E-mini S&P stuck in tight range

Brooks Price Action - 02-11-2013 Monday

pending chart 1871

Trading range day

  • Monday, February 11, 2013
  • Bar 1 - Yesterday ended with bear breakout and pullback after fail, failure bull breakout so still always in short. Bear bar but big tail so wait for another breakout up and or down
  • Bar 4 - Bull reversal bar, fail, failure 1t breakout, but 3 bear bars. Wait. Breakout mode
  • Bar 5 - Breakout pullback sell or short but 2 bull bars with close on high so might be buyers below or buy below. Wait
  • Bar 6 - Micro double bottom but big bar. Better to wait for breakout up and or down
  • Bar 8 - Two legged pullback in a bear move sell or short but dojis and ttrso lp. Still always in short since 74
  • Bar 11 - Doji follow through from bear breakout so minimum follow through and strong trend not likely. Possible wedge low of the day 74 3
  • Bar 12 - Two bar revresal with 9 and 10, but still always in short, bear channel. Bulls need consecutive bull bars and move above 7 lower high
  • Bar 16 - Breakout above lower high so no longer bear channel, but close not above 7 high. Should get 2nd leg up after pullback. Always in long, but bulls need at least one more strong close to be convincing, else still trading range day
  • Bar 18 - Bear two inside bars, top of trading range day, but always in long so buyers below or buy below. Swing buy or long above only since weak leg and top of trading range
  • Bar 22 - Bear two inside bars, double top high of yesterday, wedge 7 16, final flag 18 two inside bars, but always in long and 10 bar microchannel so sideways more likely than down. Still always in long, buyers below or buy below
  • Bar 25 - Db18 but top of trading range day. Wait. Buy low of week sell high and scalp. Always in long so better to look to buy or long pullback. Swing stop below 12
  • [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.

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 This material may not be published, broadcast, rewritten, or redistributed.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome