{"id":193770,"date":"2023-11-08T06:22:35","date_gmt":"2023-11-08T14:22:35","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193770"},"modified":"2023-11-08T21:59:15","modified_gmt":"2023-11-09T05:59:15","slug":"emini-likely-to-rally-above-october-17th-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-likely-to-rally-above-october-17th-high\/","title":{"rendered":"Emini likely to Rally above October 17 High"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday November 8, 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 is getting near the October 17 high and will probably reach it soon. The market may pull back first before the bulls are able to reach the October 17<sup>th<\/sup> high.<\/li>\n\n\n\n<li>Monday was a doji in a buy-the-close rally. Dojis are one-bar trading ranges, meaning Monday\u2019s range will be a target, and the market will probably pull back in a day or two and test its high.<\/li>\n\n\n\n<li>Bears are hopeful that Monday\u2019s high is a final flag that will cause yesterday\u2019s breakout above it to fail.<\/li>\n\n\n\n<li>The Bulls have done an excellent job with the rally from the October 27<sup>th<\/sup> high. However, it is still below the October high. This means the October selloff and recent rally is a two-bar reversal on a higher time frame. This increases the risk of a deep pullback, possibly to the 50% level from the October 27<sup>th<\/sup> low to yesterday\u2019s high.<\/li>\n\n\n\n<li>There are trapped bears who sold the rally above October 27<sup>th<\/sup>. They are trapped if they scaled in higher and are trapped in a bad short. Those bears will probably use a pullback to buy back shorts at a lower price, reducing their loss. The bulls know this, and they will look to buy any pullback.<\/li>\n\n\n\n<li>The risk traders face is getting trapped out of a breakout if the market continues to rally without a deep pullback. This would force traders to chase the market up, adding to the buying pressure.<\/li>\n\n\n\n<li>Overall, the odds favor a pullback that lasts at least 1-3 bars. However, traders should expect the first reversal down to fail.<\/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 6 points in the overnight Globex session. The Globex market has been in a tight trading range for most of the overnight session.<\/li>\n\n\n\n<li>Today will probably have a lot of trading range price action today as the market transitions into a trading range on higher time frames, such as the 60-minute chart.<\/li>\n\n\n\n<li>Today will probably close below the day&#8217;s open and end the streak of consecutive bull bars on the daily chart. This means that traders should pay attention to the open of the day as it will probably be a magnet, especially if today has a lot of trading range price action.<\/li>\n\n\n\n<li>Traders will look to sell rallies, especially if the market is above the day&#8217;s open.<\/li>\n\n\n\n<li>As I often say, most traders should consider not trading for the first 6-12 bars unless they can make quick decisions. The open usually has a lot of sideways trading, which is not ideal for traders starting out due to the requirement of limit order trading on the open.<\/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 after the formation of a double top\/bottom or a wedge top\/bottom.<\/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\/11\/SP500-Emini-5-Min-Chart-Bull-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\/11\/SP500-Emini-5-Min-Chart-Bull-Trend-From-The-Open-Then-Trading-Range-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Bull Trend From The Open Then Trading Range\" class=\"wp-image-193820\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bull-Trend-From-The-Open-Then-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bull-Trend-From-The-Open-Then-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bull-Trend-From-The-Open-Then-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bull-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<p class=\"caption\">Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with a red arrow. 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\/11\/EURUSD-Daily-Pullback-After-Breakout.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Pullback-After-Breakout-680x383.jpg\" alt=\"EURUSD Daily: Pullback After Breakout\" class=\"wp-image-193854\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Pullback-After-Breakout-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Pullback-After-Breakout-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Pullback-After-Breakout-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/EURUSD-Daily-Pullback-After-Breakout.jpg 960w\" 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 bear channel on the daily chart since July.<\/li>\n\n\n\n<li>The bulls formed a recent upside breakout that is strong enough to likely get a second leg up. The bears want to trap the bulls and get a downside breakout.<\/li>\n\n\n\n<li>The bulls have broken the bear trendline and the daily chart is transitioning into a trading range.<\/li>\n\n\n\n<li>The target for the bulls is prior lower highs in the bear channel.<\/li>\n\n\n\n<li>The bears want the market to form a double top with the September 12 high. Next, the want the recent November 11<sup>th<\/sup> bull breakout to fail and lead to a reversal down and test of the October low.<\/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\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Bear Trend From The Open Then Reversal Up\" class=\"wp-image-193876\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-Up-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bear-Trend-From-The-Open-Then-Reversal-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<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-b10810c\" data-video=\"https:\/\/www.youtube.com\/watch?v=rmSl_daKfBA\" data-block-id=\"b10810c\"><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-45bcebf\" data-block-id=\"45bcebf\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg style=\"height:0;width:0\"><defs><linearGradient id=\"linear-gradient-45bcebf\" x1=\"0\" x2=\"100%\" y1=\"0\" y2=\"0\"><stop offset=\"0%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-45-bcebf-color-1)\"><\/stop><stop offset=\"100%\" style=\"stop-opacity:1;stop-color:var(--linear-gradient-45-bcebf-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-6386ee1\" data-block-id=\"6386ee1\"><figure><div 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\" \/><\/div><\/figure><\/div>\n<\/button><\/div>\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 November 8, 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 Al created the SP500 Emini charts. Here are reasonable stop entry setups from yesterday. I show each buy entry bar with a green arrow and each sell entry bar with [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":193820,"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],"class_list":{"0":"post-193770","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":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/SP500-Emini-5-Min-Chart-Bull-Trend-From-The-Open-Then-Trading-Range.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\/193770","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=193770"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/193820"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=193770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=193770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=193770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}