{"id":144840,"date":"2022-02-23T06:20:00","date_gmt":"2022-02-23T14:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=144840"},"modified":"2022-02-23T20:23:40","modified_gmt":"2022-02-24T04:23:40","slug":"emini-double-bottom-higher-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/market-update\/emini-double-bottom-higher-low\/","title":{"rendered":"Emini bulls want double bottom higher low major trend reversal with January 28 low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday February 23, 2022<\/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 a weak reversal up from a double bottom higher low major trend reversal with January 28 low. <\/li><li>If the bulls get consecutive bull bars closing above the February 9 high, they would then likely get a break above the January high before a break below the January low.<\/li><li>If this week reverses up, it is more likely that this will be another minor reversal in the 7-month trading range.<\/li><li>Traders will look for a reversal down from below the February 9 high or from a double top with that high. <\/li><li>There would then be a head and shoulders top bear flag where the January 26 high is the left shoulder and the February 9 high is the right shoulder.<\/li><li>The odds still favor a break below the January low before a break above the January high because of the back-to-back OO (consecutive outside bars) on the monthly chart.<\/li><li>Since yesterday was a bear doji bar, it is a weak buy signal bar for today. That reduces the chance of a strong rally over the next several days. There may be more sellers than buyers above yesterday&#8217;s high.<\/li><li>However, because yesterday reversed up from the important support of the January 28 low, there might be some follow-through buying today or tomorrow.<\/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 20 points in the overnight Globex session.<\/li><li>Yesterday&#8217;s late rally from the January 28 low was a Major Bull Surprise on the 5-minute chart. That means it was strong enough to affect the next several days. It increases the chance of sideways to up trading today and tomorrow. <\/li><li>But with the close in the middle of the day&#8217;s range, the bulls will buy early consecutive big bull bars closing near their highs if the follow-through is going to be up instead of sideways.<\/li><li>The bears are hoping yesterday was just a pause at support. They would like the 2-week bear trend to resume today, but the odds favor at least a couple hours of follow-through buying in the 1<sup>st<\/sup> half of today. <\/li><li>If the bear trend is going to resume today, the bears will have a better chance later in the day. That means that any early selling today will more likely be a bear leg in a trading range than the start of a bear trend.<\/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 is-resized\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day.png\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day-680x383.png\" alt=\"Emini trading range day with close near open of day so doji day. Double Bottom Higher Low MTR.\" class=\"wp-image-144939\" width=\"681\" height=\"384\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-trading-range-day-with-close-near-open-of-day-so-doji-day.png 1920w\" sizes=\"auto, (max-width: 681px) 100vw, 681px\" \/><\/a><figcaption>Above is the version that I post every day. Because I often get questions about what Daily Setups chart Encyclopedia members see, today I am including the example below of that version.<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open-680x383.png\" alt=\"Daily Setups Emini Setups Chart Double Top Bear Trend but Close near Open. Double Bottom Higher Low MTR.\" class=\"wp-image-144964\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open.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\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag-680x383.png\" alt=\"\" class=\"wp-image-144978\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/EURUSD-Forex-double-bottom-and-wedge-bull-flag.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>Double bottom higher low major trend reversal.<\/li><li>Double bottom bull flag with February 22 low and truncated wedge bull flag with February 8 and 14 lows<\/li><li>Yesterday was only a bull doji and it is therefore a low probability buy signal bar.<\/li><li>3-week selloff lacks consecutive big bear bars closing near their lows. More likely bull flag than bear trend.<\/li><li>Traders should expect at least a couple months of sideways to up trading, and the January low is probably the start. However, the EURUSD has been sideways for a couple weeks and it might trade more sideways to down before the bulls get a 2<sub>nd<\/sub> leg up from the February 2 rally.<\/li><li>The EURUSD has been in a trading range for 4 months. It is therefore in Breakout Mode. <\/li><li>But the yearlong bear trend lasted a long time, given that it was within an 8-year trading range. It is still probably only a pullback from the 2020 rally. Also, the January 28 low is a test of support at the June 26 low. Finally, the February 2 rally was strong. These factors give the bulls a 60% chance of a 2<sup>nd<\/sup> leg up.<\/li><li>However, a couple big bear bars closing near their lows will make a break below the January low more likely.<\/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\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1-680x383.png\" alt=\"\" class=\"wp-image-145009\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Emini-bear-trend-from-the-open-after-ii-and-Low-2-top-on-the-open-1.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>Today gapped above yesterday&#8217;s close, but reversed down from an ii and a Low 2 top.<\/li><li>The day began as a Bear Trend From The Open.<\/li><li>The bulls got a big minor reversal up after a parabolic wedge. <\/li><li>The rally reversed down from a 50% retracement of the selloff on the open. This was a failed attempt at a bull trend reversal.<\/li><li>It sold off for the rest of the day in a Small Pullback Bear Trend.<\/li><li>I have been saying all month that the Emini would break below the January low before breaking above the January high because of the back-to-back OO patterns on the monthly chart. Today got to within a few points.<\/li><li>The Emini might break below it tomorrow, and it might even gap down below it.<\/li><li>That low is the neckline of a head and shoulders top on the daily chart (November 22 is the left shoulder and February 2 is the right shoulder).<\/li><li>The bulls hope for a sharp reversal up tomorrow, which would be from a double bottom with the January low.<\/li><li>The bears want a strong break below that low and then a measured move down to around the pre-pandemic high.<\/li><li>I have been saying that this selloff probably would continue down to below the 4,000 Big Round Number. There is a gap below the April 2021 low on the monthly chart that is also a magnet.<\/li><li>There is currently only a 30% chance that the selloff will reach the February 2020 pre-pandemic high.<\/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 on <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\"\/>\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: Wednesday February 23, 2022 Emini pre-open market analysis Emini daily chart Yesterday was a weak reversal up from a double bottom higher low major trend reversal with January 28 low. If the bulls get consecutive bull bars closing above the February 9 high, they would then likely get a break above the January [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":144964,"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":[1400,281,71,60],"class_list":{"0":"post-144840","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"tag-double-bottom-higher-low","9":"tag-eurusd-forex","10":"tag-major-trend-reversal","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/02\/Daily-Setups-Emini-Setups-Chart-Double-Top-Bear-Trend-but-Close-near-Open.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\/144840","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=144840"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/144840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/144964"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=144840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=144840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=144840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}