E-mini S&P range-bound after early bull breakout

Brooks Price Action - 10-04-2012 Thursday

pending chart 1560

Bull breakout, then trading range day.

  • Thursday, October 4, 2012
  • Bar 1 - Pink line = 60 minimum or minutes lower high and bears want more lower highs. Bulls want breakout. Doji to buyers below
  • Bar 3 - Doji inside bar. Tight trading range, wait
  • Bar 4 - Outside up bar, close on high, but at support and/or resistance, tight trading range. Wait
  • Bar 5 - Strong bear bar, micro double top, at support and/or resistance, possible high of the day. Ok sell or short but better to wait for report
  • Bar 7 - Outside up bar on report, close above pink line, always in long with stop below 7
  • Bar 8 - Big bull bar, close on high, ok buy or long
  • Bar 9 - Bull follow through but tail and at support and/or resistance = another 60 lower high and near top of 60 minimum or minutes trading range so sideways likely. Better to wait
  • Bar 10 - Bear bar, close on low, final flag 6, fail, failure breakout above swing high last week, wedge 72 1, possible high of the day so ok swing sell or short, but always in long and only 1t body. Better to wait
  • Bar 14 - Five tick failure fail, failure, bull one legged pullback in a bull move but small body and 4 bars down so sellers above. Trading range more likely so better to wait
  • Bar 16 - Two legged pullback in a bull move but doji and tight channel so probably sellers above. Wait
  • Bar 19 - Two legged pullback in a bear move, bear bar, should test moving average
  • [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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