E-mini stays in range

Brooks Price Action - 12-07-2012 Friday

pending chart 1677

Channel reversal, higher low major trend reversal, trading range day

  • Friday, December 7, 2012
  • Bar 1 - Yesterday was possible triangle after bull spike. Gap up but doji. Buyers below, sellers above.
  • Bar 2 - Reversal down from to of bull channel so might hit bottom of channel
  • Bar 3 - Strong bull reversal bar but after stronger bear bar. Better to wait, but ok swing buy or long
  • Bar 4 - Big outside down bar so more down, but tail. Probably trading range day
  • Bar 7 - Two bar revresal, two legged pullback in a bull move at moving average, but dojis so sellers above
  • Bar 10 - Bear two inside bars. Ok swing sell or short. Trading range day likely since big tails, overlap, lots of reversals, dojis
  • Bar 13 - Bear breakout, possible trending trading range day, but just above 60 minute 20 bar exponential moving average support. Wait
  • Bar 14 - Two legged pullback in a bull move 6, strong bull inside bar, but stronger 13 and target below so sellers above
  • Bar 16 - Breakout pullback sell or short but just above support so hard to manage. Better to start looking for buy or long soon since trading range pa and probably will bounce soon
  • Bar 19 - Big outside down bar to 60 minute 20 bar exponential moving average but big tail and trading range pa. Wait. Consecutive sell climax down to support so should get approx. Ten bar, two-legged correction sideways to up
  • Bar 20 - Bear outside bar surrounded by inside bars but wedge 6 13, test of 60 minute 20 bar exponential moving average and bottom of channel so better to look to buy or long. Buyers below
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.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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