E-minis end April in trading range

Brooks Price Action - 04-30-2012 Monday

pending chart 1348

Trading range day

  • Monday, April 30, 2012
  • Bar 1 - Yesterday was trading range day. Open of month is pink like 1401.75 so bulls will want today to close above to get bull bar on monthly chart, bears want opposite. Yesterday = signal bar on daily chart for fail, failure breakout of 3 wk trading range so big magnet below low of yesterday. Bear bar, close on low. Ok short for test of low of yesterday but lower probability since in trading range
  • Bar 3 - Big bear bar test below low of yesterday and at 60 minute 20 bar exponential moving average. Strong bar so more down
  • Bar 4 - Follow through but bull bar so bad for bears. Tail so don't buy. Breakout pullback short but on 60 minute 20 bar exponential moving average so better to wait
  • Bar 5 - 2 inside bars, so breakout mode. On 60 minute 20 bar exponential moving average so better to wait to see if big bear breakout then. Possible low of the day since sell vacuum test of 60 minute 20 bar exponential moving average and fail, failure breakout low of yesterday, so ok swing buy
  • Bar 8 - Double top 4 but doji so weak signal bar and just above s/r so probably buyers below, similar to 11 yesterday
  • Bar 9 - Strong bull bar, like 12, but yesterday was stronger since followed strong bull day. Wait. Steep channel from 52 so bulls probably need major trend reversal before much up
  • Bar 11 - Breakout test or bought 1, two legged pullback in a bear move, but 6 bars up so not high probability short for breakout pullback short below low of yesterday. Ok swing short, but not high enough probability for scalp. 6 bars up so might be bull spike with follow through after pullback
  • Bar 12 - Close on low so more down
  • Bar 14 - Fail, failure breakout of two legged pullback in a bear move but 1t body and 2 strong bear bars so sellers above
  • Bar 18 - Lower low major trend reversal, wm, bull body but tight channel and 1t tail and only 2t body. Ok swing buy for lo
  • Bar 20 - Double top 15, breakout pullback short but 3 bars up. Probably buyers below
  • [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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