{"id":185021,"date":"2023-08-01T06:21:12","date_gmt":"2023-08-01T13:21:12","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=185021"},"modified":"2023-08-01T23:15:20","modified_gmt":"2023-08-02T06:15:20","slug":"emini-bears-want-test-of-july-27th-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-bears-want-test-of-july-27th-low\/","title":{"rendered":"Emini Bears Want Test of  July 27th Low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Tuesday August 1, 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<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-680x383.jpg\" alt=\"Emini Daily Chart: Bears Want Test of July 2th Low\" class=\"wp-image-185082\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Emini-Daily-Chart-Bears-Want-Test-of-July-2th-Low-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Emini will likely get a second leg down after last Thursday\u2019s (July 27<sup>th<\/sup>) outside down bar. The outside down bar is not enough to turn the market into a bear trend, but it is enough of a surprise to make the market go sideways for the next several bars.<\/li>\n\n\n\n<li>The market has held above the moving average (blue line) for over 40 bars. This indicates that the bull channel is strong and will limit the downside.<\/li>\n\n\n\n<li>Traders are happy to buy above the moving average when the momentum up is strong. <\/li>\n\n\n\n<li>However, traders will be less willing to buy far above the moving average once the market goes sideways. <\/li>\n\n\n\n<li>The moment average reflects the fair price, and buying above it is paying a premium. One will only pay a premium if they thought the market would be higher in a short period of time.<\/li>\n\n\n\n<li>The bears will probably get their second leg down in the next day or two. The July 27<sup>th<\/sup> bear breakout was enough of a surprise that the market will likely get a second leg down.<\/li>\n\n\n\n<li>Overall, the market will probably get a second leg down, test below the July 27<sup>th<\/sup> low and reach the moving average. Even if the market goes above the July 27<sup>th<\/sup> high first, sellers are probably not far above.<\/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 16 points in the overnight Globex session.<\/li>\n\n\n\n<li>The overnight Globex market sold off and is testing yesterday&#8217;s lows.<\/li>\n\n\n\n<li>The bulls want a double bottom with yesterday\u2019s lows and a reversal up.<\/li>\n\n\n\n<li>The bears are hopeful that the overnight selloff starts a second leg down following last Thursday\u2019s large outside down bar on the daily chart.<\/li>\n\n\n\n<li>Traders should assume that today will have a lot of trading range price action on the open. Most traders should consider not trading for the first 6-12 bars. By waiting on the open, a trader gains certainty about the day&#8217;s structure.<\/li>\n\n\n\n<li>On the open, traders should remember that only three possible outcomes exist. A trend from the open, a trading range open (breakout mode open), or an opening reversal. Out of the three, a trading range open is most likely.<\/li>\n\n\n\n<li>Most traders should try and catch the opening swing that often begins before the end of the second hour.<\/li>\n\n\n\n<li>It is common for the opening swing to begin following a double top\/bottom or a wedge top\/bottom. This means that a trader can often be patient on the open, wait for one of the patterns mentioned above to develop, and look for a credible stop entry to try and catch the opening swing.<\/li>\n\n\n\n<li>Lastly, traders should be prepared for a possible bear trend day as the bears will try and get a second leg down and test the July 27<sup>th<\/sup> high on the daily chart.<\/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\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"382\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day-680x382.jpg\" alt=\"SP500 Emini 5-Min Chart Broad Bear Channel Trending Trading Range Reversals Day\" class=\"wp-image-185050\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day-680x382.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day-768x431.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Richard created the SP500 Emini chart (Al travelling).<\/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\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-680x383.jpg\" alt=\"EURUSD Daily: Bears Want Test of July 6th Low\" class=\"wp-image-185073\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Bears-Want-Test-of-July-6th-Low-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD has been in a tight bear channel since the high of July.<\/li>\n\n\n\n<li>The bulls recently formed a parabolic wedge bottom (green line). However, the channel down is tight. Most parabolic wedges are minor reversals that lead to sideway trading rather than a pullback.<\/li>\n\n\n\n<li>The bears want a downside breakout below the July 28<sup>th<\/sup> low and reach July 6<sup>th<\/sup>, the bottom of the most recent buy climax up to the July high.<\/li>\n\n\n\n<li>The bears will probably be disappointed around the current price level, just like on July 28<sup>th<\/sup>.<\/li>\n\n\n\n<li>The bulls want a double bottom and a reversal up with July 28<sup>th<\/sup>; however, they need a strong reversal bar, or else traders will assume more sideways trading is likely.<\/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\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Trading Range Day Many Measured Moves\" class=\"wp-image-185111\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Min-Chart-Trading-Range-Day-Many-Measured-Moves.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Richard created the SP500 Emini chart (Al travelling).<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of day video review<\/h3>\n\n\n\n<p>Live stream videos to follow Monday, Wednesday and Friday (subject to change).<\/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: Tuesday August 1, 2023 S&amp;P Emini pre-open market analysis Emini daily chart Emini 5-minute chart and what to expect today Yesterday&#8217;s Emini setups Richard created the SP500 Emini chart (Al travelling). Here are several reasonable stop entry setups from yesterday. I show each buy entry with a green rectangle and each sell entry [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":185050,"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":[281,60,1381],"class_list":{"0":"post-185021","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-testing-support","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/SP500-Emini-5-Min-Chart-Broad-Bear-Channel-Trending-Trading-Range-Reversals-Day.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\/185021","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=185021"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/185021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/185050"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=185021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=185021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=185021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}