E-mini S&P trends higher in channel

Brooks Price Action - 04-16-2013 Tuesday

pending chart 2009

Higher low major trend reversal, gap spike and channel bull, wedge top, trending trading range day

  • Tuesday, April 16, 2013
  • Bar 1 - Yesterday = strong bear trend. Gap up. Odds favor major trend reversal. Should test breakout point = blue line, and low of yesterday within day or two. Trading range day most likely after bd bu. Doji so buyers below or buy below sellers above or sell above
  • Bar 3 - Fail, failure breakout, close near low. Ok swing sell or short
  • Bar 4 - Doji to tight trading range. Scalpers will exit be
  • Bar 5 - More tight trading range no scalping with stops. Still in swing sell or short but probably better to exit be(breakeven) and wait
  • Bar 9 - Big bear reversal bar but bottom of tight trading range. Still on 3 swing sell or short
  • Bar 11 - Bull inside bar, high 26 at moving average, fail, failure bear breakout, but 2 bar bear spike so might get more down. Lp buy or long. Still on 3 swing sell or short
  • Bar 13 - Breakout pullback sell or short, but swing only since lp. Bears want measured move down, bulls want wedge 1 10
  • Bar 15 - Bear breakout, need follow through, else wedge bull flag
  • Bar 16 - Higher low major trend reversal, bull reversal bar, fail, failure breakout, wedge 1 10. Ok swing buy or long. Small bar compared to 14 15 so ok to wait
  • Bar 19 - 3 consecutive breakout, close above 18. Probably always in long, possible low of the day, buyers below or buy below
  • Bar 20 - Breakout pullback buy or long. Ok swing buy or long, ok scalp if swing stop below 16
  • [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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