E-mini S&P reverses after buy climax

Brooks Price Action - 04-11-2013 Thursday

pending chart 1999

Trend from the first bar bull, consecutive buy climax, lower high major trend reversal, trading range

  • Thursday, April 11, 2013
  • Bar 1 - 4 day strong bull trend, 50 bar trading range. Doji in middle of trading range. Wait
  • Bar 2 - Two legged pullback in a bull move 80, bulls might get 2nd leg up 76
  • Bar 3 - Big bull bar, close on high, always in long, more up, but might get fail, failure breakout above trading range and high of the day
  • Bar 4 - Bear reversal bar but 1t body so weak. Buyers below or buy below. Lp high of the day
  • Bar 5 - 2nd pullback bar so breakout pullback buy or long, but weak follow through so lp buy or long. Might get second entry sell above high of yesterday for high of the day. Always in long
  • Bar 7 - Second entry sell high of yesterday but doji. Buyers below or buy below
  • Bar 13 - Bear inside bar, wedge 5 9, but tight channel and strong bull bars. Wait. Still always in long. Might get one more push up, then l4
  • Bar 14 - Breakout pullback buy or long, always in long so ok swing, but might get l4 sell or short soon
  • Bar 15 - Breakout, fail, failure wedge, might get measured move up
  • Bar 17 - Another breakout, more up. Getting close to 1600 on cash index
  • Bar 20 - Fail, failure breakout but bull bar and odds favor 2nd leg up after breakout of top of wedge so buyers below or buy below
  • [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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