{"id":181531,"date":"2023-06-21T06:17:00","date_gmt":"2023-06-21T13:17:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=181531"},"modified":"2023-06-22T00:17:44","modified_gmt":"2023-06-22T07:17:44","slug":"emini-second-leg-down-likely-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-second-leg-down-likely-2\/","title":{"rendered":"Emini Second Leg Down Likely"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday June 21, 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>The Emini gapped down yesterday and sold off, testing the June 15<sup>th<\/sup> buy climax low. This selloff is strong enough for a second leg down.<\/li>\n\n\n\n<li>The pullback may test the June 14<sup>th<\/sup> low before the bears can get a 2<sup>nd<\/sup> leg down.<\/li>\n\n\n\n<li>Even if the bears get a 2<sup>nd<\/sup> leg down, the overall context on the daily chart is bullish. This means that the best the bears can expect is sideways trading.<\/li>\n\n\n\n<li>The bears will need to develop more selling pressure to get a successful downside breakout.<\/li>\n\n\n\n<li>Overall, today will probably have a lot of trading range price action. If the market gets above yesterday&#8217;s high, sellers are probably above. There are also probably buyers below yesterday\u2019s low and the June 14<sup>th<\/sup> buy climax low.<\/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>Emini is down 10 points in the overnight Globex session.<\/li>\n\n\n\n<li>The Emini has been in a trading range for most of the overnight session.<\/li>\n\n\n\n<li>The market is getting close to yesterday\u2019s low, which will probably act as support today.<\/li>\n\n\n\n<li>As I often say, traders should expect a lot of trading range price action on the open. Most traders should wait for 6-12 bars before placing a trade unless they are comfortable with wide stops and limit order trading. \u2018<\/li>\n\n\n\n<li>If the market begins to form 2-3 strong consecutive trend bars on the open with little overlap, traders must not be in denial of the possibility of a trend underway. However, this is a lower probability on the open.<\/li>\n\n\n\n<li>Most traders should try and catch the opening swing trade that typically begins before the end of the second hour.<\/li>\n\n\n\n<li>It is common for the opening swing to begin after the formation of a double top\/bottom or a wedge top\/bottom, allowing a trader to enter on a stop entry.<\/li>\n\n\n\n<li>Lastly, traders should pay attention to the open of the day as well as yesterday\u2019s high and low. &nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Emini intraday market update<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini has gone sideways for the first 40 bars of the day and will likely remain in a trading range for most of the day.<\/li>\n\n\n\n<li>The bears a trend from the open during the first 7 bars of the day; however, the selloff was likely to become a bear leg in what would become a trading range.<\/li>\n\n\n\n<li>The selloff during the first 7 bars was enough to make the market either a bear trend or a trading range. This meant that a bull trend day was unlikely.<\/li>\n\n\n\n<li>As of bar 50, the bulls have halted the selling and are trying to get the upside breakout of the day&#8217;s range.<\/li>\n\n\n\n<li>If the bulls get an upside breakout, they need to show signs of strength in the form of strong bull trend bars with little overlap.<\/li>\n\n\n\n<li>Ultimately, they will need to get a breakout with follow-through above the high of bar 1.<\/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\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up-680x383.jpg\" alt=\"SP500 Emini 5-Min Sell Climax Then Reversal Up\" class=\"wp-image-181543\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up-768x433.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up.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 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 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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down-680x383.jpg\" alt=\"EURUSD Daily: Bears Want Reversal Down\" class=\"wp-image-181583\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/EURUSD-Daily-Bears-Want-Reversal-Down.jpg 1440w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The bears are trying to get a reversal of the large bull breakout from last week. The selloff will likely be minor and lead to a 2<sup>nd<\/sup> leg up.<\/li>\n\n\n\n<li>Since the market is in a trading range, the pullback from last week\u2019s breakout might be deeper than what traders expect.<\/li>\n\n\n\n<li>The bears have a three-bar bear microchannel, which is good, but only one of the three bars closed below its midpoint. This is a sign of weakness by the bears.<\/li>\n\n\n\n<li>The bulls want the second leg to break above the May high with strong follow-through.<\/li>\n\n\n\n<li>The bears want to prevent a breakout above the May high. They hope the current rally will lead to a lower-high major trend reversal.<\/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\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-680x383.jpg\" alt=\"SP500 Emini 5-Min Double Bottom Then Trading Range Day\" class=\"wp-image-181629\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day-768x433.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Double-Bottom-Then-Trading-Range-Day.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<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-3c76caf\" data-video=\"https:\/\/www.youtube.com\/watch?v=g0VVtvdVxl0\" data-block-id=\"3c76caf\"><button class=\"stk-block-video-popup__overlay stk-row stk-inner-blocks stk-block-content stk-hover-parent\" aria-label=\"Play Video\">\n<div class=\"wp-block-stackable-icon stk-block-icon has-text-align-center stk-block stk-eeec5b8\" data-block-id=\"eeec5b8\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-eeec5b8\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-eeec-5-b-8-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-eeec-5-b-8-color-2)\"><\/stop><\/linearGradient><\/defs><\/svg><svg data-prefix=\"fas\" data-icon=\"play\" class=\"svg-inline--fa fa-play fa-w-14\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\" aria-hidden=\"true\" width=\"32\" height=\"32\"><path fill=\"currentColor\" d=\"M424.4 214.7L72.4 6.6C43.8-10.3 0 6.1 0 47.9V464c0 37.5 40.7 60.1 72.4 41.3l352-208c31.4-18.5 31.5-64.1 0-82.6z\"><\/path><\/svg><\/div><\/span><\/div>\n\n\n\n<div class=\"wp-block-stackable-image stk-block-image stk-block stk-6169d16\" data-block-id=\"6169d16\"><figure class=\"stk-img-wrapper stk-image--shape-stretch\"><img loading=\"lazy\" decoding=\"async\" class=\"stk-img wp-image-179791\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png\" width=\"680\" height=\"382\" alt=\"Brad Wolff Emini EOD Review\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Brad-Wolff-Emini-EOD-Review-680px-300x169.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure><\/div>\n<\/button><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Live stream video review with Brad Wolff. Here is YouTube link if video popup does not work for you:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/watch?v=g0VVtvdVxl0\" target=\"_blank\" rel=\"noreferrer noopener\">Emini End of Day Video Review for Wednesday June 21, 2023<\/a><\/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: Wednesday June 21, 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 Yesterday&#8217;s Emini setups Al created the SP500 Emini charts. Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":181543,"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":[281,60,1877],"class_list":["post-181531","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-update","category-analysis","tag-eurusd-forex","tag-sp-emini","tag-second-leg","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/SP500-Emini-5-Min-Sell-Climax-Then-Reversal-Up.jpg","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\/181531","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=181531"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/181531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/181543"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=181531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=181531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=181531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}