E-mini S&P nearing top of trading range

Brooks Price Action - 07-19-2012 Thursday

pending chart 1473

Final flag top, or at moving average, higher high major trend reversal, trading range day

  • Thursday, July 19, 2012
  • Bar 1 - Yesterday was bull then trading range. 5 days up and at top of 60 minimum or minutes trading range so might get pullback and then or at moving average. Bull reversal bar above high of the day but low probability under these circumstances, so swing only. Better to wait
  • Bar 3 - 3 bars up but shrinking bodies so losing momentum. Buyers below bit probably top of trading range. Wait
  • Bar 5 - Bull inside bar, breakout pullback buy or long, but 5 sideways bars at top of trading range. Wait
  • Bar 6 - Fail, failure two legged pullback in a bull move but doji and report so better to wait at least a few seconds
  • Bar 7 - Big bear bar, final flag (y trading range is big ff), 2nd entry fail, failure breakout high of yesterday. Big tail but context favors more down. Always in short
  • Bar 8 - Bar follow through. More down. Sellers above ad probably below
  • Bar 9 - Double bottom 80, tail, middle of yesterday trading range. Probably sideways. Wait
  • Bar 10 - Two bar revresal but tail and 3 big bear bars. Should be sellers above. Sideways likely
  • Bar 11 - Breakout pullback sell or short but doji and tails 7-9 so tight trading range likely
  • Bar 13 - 2nd entry buy or long but tight trading range and dojis. Wait
  • Bar 14 - Outside down bar but tight trading range. Better to wait
  • [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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