{"id":191023,"date":"2023-09-29T06:41:45","date_gmt":"2023-09-29T13:41:45","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=191023"},"modified":"2023-09-29T20:54:12","modified_gmt":"2023-09-30T03:54:12","slug":"emini-bulls-want-test-of-august-18th-low","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-bulls-want-test-of-august-18th-low\/","title":{"rendered":"Emini Bulls Want Test of August 18th Low"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Friday September 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>The Emini reached 4,300 and the 200-day moving average earlier this week. The bulls are begging to develop enough buying pressure to convince traders that the August 18<sup>th<\/sup> low will likely get tested.<\/li>\n\n\n\n<li>It was reasonable to buy the August 18<sup>th<\/sup> low and scale in lower. This means that there is likely greater than a 60% chance that the market will reach the August 18<sup>th<\/sup> low soon.<\/li>\n\n\n\n<li>some bulls bought the 4,400 big round number on September 21<sup>st,<\/sup> and they got trapped that day. This means that 4,400 is also a magnet.<\/li>\n\n\n\n<li>The bulls see the September selloff as a second leg down from a complex selloff where the first leg down ended on August 18<sup>th.<\/sup><\/li>\n\n\n\n<li>The bears will also call this complex selloff a 2<sup>nd<\/sup> leg trap. The daily chart is in a large trading range. Trading Ranges are notorious for forming two and three-legged moves that reverse abruptly.<\/li>\n\n\n\n<li>The Bears will probably get another leg down after the September selloff. However, traders must be prepared for a surprise upside breakout and reversal. This can make it dangerous to scale into a pullback on the second leg down.<\/li>\n\n\n\n<li>If everyone decides that the market needs to test the August 18<sup>th<\/sup> low, the market can quickly get drawn up to that price level.<\/li>\n\n\n\n<li>Today is Friday, and the weekly chart is important. The bulls want to disappoint the bears this week and close above the week&#8217;s open. This increases the risk of another bull close on the daily chart today.<\/li>\n\n\n\n<li>Overall, traders will pay close attention to today\u2019s close. The Bulls hope they will get a finish above yesterday, a close above a prior bull bar and a sign of strength.<\/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 odds favor a trading range open. This means traders should consider waiting for 6 \u2013 12 bars before placing a trade unless they are comfortable with limit order trading.<\/li>\n\n\n\n<li>Today is Friday, so weekly support and resistance are important. Traders should pay attention to the open of the week. The bulls want a close above the open of the week to prevent the bears from getting follow-through buying on the weekly chart.<\/li>\n\n\n\n<li>Since today is Friday, traders should be open for a surprise breakout late in the day as traders decide on the close of the weekly chart.<\/li>\n\n\n\n<li>Today is also the last trading day of the month and the end of a quarter, which increases the odds of a surprise breakout. This means that traders must be open to anything. &nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Most traders should focus on catching the opening swing that often begins before the end of the second hour. It is common for the market to form a double top\/bottom or a wedge top\/bottom before the open swing begins.<\/li>\n\n\n\n<li>Traders should pay close attention to the open of the week, open of the day, as well as yesterday\u2019s high, as they will all likely be important magnets.<\/li>\n\n\n\n<li>Bar 23 should not have happened, it is a surprise and will likely lead to a 2<sup>nd<\/sup> leg down.<\/li>\n\n\n\n<li>Bar 23 should have gotten a small 2<sup>nd<\/sup> leg up, and instead they got trapped.<\/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 bears are trying to get a bear trend from the open. However, after a gap up, the odds favor the bulls getting at least a 2<sup>nd<\/sup> leg up.<\/li>\n\n\n\n<li>The market may have to test closer to yesterday\u2019s high, making the reversal up on bar 5 lower probability and a possible minor reversal. <\/li>\n\n\n\n<li>As of bar 9, the odds favor a test of yesterday&#8217;s high.<\/li>\n\n\n\n<li>Bar 11 is probably enough to make the Always In Short, increasing the odds of a second leg down. However, the bears ideally need follow-through selling.<\/li>\n\n\n\n<li>The bears tried to get follow-through selling after bar 15 and failed. The bulls see a two-legged pullback to the moving average. Next, the bulls want a rally and test of the high of the day.<\/li>\n\n\n\n<li>The bulls tried to get a reversal up, however, the rally up to bar 17 had too much overlap and ended up reversing back down. The bears want a test of the 11 close.<\/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-Double-Bottom-Then-Measured-Moves-Up.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-Double-Bottom-Then-Measured-Moves-Up-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Double Bottom Then Measured Moves Up\" class=\"wp-image-191206\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Double-Bottom-Then-Measured-Moves-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Double-Bottom-Then-Measured-Moves-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Double-Bottom-Then-Measured-Moves-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Double-Bottom-Then-Measured-Moves-Up.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 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\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-680x383.jpg\" alt=\"EURUSD Daily: Failed Breakout Below Channel\" class=\"wp-image-191258\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/EURUSD-Daily-Failed-Breakout-Below-Channel-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 formed a strong bull reversal bar yesterday, following the recent strong breakout below the bear channel and the May 31<sup>st<\/sup> low.<\/li>\n\n\n\n<li>The bulls hope the bear will exit, leading to a strong reversal.<\/li>\n\n\n\n<li>While the odds favor exhaustion and a trading range forming soon, the channel down on the daily chart is forming a bear breakout on higher time frames. This increases the odds of lower prices over the next several months.<\/li>\n\n\n\n<li>The first target for the bulls is the September 25<sup>th<\/sup> high, the high of the most recent bear breakout. &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-The-Open-Then-Trading-Range.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-The-Open-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Minute Chart Bear Trend From The Open Then Trading Range\" class=\"wp-image-191348\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Bear-Trend-From-The-Open-Then-Trading-Range.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<p>End Of Day Review will be presented in the Trading Room today. See below for details on how to sign up.<\/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: Friday September 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 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":191206,"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":[281,60,1908],"class_list":{"0":"post-191023","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-resistance","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/SP500-Emini-5-Minute-Chart-Double-Bottom-Then-Measured-Moves-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\/191023","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=191023"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/191023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/191206"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=191023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=191023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=191023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}