E-minis have small range day with expected late breakout

Al Brooks Price Action from Tuesday, March 27

pending chart 1308

Small range day with the expected late breakout

  • Tuesday, March 27, 2012
  • Bar 1 - Yesterday = strong close so might get breakout pullback buy and or early. Doji so buyers below, scaling in since might bounce off moving average
  • Bar 3 - Doji inside bar, breakout pullback buy but weak buy, buy climax 81, far above moving average so probably sellers scaling in above
  • Bar 6 - 2 inside bars lower high, room to moving average, probably ok short for test of moving average but report so ok to wait. yesterday had breakout above channel and now have 2nd failed attempt to resume breakout so might have to poke below bottom of channel
  • Bar 8 - Two legged pullback in a bull move but 1t bull body. Ok buy scalp but if low of the day, likely 2nd entry within about 10 bars
  • Bar 10 - Double top bear flag but bull body and after 2 bull bars so probably buyers scaling in below. Not strong short
  • Bar 12 - Double bottom 8 but bear body. Probably better to wait
  • Bar 16 - Possible triangle 8 12 16 so breakout mode. 2 inside bars, fail, failure double bottom, but just above moving average. Trading range so far, about half daily range so should get breakout and maybe trending trading range day. Ok swing short but higher probability to wait to see if get strong bear breakout
  • Bar 18 - Bear follow through, but only 1t bear body and still nt clearly always in short and therefore still always in long and bear channel = bull flag.
  • Bar 19 - Breakout pullback short but weak bear channel, wedge 2 8. Probably buyers below
  • Bar 23 - Bear reversal bar, microwedge 19 21 but tight trading range, bottom of weak bear channel, still always in long. Wait
  • Bar 28 - Breakout pullback buy from 23 breakout of wedge bull flag. Bull body but tight trading range. Swing buy but not high enough probability for scalp. Market never got pullback ot bottom of channel and that will keep buyers on sidelines. Might have to go sideways to the rising bull trendline
  • [more Bar-by-Bar Analysis in the Forums at www.brookspriceaction.com]
About the Author
Al Brooks

Al Brooks, M.D., is author of the Brooks Trading Course (27 hours of videos at BrooksTradingCourse.com), several books on Price action (Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader, Wiley, 2009, and the 500,000 word, three-book series, Trading Price Action, Wiley, 2012), and numerous articles in Futures Magazine. He also provides live intraday E-mini price action analysis and free end-of-day analysis on www.brookspriceaction.com.

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