{"id":187783,"date":"2023-08-28T06:20:21","date_gmt":"2023-08-28T13:20:21","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=187783"},"modified":"2023-08-28T21:13:16","modified_gmt":"2023-08-29T04:13:16","slug":"emini-second-leg-down-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-second-leg-down-2\/","title":{"rendered":"Emini Bears Second Leg Down"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Monday August 28, 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 formed a bad follow-through bar after last Thursday\u2019s big outside down bar.<\/li>\n\n\n\n<li>The bears are hopeful that last Friday is a pullback that will lead to a second leg down and a test of the August 18<sup>th<\/sup> low.<\/li>\n\n\n\n<li>The bulls see last Friday as a double-bottom formation with August 18<sup>th<\/sup>. Next, the bulls want strong follow-through.<\/li>\n\n\n\n<li>The bulls will probably need two to three consecutive bull bars before traders will be convinced that the market is Always In Long.<\/li>\n\n\n\n<li>With last Friday, having a tail above the bar will increase the odds of sellers above the bar.<\/li>\n\n\n\n<li>It is reasonable for bears to exit above last Friday\u2019s high. This increases the risk that today might be a decent entry bar for the bulls. However, as stated above, the tail above last Friday\u2019s high lowers the probability for the bulls.<\/li>\n\n\n\n<li>Overall, the market is probably transitioning into a trading range. However, the selloff down to the August low is tight enough that sellers are probably above the August 24<sup>th<\/sup> high.<\/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 up 20 points in the overnight Globex session.<\/li>\n\n\n\n<li>The Globex market recently formed an upside breakout. The bulls hope this will lead to a rally during the U.S. Session.<\/li>\n\n\n\n<li>The bears hope the rally is a pullback from last Thursday\u2019s outside down bar. The bears hope that a bear trend or trading range will develop on the open.<\/li>\n\n\n\n<li>Traders should be prepared for a trading range open. This means most traders should consider not trading for the first 6-12 bars of the session unless they are comfortable with limit order trading.<\/li>\n\n\n\n<li>Most traders should try and catch the swing trade that often develops on the open. It is common for a swing trade to begin before the end of the second hour after the market forms a double top\/bottom or a wedge top\/bottom.<\/li>\n\n\n\n<li>Lastly, traders should assume a trading range will develop until there is an apparent reason to expect a trend. If today is going to be a bull trend day, there will be plenty of time to enter the trend&#8217;s direction.<\/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 triggered the buy above yesterday\u2019s high, however, traders took profits, and the market went sideways for several bars.<\/li>\n\n\n\n<li>The first 10 bars of the day had a lot of trading range price action. This increased the odds of more trading range price action to follow.<\/li>\n\n\n\n<li>As of bar 54 (2:00 PM EST), the bears formed a downside breakout below 11:45 PM EST low. While the bears have done a good job, they need to do more.<\/li>\n\n\n\n<li>The risk the bears face is that the bar 54 selloff is a sell vacuum test of the trading range low.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Friday&#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\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Expanding Triangle Open Then Sell Climax\" class=\"wp-image-187855\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax.jpg 1280w\" 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 Friday. 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-Trading-Range-Likely-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-680x383.jpg\" alt=\"EURUSD Daily: Trading Range Likely\" class=\"wp-image-188073\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/EURUSD-Daily-Trading-Range-Likely-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 is in a tight bear channel with no sign of a bottom.<\/li>\n\n\n\n<li>While the market is forming overlapping bars, the bulls are failing to get a strong entry bar following bull reversal bars. This will increase the odds of sideways trading.<\/li>\n\n\n\n<li>The first reversal up will probably fail and lead to a trading range and not a bull trend.<\/li>\n\n\n\n<li>While the bulls have not done enough to reverse the tight bear channel, the bulls are making money with limit orders. This increases the odds of a trading range developing soon.<\/li>\n\n\n\n<li>The bulls need to make money above bars. Once the bulls can make money buying above a bull bar, the odds will increase that the bear channel is now in a trading range.<\/li>\n\n\n\n<li>Overall, traders should expect the market to go sideways soon. However, the bulls need to do more to convince traders that the bears are losing control.<\/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-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Double Top Wedge Bottom Then Trading Range Day\" class=\"wp-image-188101\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/SP500-Emini-5-Minute-Chart-Double-Top-Wedge-Bottom-Then-Trading-Range-Day.jpg 1280w\" 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<div class=\"wp-block-stackable-video-popup stk-block-video-popup stk-block stk-e597187\" data-video=\"https:\/\/www.youtube.com\/watch?v=VJvRTTBJ6io\" data-block-id=\"e597187\"><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-648241f\" data-block-id=\"648241f\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-648241f\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-648241-f-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-648241-f-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-f119870\" data-block-id=\"f119870\"><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>Here is YouTube link if video popup blocked:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=VJvRTTBJ6io\" target=\"_blank\" rel=\"noreferrer noopener\">Emini End of Day Review &#8211; Monday August 28, 2023 &#8211; Brad Wolff<\/a><\/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: Monday August 28, 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 Friday&#8217;s Emini setups Al created the SP500 Emini charts. Here are several reasonable stop entry setups from Friday. I show each buy entry with a green rectangle and each [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":187855,"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-187783","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\/08\/SP500-Emini-5-Minute-Chart-Expanding-Triangle-Open-Then-Sell-Climax.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\/187783","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=187783"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/187783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/187855"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=187783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=187783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=187783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}