E-minis range bound after gap down

Brooks Price Action - 04-23-2012 Monday

pending chart 1339

Gap then test of 60 minimum or minutes trendline, then weak bull channel, but more of a trading range day

  • Monday, April 23, 2012
  • Bar 1 - Big gap down, 60 minimum or minutes bull trendline = bottom of channel below (pink line )= strong magnet and i have talked about it for weeks. Tail below. Wait
  • Bar 2 - Two bar revresal, strong bull bar, but too close to 60 minimum or minutes channel bottom. Wait
  • Bar 3 - Breakout pullback short for breakout below low of yesterday. Magnets below. 1 was strong bull bar so might go more sideways
  • Bar 6 - Strong bull reversal bar but tight channel and target just below. Don't buy
  • Bar 7 - Breakout pullback short but doji. Probably buyers below. Looks like entering trading range around bottom of channel. Might become final flag
  • Bar 8 - Poke below 60 minimum or minutes channel so 60 minimum or minutes bears will take partial or full profits, which means might get trend up
  • Bar 9 - Strong bull inside bar, reversing up from breakout below 60 minimum or minutes trendline. Tight channel so better to wait to see if get strong bull breakout
  • Bar 10 - Breakout pullback short but at s/r and 3 good bull bars 2 6. Probably buyers below
  • Bar 11 - Strong outside up bar but sideways since 6. Wait
  • Bar 12 - Outside bar surrounded by inside bars but doji. Tight trading range. Buyers below. Wait
  • Bar 13 - Fail, failure two legged pullback in a bear move but tight trading range. Wait. Bad pa for stop entries
  • [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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