E-minis break out above bull wedge

Brooks Price Action - 06-06-2012 Wednesday

pending chart 1390

Island bottom on daily, trend from the first bar bull, SPB bull, test of top of 60 minute wedge bull flag (thick red line)

  • Wednesday, June 6, 2012
  • Bar 1 - Y=bull channel and reversal up from bear breakout of wedge bear flag so target is top of channel, around 1313. Gap but tails so buyers below
  • Bar 2 - Doji inside bar, island bottom on daily so possible low of the day and ok swing buy
  • Bar 3 - Bull breakout, more up
  • Bar 4 - Follow through, more up. Swing bulls have stops below 3. 3 is now gap
  • Bar 6 - Bull close but tail so maybe 1-2 more bars up then pullback. Trend from the first bar bull so buyers below
  • Bar 9 - Two inside bars, 4 bar tight trading range, 9 bars up so probably sellers above. Don't buy. Don't short below since 1st pullback in trend from the first bar so might be buyers below
  • Bar 10 - Outside down bar. Don't buy since too many bars up so buy. Might test 4 low and 3 gap. Bulls will scale in below
  • Bar 13 - Micro double bottom 11, one legged pullback in a bull move, but ttr6 so probably entering trading range. Might get more complex pullback. Ok buy since always in long but ok to wait for more sideways to down
  • Bar 15 - Breakout but small bars. Probably forming trading range
  • Bar 17 - Bear reversal bar, fail, failure breakout, but 4 bars up. Wait
  • Bar 18 - Breakout pullback buy but probably sellers above 18 and 17 since weak rally. Don't buy. Small bars, overlap, tight trading range since 6
  • [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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