E-mini S&P declines amid broad bear channel

Brooks Price Action - 04-18-2013 Thursday

pending chart 2015

Trend from the first bar bear, broad channel bear, wedge and expanding triangle bottom, hlmtr, double top, lower high, second entry buy new low of the day at fail, failure breakout below 60m trading range

  • Thursday, April 18, 2013
  • Bar 1 - Yesterday ended with trading range after lower low major trend reversal. Big bear bar, possible triangle 70 78, but trading range. Swing sell or short only since lp and big signal bar
  • Bar 2 - Bear follow through, always in short, but need stop above 1. Better to wait
  • Bar 3 - Bull inside bar, double bottom 65 higher low major trend reversal, but trading range and big bar so lp so swing. Still always in short. Better to wait or swing sell or short
  • Bar 4 - Breakout pullback sell or short but still in trading range, big bars so big risk, tight trading range so lp, reports soon. Better to wait
  • Bar 6 - Consecutive bear bars, should test low of yesterday
  • Bar 7 - Huge bear bar, sell climax, possible low of the day or measuring gap
  • Bar 8 - Inside bar so fail, failure breakout. Expanding triangle 20 36, big wedge bottom over 4 days, bottom of 60m trading range, but doji. Better to wait for second entry buy
  • Bar 11 - Two inside bars, breakout pullback sell or short, but at support so probably scalp, possible final flag
  • Bar 12 - Big outside up bar, second entry buy expanding triangle, big wedge, possible low of the day. Ok swing buy or long, ok to wait
  • Bar 13 - Bull follow through, probably always in long, but need stop below 12, 9 high, or 11 high. Should get pullback at moving average
  • Bar 14 - Two legged pullback in a bear move 11 at moving average, but probably always in long so lp sell or short and swing only. Probably buyers below or buy below, around 11 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.

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