E-minis follow trend higher

Brooks Price Action - 06-15-2012 Friday

pending chart 1399

Trading range for 38 bars, then double bottom and spike and channel bull (spike up from 42 to 46)

  • Friday, June 15, 2012
  • Bar 1 - Yesterday = huge bull breakout so measured move up or down. Bull channel into close so should convert into trading range soon. Bear reversal bar but small. Ok scalp sell or short but swing less likely since small bar and tight channel
  • Bar 4 - Two inside bars, two legged pullback in a bull move, but tight trading range. Wait
  • Bar 6 - Outside up bar, fail, failure two legged pullback in a bear move, close on high. More up
  • Bar 9 - Wedge higher high 75 1, bear two inside bars, 2nd reversal high of yesterday, but count reset by outside up bar so might need one more push up. Low probability sell or short so swing only.
  • Bar 12 - Strong bull bar, breakout pullback buy or long, but 3 bear bars so not good buy or long. However, strong enough so some swing bears will exit. The channel up from 72 has lots of bear bars and reversals, and there was a bear spike 70 71 and reasonable sell or short setup below 77. This makes a test of the 77 low likely at some point today
  • Bar 15 - Two legged pullback in a bull move, fail, failure bear breakout of possible triangle so should test 9 top of wedge. Bear body and doji and not quite to moving average, despite weak trend, so not strong buy or long
  • Bar 18 - Double doji, final flag, double top but strong 16 and still always in long so probably buyers below. Low probability so swing only. Better to wait
  • Bar 23 - Another breakout pullback buy or long but top of tight trading range so low probability. Tight trading range so trending trading range day likely up or down. Might get bull breakout, but might reverse down since top of weak channel and targets below. Better to wait for breakout and see if good or fail, failure
  • Bar 25 - Fail, failure breakout, good bear bar so ok swing sell or short but tight trading range so not high enough probability for scalp sell or short
  • Bar 26 - Breakout pullback buy or long but top of trading range so low probability and probably sellers above
  • Bar 27 - Another bear reversal bar. Higher high major trend reversal. Ok to sell or short below 25 and maybe below 27 for swing, but since tight trading range, odds are it will fail, failure so swing only
  • [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.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome