E-minis see bulls and bears fight over April

Brooks Price Action - 04-27-2012 Friday

pending chart 1346

Trend from the first bar bear, expanding triangle top

  • Friday, April 27, 2012
  • Bar 1 - Yesterday was breakout above 3 week trading range. Expanding triangle 63 71, fail, failure breakout above bull channel so should fall below bottom of channel, bear reversal bar, close on low, ok swing and scalp. Monday is last day of month and market is near open of month (the pink line just above), so bulls will want Monday's close above that line so that the monthly bar will have a bull body and bears want opposite. Since market is close, it might stay close right thru Monday's close and make a quick decision in the final minutes of the month
  • Bar 2 - Weak entry bar. Some bears will get out market, others above 2 or 1
  • Bar 3 - Big bear breakout, more down
  • Bar 4 - Another bear bar, more down. Tail so might get pullback soon
  • Bar 5 - Or at moving average, but trend from the first bar so sellers above
  • Bar 6 - Breakout pullback short but bottom of yesterday tight trading range so lower probability
  • Bar 7 - Big bear bar so gap, but probably exhaustion gap since yesterday was so strongly up
  • Bar 8 - Should get back into yesterday tight trading range = magnet
  • Bar 9 - Breakout pullback short but after sell climax so bad short. Expanding triangle bottom 65 78, two legged pullback in a bull move, but not strong signal bar. 2t body so probably better to not buy at low of bar, but probably will work higher soon to test 6 high
  • Bar 10 - Micro double bottom after sell climax in strong bull so probably will work higher but better to wait to see if get two legged pullback in a bear move short soon, then possible reversal up from final flag
  • Bar 12 - Two legged pullback in a bear move but dojis so buyers below. Might not trigger since too obvious that buyers below. Might be buyers above but now tight trading range so better to not buy above, especially at moving average
  • [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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