E-minis see gap up with small pullback

Brooks Price Action - 04-17-2012 Tuesday

pending chart 1332

Gap up, but small pullback trend day

  • Tuesday, April 17, 2012
  • Bar 1 - Yesterday was a trading range day. Big gap up, bull body, but top of trading range. Wait
  • Bar 2 - Fail, failure breakout high of yesterday, but doji so not high probability short
  • Bar 4 - Breakout pullback buy but bear body. Sellers above
  • Bar 6 - Inside bar, but doji. Tight trading range so bad for stop entries
  • Bar 7 - Two legged pullback in a bull move but 6 bars down and big bear body. Better to wait
  • Bar 9 - High above 8 so breakout. Might be measuring gap
  • Bar 10 - Big bull bar, more breakout, but might be exhaustion gap. More up likely. Swing bulls have stops below 10. Might lead to measured move up
  • Bar 11 - Fail, failure breakout but strong bull so buyers below and above
  • Bar 14 - Outside bar surrounded by inside bars but after buy climax and in tight trading range so less reliable buy. Always in long so can buy but might have to sit thru pullback
  • Bar 15 - Breakout
  • Bar 16 - Another breakout + close above prior bar. More up
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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