{"id":174567,"date":"2023-03-29T06:20:00","date_gmt":"2023-03-29T13:20:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=174567"},"modified":"2023-03-29T22:42:51","modified_gmt":"2023-03-30T05:42:51","slug":"emini-bulls-trying-for-2nd-leg-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-bulls-trying-for-2nd-leg-up\/","title":{"rendered":"Emini Bulls Trying for 2nd Leg Up"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday March 29, 2023<\/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>Emini Bulls Trying for 2<sup>nd<\/sup> Leg Up as bears failed to get a decent entry bar after Monday\u2019s bears close. This is another reminder that the market is in a trading range on the daily chart.<\/li>\n\n\n\n<li>The bulls want yesterday to be a pullback from the March 24<sup>th<\/sup> buy signal bar.<\/li>\n\n\n\n<li>The most important thing to realize on the daily chart is that the market is in breakout mode. This means that stop entries are all low-probability trades. Traders should expect the breakout up or down to be 50%.<\/li>\n\n\n\n<li>Eventually, the market will get a successful breakout with follow-through; however, until then, most traders should wait.<\/li>\n\n\n\n<li>When the market is in breakout mode, making money can be difficult, even with limit orders. The probability is too close to 50%, making it hard for traders to gain an edge.<\/li>\n\n\n\n<li>Also, the longer the market goes sideways, the greater the probability of a breakout soon, which will trap limit order traders betting on failed breakouts.<\/li>\n\n\n\n<li>Overall, the market is above the 4,000 big round number, and deciding if the market will rally 100 points or selloff 100 points.<\/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 Emini is up 40 points in the overnight Globex market.<\/li>\n\n\n\n<li>The Globex market rallied for most of the overnight session. On the 60-minute chart, it is clear that last night\u2019s rally is a 2<sup>nd<\/sup> leg up from last Friday\u2019s rally.<\/li>\n\n\n\n<li>The bulls want the market to gap up and form a strong bull trend day.<\/li>\n\n\n\n<li>More likely, today will be another trading range day. Traders should be open to a possible opening reversal after a brief rally. The logic is the same as a trader who buys above a bar and scalps out for two points. If traders suspect the market is in a trading range, they will quickly exit after a scalping profit. This means that there is added risk that the market may gap up, form a brief rally, and enter a trading range.<\/li>\n\n\n\n<li>Overall, as I often say, most traders should expect a trading range day and for the market to go mostly sideways.<\/li>\n\n\n\n<li>Most traders should wait for a swing trade to develop and avoid trading the first 6-12 bars.<\/li>\n\n\n\n<li>A credible swing trade will often form after a double top\/bottom or a wedge top\/bottom. This means that most swing traders on the open take at least 6-12 bars to form, so there is really no rush to trade on the open.<\/li>\n\n\n\n<li>10:40 AM PT: Bears have a double top with 7:05. Strong enought two bar breakout (current and prior bar) that the odds favor at least a small second leg down.<\/li>\n\n\n\n<li>11:45 Tight bull channel testing the high of 10:30. The past 6 bars are strong which increases the risk of an upside breakout. The bulls want a bull trend day and a second leg up following the gap up on the open. The odds are the day will remain a trading range day. The bulls need a strong upside breakout or else the trading range will continue. <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini intraday market update (I will try and update through-out the day). <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Market gapped up and has 4 overlapping bars. So far this is Trading Range price action.  <\/li>\n\n\n\n<li>The market now how 6 overlapping bars, this is a sign of continued Trading Range price action and breakout mode. Most traders should wait for a clear breakout with follow-through. <\/li>\n\n\n\n<li>The market formed a wedge top on bars 1, 4, and 7 and got a two bar breakout on bars 8 and 9 but the follow-through was bad (bar 10). <\/li>\n\n\n\n<li>The bulls want a double bottom with bar 1 and bar 10, however sideways is probably more likely. <\/li>\n\n\n\n<li>7:50 AM PT, trying to form a wedge bottom, however the channel down is tight, therefor the first reversal up will probably fail. <\/li>\n\n\n\n<li>Because of the Gap up, the market will probably try and form a bottom near the moving average and begin to go sideways soon.<\/li>\n\n\n\n<li>8:55 AM PT: The market is trying to reach the 7:05 high close of the day. It was reasonable to buy this bar so the market so get closer to it and allow those bulls out of a trade. Trading Range day, so expect the market to be forgiving. Big Down Big up so expect continued Trading Range Price Action. The bulls see a Gap Up day and they want a bull breakout of the 7:05 high and a bull-trend 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\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day-680x383.png\" alt=\"SP500 Emini 5-min Chart Trading Range Open and Trading Range Day\" class=\"wp-image-174685\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day.png 1920w\" 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 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 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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up-680x383.jpg\" alt=\"\" class=\"wp-image-174702\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/EURUSD-Daily-Bulls-Likely-to-Get-a-2nd-Leg-Up.jpg 1440w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a High 1 buy setup on March 27<sup>th<\/sup> and found buyers above the bar yesterday. A high 1 buy setup after a strong breakout, such as the rally up to March 23rd, typically will lead to a 2<sup>nd<\/sup> leg up. This will increase the odds of higher prices.<\/li>\n\n\n\n<li>This means there are probably buyers above March 27<sup>th<\/sup> who will be willing to scale in lower.<\/li>\n\n\n\n<li>The bears need to develop more selling pressure before they have a reasonable chance at a reversal down.<\/li>\n\n\n\n<li>The bears did a good job closing the breakout point high (March 15<sup>th<\/sup> high and March 24<sup>th<\/sup> low). This increases the odds that this rally is a bull leg in what will become a trading range.<\/li>\n\n\n\n<li>The market may have to get up to the February 1<sup>st<\/sup> buy the close bar. It was reasonable to buy it, even though it was a climactic bar and the odds favored a pullback. Also, the market never let the February 1<sup>st<\/sup> buy the close bulls out. These reasons above will increase the odds of the market reaching the February 1<sup>st<\/sup> close.<\/li>\n\n\n\n<li>Overall, the market is probably going higher. However, it will likely enter a trading range soon and continue sideways.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Summary of today&#8217;s S&amp;P Emini futures price action<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel-680x383.png\" alt=\"SP500 Emini 5-Min Chart Wedge Bull Flag near EMA after Big Gap Up Broad Bull Channel\" class=\"wp-image-174752\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-Min-Chart-Wedge-Bull-Flag-near-EMA-after-Big-Gap-Up-Broad-Bull-Channel.png 1920w\" 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<h3 class=\"wp-block-heading\">End of day video review<\/h3>\n\n\n\n<p>Brad hosted a live stream End of Day Review at 1:00pm PT and answered questions.<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"680\" height=\"382\" src=\"https:\/\/www.youtube.com\/embed\/29tYkh-2nIc?start=542\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe>\n\n\n\n&nbsp;\n\n\n\n<ul class=\"wp-block-list\"><\/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 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 March 29, 2023 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Emini intraday market update (I will try and update through-out the day). Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are several reasonable stop entry setups from yesterday. I show each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":174685,"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":[153,136,241],"tags":[281,60,1877],"class_list":{"0":"post-174567","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"category-video","10":"tag-eurusd-forex","11":"tag-sp-emini","12":"tag-second-leg","13":"entry","14":"override","15":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/SP500-Emini-5-min-Chart-Trading-Range-Open-and-Trading-Range-Day.png","author_info":{"display_name":"Brad","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/brad-wolff\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/174567","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\/5460"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=174567"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/174567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/174685"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=174567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=174567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=174567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}