E-minis see short-term top

Brooks Price Action - 06-11-2012 Monday

pending chart 1395

Yesterday buy climax

  • Monday, June 11, 2012
  • Bar 1 - Y=had strong close. Big bear trend bar and gap up so more down, but big up, big down so sideways most likely and ok to scalp most. Should get below 1300 and low of yesterday in next day or two since big 2 legged sideways to down pullback likely after strong bs last week. Might get all the way down to gap around 1280 and from possible head and shoulders bottom on 60 minimum or minutes. Still in trading range for a month in gap on daily. Yesterday had 7 consecutive bull bars on 60 minimum or minutes chart so any selloff today will probably find buyers not too far below prior 60 minimum or minutes bar
  • Bar 2 - Bear follow through and reentered channel so should test bottom of channel around 1318
  • Bar 3 - More follow through, more down. 3 strong bear bars after buy climax yesterday so pob 70% 1 is high of the day
  • Bar 4 - Bull reversal bar but trend from the first bar bear and doji so sellers above
  • Bar 5 - Breakout pullback short but doji so might just test moving average, then sideways soon
  • Bar 7 - Big bull body but big tails so don't buy above or short below. Should begin trading range soon
  • Bar 8 - Bear breakout but tail and at bottom of channel and micro so probably buyers here and below. Exhaustion gap more likely than measuring gap. Always in short so best to short rallies. Might get double top 5. 70% chance 1 is high of the day. Might test 73 or 52 low for low of the day
  • Bar 9 - Bull reversal bar but 1t body so not strong. Probably will be ok scalp for two legged pullback in a bull move at moving average and bottom of channel but not high probability since tight channel and targets below. Since still in bear channel, better to wait to buy strong signal bar until clearly in trading range
  • Bar 10 - Strong bear reversal bar but bottom of channel and should enter trading range soon so might be buyers below. Wait
  • Bar 12 - Bull reversal bar but 2t tail and tight channel so better to wait. Still always in short
  • Bar 14 - Double top 10 so two legged pullback in a bear move but tight trading range 8 so might go sideways. Should evolve into trading range soon, but no strong bottom yet
  • [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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