E-mini S&P turns higher after major trend reversal

Brooks Price Action - 04-26-2013 Friday

pending chart 2034

Double top opening range, broad bear channel, final flag, higher low major trend reversal, higher high major trend reversal

  • Friday, April 26, 2013
  • Bar 1 - Yesterday ended with double top bear flag just above trendline, trend channel line, low of yesterday, 60 minute 20 bar exponential moving average. Bull doji so sellers above or sell above at moving average and buyers below or buy below at support. Wait
  • Bar 3 - Bull inside bar at 60 minute 20 bar exponential moving average so fail, failure breakout, but 2t body so weak. Sideways likely. Might get double top at moving average for high of the day
  • Bar 5 - Bull breakout, always in long, but might fail, failure at moving average
  • Bar 7 - Bear reversal bar, close on low, double top 1 at moving average. Ok swing sell or short for high of the day, but odds favor buyers below or buy below
  • Bar 9 - Big bear bar, always in short, but big tail so trading range more likely
  • Bar 11 - Bull reversal bar at 60 minute 20 bar exponential moving average, microwedge, wedge 71 2, but always in short so lp buy or long. Swing only but better to wait or hold sell or short. Might go sideways to moving average and form two legged pullback in a bear move
  • Bar 13 - Two bar revresal breakout pullback sell or short, always in short. Ok swing sell or short but sideways and buyers below or buy below more likely since good bull bars 11 12 at support
  • Bar 14 - Second entry sell but doji, tight trading range. Probably sellers above or sell above and sideways
  • Bar 16 - Two legged pullback in a bear move sell or short but doji, tight trading range. Always in short so ok swing sell or short, but ok to wait for higher probability
  • Bar 18 - Fail, failure breakout, wedge 71 2 11, but tail and still in bear channel. Bulls need breakout or better bottom. Still always in short but weak channel so odds favor evolving into trading range
  • Bar 22 - Double top 15. Ok swing sell or short, always in short, but tight trading range so don�t scalp. Ok to wait for 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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