E-minis see buying climax, end in bear channel

Brooks Price Action - 04-03-2012 Tuesday

pending chart 1320

Expanding triangle top, bear breakout on 11 a.m. report, then second entry final flag lower low major trend reversal

  • Tuesday, April 3, 2012
  • Bar 1 - Yesterday was a buy climax and ended with bear tight channel. Should be sellers above 81. Report 11 am so might go sideways after 9 am
  • Bar 2 - Strong bull bar but bottom of bear channel and odds favor an attempt up early on after strong rally yesterday. Wait
  • Bar 5 - Pullback from bear microchannel breakout but 3 bars down. Better to wait
  • Bar 8 - Double top 2 but bull bar so probably not high of the day. Ok swing but probably will get better signal
  • Bar 11 - Two bar revresal, possible low of the day, lower low major trend reversal. Ok swing and scalp
  • Bar 13 - Not strong follow through so ok to scalp most or all. Should test 8 high
  • Bar 18 - Bear inside bar, expanding triangle 2 8, possible high of the day so ok swing short. Might get higher low after 11-15 spike
  • Bar 23 - Higher low but 6 bars down so sellers above. Might get expanding triangle bottom after expanding triangle bear flag
  • Bar 25 - Weak bear breakout. Expanding triangle bottom more likely than measured move down and trending trading range day
  • Bar 27 - Breakout pullback short but odds favor sideways to moving average so probably buyers below
  • Bar 30 - 2 inside bars, possible triangle. Ok short scalp but might become final flag so ok to instead look to buy reversal up is forms. Might get breakout into trending trading range day
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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