E-mini S&P sees trending trading day

Brooks Price Action - 01-07-2013 Monday

pending chart 1753

Trending trading range day

  • Monday, January 7, 2013
  • Bar 1 - Yesterday was weak bull but mostly trading range. Gap down but tails so trading range bar and buyers below and sellers above
  • Bar 3 - Bull inside bar but tails and 2 sideways bars so tight trading range. Buyers below sellers above. Bad for stop entries
  • Bar 4 - St 1 but tails and tight trading range. Probably buyers below.
  • Bar 5 - 2nd reversal low of yesterday so probably ok buy or long scalp, but bear body and ok better to wait. Possible low of the day
  • Bar 7 - 1st breakout bar of day, close above prior bar. Probably always in long
  • Bar 9 - Fail, failure breakout high of the day but3 bars up and always in long so probably buyers below. Looks like small trading range so might get trending trading range day
  • Bar 11 - Breakout pullback from 5 two legged pullback in a bull move but 3 bars down and top of trading range. Wait
  • Bar 14 - Wedge bear flag at moving average but doji. Yesterday tight trading range and close of yesterday = magnet above. 12 and 13 bull gap bars so buying pressure. Might bet bull breakout of wedge bear flag and measured move up
  • Bar 16 - W bear flag at moving average but too much buying pressure so lp sell or short. Might get 2 small legs down to 11 low
  • Bar 19 - One legged pullback in a bull move, but sellers above for 2 legs down
  • Bar 23 - Two legged pullback in a bull move but doji and below moving average. Wait. Tight trading range so bad for stop entries.
  • [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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