{"id":218365,"date":"2024-09-18T06:23:33","date_gmt":"2024-09-18T13:23:33","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=218365"},"modified":"2024-09-18T21:49:55","modified_gmt":"2024-09-19T04:49:55","slug":"emini-testing-august-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-testing-august-high\/","title":{"rendered":"Emini Testing August High"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Trading Update: Wednesday September 18, 2024<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P Emini 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 bear doji bar after testing above the August high, which is an important magnet. <\/li>\n\n\n\n<li>As I mentioned in the prior blog post, the rally up to the August high was strong enough that the odds favor a retest of the highs after any pullback, which happened during the sell-off down to the September 6<sup>th<\/sup> low.<\/li>\n\n\n\n<li>While the September 6<sup>th<\/sup> selloff was likely to be a minor reversal, it is enough of a selloff to increase the odds of a trading range. This means there are probably sellers above the August high.<\/li>\n\n\n\n<li>The Bulls have done a great job with the rally up from the September 11<sup>th<\/sup> low, and it is probably strong enough for a second leg up. However, the risk is getting big for the bulls, and the profit potential is not great because the daily chart is in a trading range.<\/li>\n\n\n\n<li>This increases the odds of a deep pullback as more bulls begin to take partial profits. The bulls have a microchannel from the September 11th low. This increases the likelihood that the first reversal down will find buyers and that the bears will need a second entry short.<\/li>\n\n\n\n<li>The daily chart will likely continue to go sideways over the next several days and will probably test down to the bottom third of the September 6<sup>th<\/sup> selloff sometime over the next several weeks.<\/li>\n\n\n\n<li>The bears are hopeful for a double top lower high, major trend reversal with the August high.&nbsp; However, it is more likely to lead to a minor reversal rather than a major reversal.<\/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>Today is the FOMC meeting, which means traders should expect an increase in volatility when the report is released at 2:00 PM EST.<\/li>\n\n\n\n<li>Traders should be mindful of the risk and trade small. In general, most traders should risk 20% of their normal position size if they are going to trade the FOMC report.<\/li>\n\n\n\n<li>It is important to wait at least 10 minutes before trading after the report is released.<\/li>\n\n\n\n<li>Most traders should consider not trading the report and treating today as a half-trading day.<\/li>\n\n\n\n<li>Traders should go flat at least 30 minutes before the report is released.<\/li>\n\n\n\n<li>Most FOMC reports lead to sideways trading; however, traders must be prepared for anything. The most important thing is not to be in denial of the price action, no matter what one believes regarding the FOMC accountment.<\/li>\n\n\n\n<li>On the open, traders should assume that today, there will be a lot of trading range price action and should consider not trading for the first 6-12 bars.<\/li>\n\n\n\n<li>Most traders should wait for a double top\/bottom or a wedge top\/bottom before placing a trade. This is because it is common for the pattern mentioned above to form before the market forms the opening swing.<\/li>\n\n\n\n<li>The key to the open is to be patient and not in a rush. When in doubt, stay out and wait for more clarity regarding the price action.<\/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\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-Day.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-Day-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Wedge Top Then Bear Trending Trading Range Day\" class=\"wp-image-218587\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-Day-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-Day-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-Day-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-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<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\">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\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed-680x383.jpg\" alt=\"SP500 Emini 5-Min Chart Triangle Open Then Bear Breakout Failed\" class=\"wp-image-218636\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Triangle-Open-Then-Bear-Breakout-Failed.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><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 18, 2024 S&amp;P Emini 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 a [&hellip;]<\/p>\n","protected":false},"author":5460,"featured_media":218587,"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":[60],"class_list":{"0":"post-218365","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-update","8":"category-analysis","9":"tag-sp-emini","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/SP500-Emini-5-Min-Chart-Wedge-Top-Then-Bear-Trending-Trading-Range-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\/218365","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=218365"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/218365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/218587"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=218365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=218365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=218365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}