E-minis may have hit a bottom yesterday

Brooks Price Action - 05-09-2012 Wednesday

pending chart 1359

Gap down, final flag reversal, trending trading range day. Around bottom of four-month trading range so might bounce for week or two

  • Wednesday, May 9, 2012
  • Bar 1 - Yesterday bounced after breakout below april low. Bull reversal bar but tails so probably sellers above
  • Bar 2 - Doji so more trading range
  • Bar 3 - 3 bull bars but all tails. Wait
  • Bar 6 - Strong bull reversal bar but middle of trading range so swing only
  • Bar 7 - Double top but low probability since bull bar so swing or wait
  • Bar 9 - Breakout pullback short but bottom of trading range so swing only. Expanding triangle buy above but tight trading range and tails so swing only
  • Bar 10 - Breakout, more down
  • Bar 11 - Big bear bar but tail so maybe 1-2 more bars down then pullback
  • Bar 13 - Two bar revresal, two legged pullback in a bear move final flag 7, so possible low of the day. Higher probability to wait for follow through. Ok swing
  • Bar 14 - Follow through, probably always in long with stop below
  • Bar 15 - More follow through but moving average and in earlier trading range. Still always in long so buy pullbacks
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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