E-mini sees possible start of correction

Brooks Price Action - 04-03-2013 Wednesday

pending chart 1983

Lower high major trend reversal, spike and channel bear, parabolic wedge, moving average gap bar, expanding triangle bottom at 60 minutes trendline, possible start of correction on daily

  • Wednesday, April 3, 2013
  • Bar 1 - Bears see this as a lower high major trend reversal and will sell or short with stop above 56. Doji so probably sellers above or sell above buyers below or buy below. Bulls want hlmtr. Wait
  • Bar 2 - Two bar revresal, lower high major trend reversal
  • Bar 3 - Bear follow through, always in short, but probably will hold above 76 and 60 moving average. Wait
  • Bar 6 - Bear inside bar. Don�t buy or long. One legged pullback in a bear move but report so hard to place order to sell or short. Always in short stop above 2 or 3
  • Bar 10 - Bull two inside bars, close on high, expanding triangle 63 76 so lower low major trend reversal. Ok swing buy or long, probably ok scalp, especially if wide stop, but trendline just below so might need more down. Bears should exit
  • Bar 12 - Two legged pullback in a bear move but tail, still on 10 buy or long. Probably buyers below or buy below, but trendline below so might get new low of the day. Swing sell or short only, better to look to buy or long
  • Bar 14 - Second entry buy low of yesterday, but doji, tight trading range, so lp. Swing only. Target 1t above 7 high. Still always in short
  • Bar 17 - Possible triangle 8 11. Ok swing sell or short but scalp probably better since probably final flag. Bulls should exit and look to buy or long again if final flag
  • Bar 21 - Final flag but 4 bars down, 2t above measured move so more down likely. Bulls should wait or use wide stop. Target 10 high
  • Bar 24 - Breakout pullback sell or short but scalp only since buyers below or buy below after consecutive sell climax with final flag above
  • Bar 26 - Second entry buy but tail so weak. Still measured move target 2t below low of the day so might get a little more down for test 10 high
  • [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
Check out Futures Magazine - Polls on LockerDome on LockerDome