E-minis have trading range day with expanding triangle

Brooks Price Action - 04-05-2012 Thursday

pending chart 1322

Trading range day with expanding triangle bottom and top

  • Thursday, April 5, 2012
  • Bar 1 - Yesterday was mostly a trading range. Bull bar, expanding triangle bottom 18 49, but 2t tail. Wait. Might be ok short below since strong bull bar but location is bad since bottom of trading range. Wait. Expanding triangle possible triangle bottom is usually followed by expanding triangle top so might work up to above 77. Report tomorrow but market closed. Might be neutral day = trading range day
  • Bar 2 - Bear bar, tail, expanding triangle buy above. Can buy above 2 or 1 2 two bar revresal or wait to see if good breakout
  • Bar 3 - Big bull bar, close on high, breakout, always in long, more up, ok buy
  • Bar 4 - Strong follow through, more up. Swing bulls probably have stops below 3 or 6 high
  • Bar 5 - Fail, failure breakout at moving average but doji and always in long so buyers below
  • Bar 6 - Breakout pullback buy but bear bar at moving average so probably better to wait for possible triangle
  • Bar 9 - Strong bear inside bar, one bar final flag, but steep up so buyers below. Possible high of the day but low probability. Better to wait to buy pullback
  • Bar 11 - Double bottom 6 but bear bar. Always in long so ok buy but probably will get possible triangle
  • Bar 14 - Possible triangle 6 10 but outside up bar so lower probability to buy at top of possible triangle
  • Bar 15 - Bull body but tail so probably sideways within bar or 2, especially since top of yesterday trading range.
  • Bar 16 - Strong bull bar so buyers below, but getting late in weak bull and near s/r of 77 high
  • [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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