E-mini S&P fluctuates in trading range day

Brooks Price Action - 03-15-2013 Friday

pending chart 1947

Trend from the first bar bear, or 60 minute 20 bar exponential moving average, wedge top, trading range day

  • Friday, March 15, 2013
  • Bar 1 - Gap down, big bear bar, at resistance on 60 minimum or minutes and daily, weekly buy climax, always in short, 30% chance high of the day. Swing sell or short or wait. Friday, so market will try to close on high or low of week = magnets at end of day
  • Bar 2 - Consecutive bear bars, always in short
  • Bar 3 - Bull two inside bars, but still always in short after 2 stronger bear bars
  • Bar 5 - Outside down bar, breakout pullback swing sell or short below
  • Bar 7 - Two legged pullback in a bull move at 60mabut doji. Wait. Still always in short
  • Bar 8 - Bull body, micro double bottom at 60 minute 20 bar exponential moving average, bears will get out above. Swing buy or long, but probably better to wait
  • Bar 10 - Outside up bar at 60 minute 20 bar exponential moving average, bears will exit. Not yet strong buy or long so swing or wait. Bears want two legged pullback in a bear move sell or short
  • Bar 12 - Bear reversal bar, two legged pullback in a bear move moving average but 1t body and tight channel so probably buyers below or buy below. Wait. Trading range pa so far
  • Bar 18 - Ioii at moving average, but tight channel and probably always in long. Tight trading range so bad for stop entries for scalps. Might test 5 high
  • Bar 20 - Second entry sell but tight trading range. Wait
  • Bar 22 - Breakout but weak rally
  • [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 This material may not be published, broadcast, rewritten, or redistributed.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