{"id":188638,"date":"2023-09-06T06:18:57","date_gmt":"2023-09-06T13:18:57","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=188638"},"modified":"2023-09-06T23:47:18","modified_gmt":"2023-09-07T06:47:18","slug":"emini-2nd-leg-trap","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-2nd-leg-trap\/","title":{"rendered":"Emini Possible 2nd Leg Trap"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday September 6, 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 daily chart is forming a possible 2<sup>nd<\/sup> leg trap. The Bulls got a bull breakout with follow-through last week. However, it is a second leg up in the middle of an overall trading range.<\/li>\n\n\n\n<li>The bulls are hopeful that last week&#8217;s rally is strong enough for another leg up. Some bulls will scale in on any pullback.<\/li>\n\n\n\n<li>The bulls scaling into longs risk getting trapped by the possible 2<sup>nd<\/sup> leg trap.<\/li>\n\n\n\n<li>The bears are hopeful that the selloff over the past few trading days is strong enough to lead to a second leg down.<\/li>\n\n\n\n<li>The bears want to close the August 24 breakout point high, and the bulls will try their best to keep it open.<\/li>\n\n\n\n<li>Overall, traders will pay close attention over the next few days to see what kind of follow-through selling the bears can get. The bulls will try and reverse the market to end the possibility of a second leg trap.<\/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 overnight Globex market has been in a bear channel for several hours.<\/li>\n\n\n\n<li>The bulls will try and convert the bear channel into a trading range and get a rally on the open.<\/li>\n\n\n\n<li>Traders should expect a trading range open in the U.S. Session. This means traders should be ready for a limit order market.<\/li>\n\n\n\n<li>There is at least an 80% chance of a swing trade developing after the formation of a double top\/bottom or a wedge top\/bottom. It is common for the swing trade to form before the end of the second hour.<\/li>\n\n\n\n<li>If traders want a higher probability, they should wait for a clear breakout with follow-through.<\/li>\n\n\n\n<li>Lastly, traders should pay attention to yesterday\u2019s low and the day&#8217;s open, as both will likely be magnets during the U.S. Session.<\/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 formed a bear trend from the open after gapping down.<\/li>\n\n\n\n<li>The selloff tested both the August 24<sup>th<\/sup> breakout point high and the August 2022 high, which was an important price level on the weekly chart.<\/li>\n\n\n\n<li>The bulls recently formed a strong reversal up, closing above the moving average on bar 46 (13:20 ET). The rally is enough to make the market Always In Long.<\/li>\n\n\n\n<li>While the bulls have done a good job getting a reversal up, they follow a strong bear trend. This means that the upside will probably be limited, and the bulls will likely become disappointed.<\/li>\n\n\n\n<li>The bulls are hopeful that they will get a reversal up to the midpoint of the day and have the market close around this price level.<\/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\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Trading Range Day End of Day Breakout of Range-Triangle\" class=\"wp-image-188702\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em><em>Richard created the SP500 Emini charts (Al travelling). Chart time is ET+12 hours.<\/em><\/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\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-680x383.jpg\" alt=\"\" class=\"wp-image-188719\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Second-Leg-Down-After-Surprise-Breakout-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The EURUSD formed a possible second leg down following last week\u2019s bull trap.<\/li>\n\n\n\n<li>The Bears did a good job getting follow-through selling yesterday. However, today will likely disappoint the bears by forming a bull bar or a weak doji.<\/li>\n\n\n\n<li>It is possible that the recent selloff over the past few days is a sell vacuum test of the May 31<sup>st<\/sup> low.<\/li>\n\n\n\n<li>The bulls hope they can form a double bottom with the May 31<sup>st<\/sup> low. To accomplish this, the bulls will need to form more buying pressure. At a minimum, the bulls need to form a micro double bottom.<\/li>\n\n\n\n<li>The bulls are hopeful that they will be able to get back to the August 30<sup>th<\/sup> high, which is the top of the Bull Trap. While the bulls will probably return to this price level, most traders will want to see more buying pressure before they are convinced the market will reach the August 30<sup>th<\/sup> close. &nbsp;<\/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\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trend From Open Then 50 Percent Pullback\" class=\"wp-image-188762\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-Open-Then-50-Percent-Pullback.jpg 1280w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<p><em>Richard created the SP500 Emini charts (Al travelling). Chart time is ET+12 hours.<\/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-705ef88\" data-video=\"https:\/\/www.youtube.com\/watch?v=Je-V2Kok5Kc\" data-block-id=\"705ef88\"><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-06afc4d\" data-block-id=\"06afc4d\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-06afc4d\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-06-afc-4-d-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-06-afc-4-d-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-a82032c\" data-block-id=\"a82032c\"><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=Je-V2Kok5Kc\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/watch?v=Je-V2Kok5Kc\" rel=\"noreferrer noopener\">Emini End of Day Review &#8211; Wednesday September 6, 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: Wednesday September 6, 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 Richard created the SP500 Emini charts (Al travelling). Chart time is ET+12 hours. Here are several reasonable stop entry setups from yesterday. I show each buy [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":188702,"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":[1886,281,60],"class_list":{"0":"post-188638","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-2nd-leg-trap","10":"tag-eurusd-forex","11":"tag-sp-emini","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Trading-Range-Day-End-of-Day-Breakout-of-Range-Triangle.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\/188638","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=188638"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/188638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/188702"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=188638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=188638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=188638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}