E-minis revere lower at end of day

Brooks Price Action - 04-02-2012 Monday

pending chart 1316

0 Opening reversal off 60 minute 20 bar exponential moving average, like yesterday, then final flag top for higher high major trend reversal into end of day

  • Monday, April 2, 2012
  • Bar 1 - Yesterday was a trading range after a bull spike. Bear doji, but yesterday faded all bos so probably buyers below and sellers above
  • Bar 2 - Large bull reversal bar at 60 minute 20 bar exponential moving average but trading range since 23 so sideways likely ok buy but ok to wait
  • Bar 4 - Double top 1 but doji and 2 bull bars so always in long and buyers below
  • Bar 6 - Higher low but bear bar and report so ok to wait to buy
  • Bar 7 - Big bull bar breakout, close on high, more up and always in long, ok to buy close and market with stop below 7 or 6 for measured move up
  • Bar 8 - Bull follow through so more up. Tail so probably will get pullback within bar or 2
  • Bar 9 - Another breakout, more up
  • Bar 10 - Measured move target and tail. Better to go flat and buy pullback
  • Bar 11 - Two bar revresal but always in long and strong momentum so buyers below, maybe around moving average and top of yesterday trading range
  • Bar 15 - Bear inside bar so might become one bar final flag and end of bear microchannel, especially since at moving average. Probably buyers below
  • Bar 16 - Big outside up bar but 15 not strong buy signal bar . More up but might enter trading range. Ok buy since bear microchannel to moving average in strong bull, but ok to wait to buy pullback of strong breakout
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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