E-mini S&P sees double top in trading range

Brooks Price Action - 09-12-2012 Wednesday

pending chart 1537

Trading range day, double top, then double bottom and close near high of the day

  • Wednesday, September 12, 2012
  • Bar 1 - Yesterday was trading range day with bear channel = bull flag at end. Gap but tails so basb/ fomc report tomorrow and weekly magnets above. Odds favor up, but might reverse at magnets and then sell off to bottom of daily channel. Be ready after report tomorrow
  • Bar 4 - 2 bear bars, 1t fail, failure breakout of last week high = high of past 4 years, close on low so possible high of the day and swing sell or short but 4 small overlap bars and 4 day trading range so trading range more likely
  • Bar 6 - Two legged pullback in a bull move 1, fail, failure breakout but weak signal bar. Wait
  • Bar 8 - Outside bar surrounded by inside bars, close on high, wedge bf 2 5, or two legged pullback in a bull move, but not at support. Wait. Breakout mode after reversal down and up
  • Bar 11 - Outside bar surrounded by inside bars. 50% chance either 3 is high of the day or 8 is low of the day. Should test moving average below so maybe better for bears
  • Bar 12 - Strong bear breakout, always in short, sell or short close, more down
  • Bar 13 - Bear follow through, more down. Tail, so not strong
  • Bar 14 - Breakout pullback sell or short but doji and middle of yesterday trading range so might be buyers below
  • Bar 15 - Another tail so buying pressure. 60 minute 20 bar exponential moving average magnet below
  • Bar 16 - Another tail. Should hit 60 minute 20 bar exponential moving average but bear will probably exit above since too many tails and trading range for 4 days
  • Bar 17 - Two bar reversal, parabolic wedge, but 7 bars down. Better to not buy or long. Might be trending trading range day. 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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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