E-mini S&P reverses amid trading range day

Brooks Price Action - 04-04-2013 Thursday

pending chart 1986

Trend from the first bar bull, double top bear flag lower high major trend reversal, wedge bottom and lower low major trend reversal, hlmtr, trading range day

  • Thursday, April 4, 2013
  • Bar 1 - Yesterday ended with 1st leg up of lower low major trend reversal so always in long and more up likely. Doji so ba signal bar. Tomorrow = unempl report so might get gap up and or down tomorrow
  • Bar 2 - Another doji, but should get 2nd leg up. Probably buyers below or buy below sellers above or sell above. Wait
  • Bar 3 - Big bull bar, close on high. Breakout, more up, possible measuring gap
  • Bar 4 - Bull follow through, more up
  • Bar 6 - Bear inside bar, two legged pullback in a bear move 77, but tight channel. Buyers below or buy below. Swing stop below 3. Might be sellers above or sell above but too much buying pressure to sell or short
  • Bar 7 - Another big breakout, possible exhaustion gap just above 60 minute 20 bar exponential moving average. Buy vacuum test measured move target. Still always in long so might enter trading range for hours
  • Bar 8 - Bear inside bar at measured move, one bar final flag, consecutive buy climax, back in yesterday tight trading range, 60 minute 20 bar exponential moving average, possible high of the day but lp. Sideways likely, maybe for hours. Then trend resumption or trend reversal. Trend from the first bar bull so bulls will scale in below with swing stop below 3. Bears will scalp. Better to look to buy or long pullback, maybe near moving average
  • Bar 10 - 3 bear bars, close on low, more down, sellers above or sell above
  • Bar 12 - Two bar revresal 3, but might be large higher low major trend reversal. Bears need follow through to flip to always in short.
  • Bar 14 - Two inside bars, double bottom low of the day, possible higher low major trend reversal, but 5 bear bars so lp buy or long. Possible higher low major trend reversal swing buy or long. Trading range most likely after big up, big down
  • Bar 16 - Inside bar after another big reversal. Trading range likely. Probably buyers below or buy below sellers above or sell above. 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.

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