E-mini S&P reverses trend after failure

Brooks Price Action - 04-22-2013 Monday

pending chart 2022

Fail, failure breakout above then below trading range, higher low major trend reversal

  • Monday, April 22, 2013
  • Bar 1 - Yesterday ended with trading range after bull leg. Gap up so trend resumption, but might be fail, failure breakout and high of the day. Doji so buyers below or buy below sellers above or sell above, but trading range magnet below. Open of month = pink line. Should get there this week since close, and month ends next week
  • Bar 2 - Big bear bar, close on low, always in short, room to moving average so signal bar
  • Bar 3 - Reversal bar but doji and strong down momentum, top of trading range. Sellers above or sell above
  • Bar 4 - Two bar revresal, two legged pullback in a bull move 3, but top of trading range, always in short, report soon. Wait
  • Bar 5 - Micro double bottom but 3t tail, always in short. Wait. Might be sellers above or sell above
  • Bar 6 - Bull entry bar but double top 4, always in short. Ok swing sell or short below, but lp so swing or wait
  • Bar 8 - Bear breakout, room to bottom of trading range, more down
  • Bar 9 - Reversal bar but bear body, small. More down
  • Bar 10 - Breakout pullback sell or short but weak bear leg. No consecutive big bear bars so trading range likely soon. Lp sell or short below
  • Bar 12 - Strong bull reversal bar, fail, failure breakout below trading range. Ok scalp buy or long. Probably buyers below or buy below and buyers below or buy below
  • Bar 13 - Tail. More buyers below or buy below low of prior bar. Sideways likely 14 microwedge 9 12. Probably ok scalp, but might be hard to manage since tight trading range likely. Might be low of the day, but bulls need better base, like major trend reversal, or strong breakout.
  • [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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