E-mini S&P breaks higher before trending

Brooks Price Action - 05-02-2013 Thursday

pending chart 2042

Trend from the first bar bull, breakout, then tight trading range, close to cash index 1600

  • Thursday, May 2, 2013
  • Bar 1 - Yesterday = bear channel = bull flag. Gap up, bull reversal bar, ok swing buy or long, but just below 60 minute 20 bar exponential moving average, trendline, and lower high so still in bear channel. Ttrs yesterday might be magnets for more trading range today. Might test cash 1600, or about 1595.50 on es
  • Bar 2 - Bull follow through, always in long, buyers below or buy below, swing stop below 1
  • Bar 5 - Tight trading range no scalping with stops. Still always in long. Ok swing buy or long but lp. Better to wait for breakout up and or down
  • Bar 6 - Two legged pullback in a bull move buy or long, always in long, swing only or wait for breakout. Higher low major trend reversal
  • Bar 8 - Breakout pullback buy or long, bull bar. Ok swing buy or long
  • Bar 9 - Breakout, more up
  • Bar 10 - Bear reversal bar, fail, failure breakout, but buyers below or buy below since weak signal bar compared to 7 � 9 breakout
  • Bar 11 - 18t above 1, five tick failure above 9 close so profit taking. Weak follow through so probably bull leg in trading range and not strong bull
  • Bar 12 - Outside bar surrounded by inside bars but early tight trading range in yesterday tight trading range. Buyers below or buy below. Don�t ba
  • Bar 14 - Bear outside bar surrounded by inside bars, double top yesterday 21. Tight trading range so better to wait to sell or short above a bar. Should get pullback near moving average since weak bull
  • Bar 15 - Breakout pullback buy or long but doji in tight trading range, far from moving average so sellers above or sell above
  • [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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