E-minis see some pullbacks in a larger bull move

Brooks Price Action - 04-12-2012 Thursday

pending chart 1328

Trend from the first bar and spike and channel bull, 2nd leg up from big sell climax 2 days ago, testing of bottom of 60 minute wedge.

  • Thursday, April 12, 2012
  • Bar 1 - Yesterday was a two legged pullback in a bull move and gap up. Should get leg 1 equals leg 2 measureed move up to test bottom of 60 minimum or minutes wedge. Bull reversal bar so possible low of the day
  • Bar 2 - Good bull bar so more up
  • Bar 3 - Another good bull body so buyers below and more u. Tail so weaker. 2 and 3 both are gap bars so good for bulls
  • Bar 4 - Bigger bull bar so measuring gap. Less likely exhaustion gap. Maybe 70% likely 1 will be low of the day
  • Bar 6 - Shrinking bodies so trading range likely for at least 10 bars. Trend from the first bar so buyers below for scalp
  • Bar 8 - One legged pullback in a bull move after buy climax so lower probability, especially with small bar = loss of conviction
  • Bar 9 - Micro double top 7, 2nd fail, failure breakout high of yesterday, but always in long and weak top. Sideways most likely but might test 4 gap. Bulls hae swing stops probably below 4, less likely below 1. Some scalpers will buy below bars and on every buy signal and scale in with stop below 4. Since trading range for maybe 10 � 20 bars likely after buy climax, probably better to scalp. Can hold swing size long. Better to not short until much clearer sign of top (aggressive bear scalpers will above shs)
  • Bar 11 - Two legged pullback in a bull move in strong bull. Trading range likely but still always in long so ok swing buy
  • Bar 13 - Big bull bar. More up
  • Bar 14 - Follow through, more up. Might get measured move up from open 12 or 13 to close of 14
  • Bar 15 - Doji so might get trading range down to 12 area, or might be channel up from 12- 14 spike. Not strong bear body so don�t short
  • [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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