E-mini S&P retreats after matching day's high

Brooks Price Action - 09-06-2012 Thursday

pending chart 1532

Breakout pullback from yesterday bull breakout, double top high of yesterday, trading range day

  • Thursday, September 6, 2012
  • Bar 1 - Yesterday had strong breakout to top of trading range and then pullback. Doji so buyers below, sellers above
  • Bar 2 - Close on low. Might reach trendline
  • Bar 3 - Another big bear bar but at trendline so might be sell vacuum test of trendline and top of lower trading range. Might enter trading range and fill in 8 gap from yesterday
  • Bar 4 - Bull reversal bar and dueling lines and breakout test or bought of yesterday trading range. Ok swing buy or long. Probably not reliable scalp since 2 3 so strong
  • Bar 5 - Doji, buyers below since bad one legged pullback in a bear move
  • Bar 6 - Breakout but tail. Might be always in long
  • Bar 7 - Another bull body. Always in long, buyers below. Should test magnets above like 81 high and maybe high of yesterday
  • Bar 8 - Another bull bar. More up. Still in trading range so probably will get pullback soon. If buy or long market, need stop below 6 or 4 so have to trade very small.
  • Bar 9 - Bigger breakout, buy vacuum test 81 high. Might be exhaustion gap and might get pullback
  • Bar 10 - Bear inside bar, but 6 bars up and always in long and just above mas so better to not sell or short below. Wait to buy or long pullback. Breakout pullback buy or long above but top of trading range so low probability. Might be sellers above. Better to wait to see if strong bull breakout and then buy or long
  • Bar 11 - Two inside bars so might be final flag buy vacuum test of high of yesterday. Tails, probably better to wait, but room for scalp. Have to manage quickly
  • [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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