E-mini S&P trends higher in range

Brooks Price Action - 03-08-2013 Friday

pending chart 1932

Trend from the first bar bear, wedge lower high, higher low major trend reversal

  • Friday, March 8, 2013
  • Bar 1 - Yesterday was tight trading range so magnet. Big gap but doji reversal bar. Possible high of the day. Swing only
  • Bar 2 - Bear bar, always in short, swing only or wait. Not big bar so possible sideways
  • Bar 3 - Big bear bar, more down
  • Bar 5 - Trend from the first bar bear, sellers above or sell above, 60-70% chance 1 is high of the day. Might get stuck in yesterday tight trading range
  • Bar 7 - Big tails in yesterday tight trading range so buyers below or buy below
  • Bar 8 - Another big tail at support = yesterday tight trading range and 15 minute 20 bar moving average plotted on a 5 minute chart. Buyers below or buy below and sideways likely.
  • Bar 10 - Bull inside bar, sell climax at support, but trend from the first bar bear so sellers above or sell above. Better to wait to sell or short higher or buy or long second entry buy
  • Bar 13 - 4 consecutive bull bars with close above prior high so strong. Bu bd so trading range likely. Buyers below or buy below and sellers above or sell above. Bulls need major trend reversal. Scale in bear target = 10 high. Bulls need major trend reversal. Trading range most likely, less likely, bull channel and new high of the day
  • Bar 14 - 5 consecutive bull bars so probably always in long but trading range most likely
  • Bar 15 - Lower high but 6 bars up so buyers below or buy below. Wait for second entry sell or higher low major trend reversal
  • Bar 19 - Micro double bottom 17, but trading range more likely than bull channel. Better to wait
  • [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 This material may not be published, broadcast, rewritten, or redistributed.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
comments powered by Disqus