E-mini S&P climbs higher from opening range

Brooks Price Action - 04-29-2013 Monday

pending chart 2035

Opening range, small pullback bull, wedge top, double top lower high major trend reversal, lower high major trend reversal

  • Monday, April 29, 2013
  • Bar 1 - Yesterday had wedge bottom and one leg up. Gap up so part of 2nd leg up. Magnet above = high of yesterday, magnet below = open of month. Tomorrow is last day of month. Expanding triangle 52 72, ok swing sell or short.
  • Bar 2 - Big tail so bad for bears and many will exit
  • Bar 4 - Or, two bar revresal but 2t tail so lp buy or long. Swing or wait.
  • Bar 6 - 3 consecutive bull bars. Might get new high of the day
  • Bar 7 - Big breakout, close on high, more up, always in long, stop below 7 or 3
  • Bar 8 - Bull bar so follow through. More up, but might get pullback since trading range pa for 2 months
  • Bar 10 - Two inside bars, but always in long and 2nd leg up likely. Ok swing buy or long and scalp if use swing stop. Might get trading range soon. Buyers below or buy below so don't sell or short
  • Bar 12 - Wedge 1 8, bear reversal bar but small compared to 7 8 11 so strong always in long. Buyers below or buy below and better to not scalp sell or short two inside bars final flag since not high enough probability
  • Bar 18 - Bear inside bar, spike and channel wedge 8 12, 17t fail, failure 1, but small pullback bull so sideways more likely than down. Better to wait to buy or long pullback since not high enough probability for scalp sell or short and no clear top so not good swing sell or short
  • Bar 20 - Double bottom 13 but tight trading range and 2nd leg sideways to down likely. Ok buy or long but swing stop
  • Bar 27 - Possible triangle 13 21 but tight trading range. Ok buy or long if swing stop
  • [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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