E-mini S&P breakout fails

pending chart 1354

Final flag reversal up, then breakout below 60 minute head and shoulders top going into the unemployment report. Probably big gap up or down tomorrow

  • Thursday, May 3, 2012
  • Bar 1 - Yesterday was a weak bull channel so bear flag. Doji, tight trading range, buyers below, sellers above
  • Bar 3 - Bull inside bar but lots of tails. Wait
  • Bar 5 - 1t new high, double top pullback 60 76, but doji. Wait
  • Bar 6 - Bear bar but report next bar. Might be buyers above 76 and sellers below 48 for trading range breakout but risky on report
  • Bar 7 - Big bear bar, close on low, more down
  • Bar 8 - Bear body so follow through and more down, but tail so maybe 1 to 2 more bars down then bounce
  • Bar 11 - Bull trend bar, one bar final flag, parabolic wedge, possible low of the day but tight channel so ok swing but not high enough probability for scalp. Yesterday was bull channel so bear flag and this might be higher low final flag for a l1= measured move up
  • Bar 12 - Good bull body. Buyers below. More up, always in long
  • Bar 15 - Fail, failure breakout, but always in long, more up, buyers below. Might get higher low major trend reversal. Twenty gap bars sellers here but probably more buyers. Don't short
  • Bar 17 - Breakout pullback buy but at moving average. Always in long so can buy but maybe stop below 12
  • Bar 18 - Another breakout but near 60 minute 20 bar exponential moving average. Buy pullback
  • [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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