E-mini S&P stuck in trading range

Brooks Price Action - 07-16-2012 Monday

pending chart 1468

Trading range day

  • Monday, July 16, 2012
  • Bar 1 - Yesterday was spike and channel bull so targets below higher lows and 60 minute 20 bar exponential moving average. Targets above = high of yesterday. In tight trading range from yesterday and tails so buyers scaling in below and sellers above. Wait
  • Bar 2 - Strong bear bar, 12 low and 60 minute 20 bar exponential moving average below so more down but buyers probably scaling in
  • Bar 3 - Bear body so follow through and more down. Sellers above. Low probability sell or short so scalp only
  • Bar 4 - Breakout
  • Bar 5 - Follow through, close near low and just above bottom of channel so possible sell vacuum and sell climax
  • Bar 7 - Bull body, test of bottom of channel, but trend from the first bar bear and probably sellers above. Bottom of probably trading range so better to only look to buy or long down here or sell or short rally
  • Bar 8 - Tail, buying pressure. Bulls scaling into longs.
  • Bar 10 - Bull breakout but probably sideways
  • Bar 11 - Doji, one legged pullback in a bear move, but bottom of trading range so probably buyers below
  • Bar 12 - Big breakout but at moving average. Big down, big up so sideways likely
  • Bar 13 - Bull body follow through so always in long. Buy or long pullbacks. 12 might be measuring gap
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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