E-mini S&P falls from double top bear flag

Brooks Price Action - 03-21-2013 Thursday

pending chart 1957

Trending trading range day, double top bear flag, wedge bottom

  • Thursday, March 21, 2013
  • Bar 1 - Gap down, bull reversal bar, but small bar, tight channel, and not at support. Possible low of the day but sideways more likely
  • Bar 2 - Consecutive bull bars so buyers below or buy below. Should test 60 minute 20 bar exponential moving average above
  • Bar 4 - 4 consecutive bull bars, higher closes. Always in long. Ok to wait until after report. 30% chance 1 = low of the day
  • Bar 7 - Two bar revresal and or at 60 minute 20 bar exponential moving average, two legged pullback in a bear move 2, ok swing sell or short for possible high of the day, but trading range pa so far
  • Bar 11 - Fail, failure breakout, lower low major trend reversal, but doji and 4 bear bars so lp. Better to wait for second entry buy or strong bull breakout
  • Bar 13 - Breakout sell or short but bull doji so buyers below or buy below
  • Bar 16 - Two legged pullback in a bear move but only 1 bear bar in past 6. Wait
  • Bar 17 - Fail, failure two legged pullback in a bear move but doji and near moving average. Wait
  • Bar 18 - Wedge 12 15 but bull body. Wait
  • Bar 22 - Bull breakout of bear flag. Ok swing buy or long, always in long since bull breakout after 11 lower low major trend reversal
  • Bar 23 - Bull follow through but top of trading range and at 60 minute 20 bar exponential moving average so if buy or long, trade small and put stop below 22or 19, else wait for pullback or breakout above 60 minute 20 bar exponential moving average
  • [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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