E-mini S&P feels pressure amid trading range

Brooks Price Action - 08-06-2012 Monday

pending chart 1492

Trend from the first bar bull, then tight trading range, double top major trend reversal, lower high major trend reversal

  • Monday, August 6, 2012
  • Bar 1 - Yesterday = trading range for most of day. Breakout above high of yesterday but bear body so sellers above, but magnets above so wait
  • Bar 2 - Bull breakout but tail, so probably sellers above but might be trend from the first bar bull. Magnets several points above, as well as 1400
  • Bar 3 - Bull follow through but weak so probably bull leg in trading range
  • Bar 5 - 5 bars up, trend from the first bar bull, buyers below, but scalp better since weak rally
  • Bar 6 - One legged pullback in a bull move but bear bar. Sellers above
  • Bar 8 - Double top but bull bar so buyers below
  • Bar 10 - Two legged pullback in a bull move buy or long but bull doji so scalp or wait. Two legged pullback in a bull move late in bull so might become final flag
  • Bar 14 - Two bar revresal, final flag, ok swing sell or short, but only 1t bear body so better probability to wait. Might become breakout pullback buy or long, especially since magnets above
  • Bar 22 - Two legged pullback in a bull move buy or long but doji and tight trading range so low probability stop entry. Better to wait unless can scale in lower
  • Bar 24 - Big bear outside down bar breakout but most trading range breakout fail, failure
  • Bar 25 - Fail, failure bear breakout but big bull bar. Wedge 15 21, still always in long, but might get one more push down and then h4 buy or long. 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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