E-mini S&P falls in trading range day

Brooks Price Action - 05-01-2013 Wednesday

pending chart 2040

Parabolic wedge, lower high major trend reversal, fail, failure higher low major trend reversal, fomc report, wedge bottom, wedge bear flag, trending trading range day

  • Wednesday, May 1, 2013
  • Bar 1 - Fomc today. Yesterday ended with 60 minimum or minutes wedge top so might get approx. Ten bar, two-legged correction sideways to down. Gap, bear bar, breakout below trading range, target below = 60 minute 20 bar exponential moving average, trendline, but small bar. Ok to wait
  • Bar 2 - Micro double bottom at 60 minute 20 bar exponential moving average, room to moving average so might be ok scalp but missed trendline so probably more down. Better to wait
  • Bar 3 - Strong bull reversal bar, but missed trendline so probably more sideways
  • Bar 4 - Breakout pullback sell or short but tails and at support. Lp. Swing only, but better to wait
  • Bar 6 - Second entry buy but tight trading range no scalping with stops, bear bar so bad swing. Wait
  • Bar 7 - Mt moving average, possible high of the day but bull body at support. Better to wait
  • Bar 8 - Big bear bar, close on low, more down. Always in short
  • Bar 9 - Bear follow through, more down
  • Bar 10 - Doji, fail, failure breakout, higher low, parabolic wedge 2 5, but 3 bear bars so probably sellers above or sell above. Wait to buy or long
  • Bar 11 - Two bar revresal 9, parabolic wedge 2 5, possible low of the day. Ok swing, higher probability to wait. Still always in short
  • Bar 12 - Breakout pullback sell or short but strong bull bar and sideways more likely. Might be buyers below or buy below. Swing or wait
  • [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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