a bear body, traders will expect at least slightly higher prices tomorrow.<\/li><li>If today is a doji bar or a bear bar, there might be one more new low before the bulls get a month-long rally. <\/li><li>A reversal up from a new low would be from a 2<sup>nd<\/sup> consecutive wedge bottom (the 1<sup>st<\/sup> ended on July 21). That is a higher probability reversal pattern. <\/li><li>The bear trend is intact as long as there are lower highs. The bulls need a strong break above the August 13 lower high before traders will believe that the bear trend might have ended.<\/li><li>The bears hope that yesterday was a bull trap. They want a reversal down today and then a break below the November low over the next couple weeks. It is the bottom of a yearlong trading range. If today is a bear bar closing near its low, it will be a Low 1 sell signal bar for tomorrow. Traders will suspect that yesterday was just a failed reversal attempt (a bull trap).<\/li><li>Since most trading range breakouts fail, there will probably be more buyers than sellers below that low.<\/li><li>Because the EURUSD is in the buy zone at the bottom of the trading range, the odds favor a rally lasting several weeks. This is true even if there is one more new low first.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini futures price action and what to expect tomorrow<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns-680x383.png\" alt=\"Emini trading range day with OO and ii patterns\" class=\"wp-image-120385\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-trading-range-day-with-OO-and-ii-patterns.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">End of day summary<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>After 3 big bull days, today was a trading range day. There were many small, tight trading ranges with small Breakout Mode Patterns (OO, ii, ioi, ledges), but none led to a big trend.<\/li><li>After the 3-day rally, the bulls want Trend Resumption Up. They expect a breakout above the bull channel on the daily chart, which is around the 4500 Big Round Number and just above today&#8217;s high.<\/li><li>The bears want a higher high double top with the August 16 high, but will probably need a micro double top before there is more than a 1- to 3-day pullback.<\/li><li>There are 5 trading days remaining in August. So far, August is the 7<sup>th<\/sup> consecutive bull bar on the monthly chart, which is unusual. The open of the month is about 100 points below and therefore within reach by the end of the month. <\/li><li>If the bears get a bear bar on the monthly chart this month or next, especially one with a close near the low, it will probably be the start of a 2- to 3-month pullback.<\/li><li>If August is a bull bar, September should be a bear bar because there have never been 8 consecutive bull bars on the monthly chart. If it is, it will then probably be the start of the pullback.<\/li><li>Until there is a strong reversal down, the bulls will continue to buy every 1- to 3-day selloff, even if the bear bars are big. That has been a profitable strategy for over a year.<\/li><\/ul>\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\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Trading Room<\/h2>\n\n\n\n<p>Traders can see the end of the day <a href=\"http:\/\/www.brookspriceaction.com\/profile.php?mode=profil&amp;sub=profile_prefer&amp;mod=0\" target=\"_blank\" rel=\"noreferrer noopener\">bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed S&amp;P Emini futures price action real-time throughout the day in the BrooksPriceAction.com <a href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\" rel=\"noreferrer noopener\">trading room<\/a>. 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\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Charts use Pacific Time<\/h3>\n\n\n\n<p>When I mention time, 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\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Trading Update: Tuesday August 24, 2021 Emini pre-open market analysis Emini daily chart Yesterday was the 3rd consecutive big bull day closing near its high, and at another new all-time high, with Emini testing bull channel top. Next target is 4500 Big Round Number, which is also around the top of the bull channel on [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":120328,"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],"tags":[239,281,60],"class_list":{"0":"post-120249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"tag-bull-channel","9":"tag-eurusd-forex","10":"tag-sp-emini","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/08\/Emini-small-pullback-bull-trend-from-the-open-at-all-time-high.png","author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/120249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=120249"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/120249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/120328"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=120249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=120249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=120249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}