Curso de Trading do Brooks

Aprenda a operar price action consistentemente

 

More results...

Emini Bears Want Measured Move Down

By

Trading Update: Thursday August 17, 2023

S&P Emini pre-open market analysis

Emini daily chart

  • The Bears formed a downside breakout over the past two days. They hope this is a bear breakout below a bull flag that will lead to a measured move down of the bull flag.
  • The measured move from the July 27th high to the Aug 11th low projects down to 4,278.
  • While the market probably will not race down to the measured move projection, traders must respect the bears.
  • The bulls are hopeful they will be able to disappoint the bears and create a bad follow-through bar today.
  • The bear breakout over the past two days is strong enough that the first reversal up will probably fail, and the bears will get at least a small second leg down.
  • Overall, traders should expect a small 2nd leg down after the recent two-bar bear breakout. The Bulls will likely need at least a micro double bottom before getting a possible reversal up.

Emini 5-minute chart and what to expect today

  • Emini is up 11 points in the overnight Globex session.
  • The Globex market has been in a tight bull channel for most of the overnight session.
  • The bulls are hopeful that today will be a bull bar creating bad follow-through for the bears.
  • Traders should pay attention to the open of the day as it will likely be a magnet. If the market is below the open but not far below, traders will look to buy for a test above the open of the day.
  • Traders should be prepared for the bears to get another possibly bear trend day on the daily chart. If the open starts to form bear trending behavior, such as strong consecutive bear trend bars, traders cannot be in denial of the price action and must find a way to get short.
  • Overall, traders should expect a trading range day until proven otherwise.

Yesterday’s Emini setups

SP500 Emini 5-Minute Chart Triangle Open Then Bear Trending Trading Range Day

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 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.

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.

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.

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.

EURUSD Forex market trading strategies

EURUSD Forex daily chart

EURUSD Daily: Support Near July 6th Low
  • The EURUSD is finding support near the July 6th low.  
  • While the channel down is tight, traders are buying below bars which is a sign of hesitation by the bears.
  • The rally up from July 6th was strong. Therefore it is a magnet for the market to test. Traders will want to see if the bulls how determined the bulls are to buy again at that price level.
  • More likely, if the market falls below the July 6th low, it will continue to go sideways.
  • Overall, traders should expect a bounce lasting a couple of weeks, although the rally does not have to go up that far and will probably go mostly sideways.

Summary of today’s S&P Emini price action

SP500 Emini 5-Minute Chart Bear Trend Trading Range Resumption Down

Al created the SP500 Emini charts.

End of day video review

Live stream videos to follow Monday, Wednesday and Friday (subject to change).

See the weekly update for a discussion of the price action on the weekly chart and for what to expect going into next week.

Trading Room

Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room days. We offer a 2 day free trial.

Charts use Pacific Time

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 Market Update page.

>