Al Brooks E-mini S&P 500 Price Action for April 14

Brooks Price Action - 05-14-2013 Tuesday

pending chart 2074

Trend from the first bar bull, wedge top, lower high major trend reversal, double bottom, trend resumption

  • Tuesday, May 14, 2013
  • Bar 1 - 4 day trading range at top of 60 minimum or minutes channel. Looks like should get bull breakout on 60 minimum or minutes and daily. Might get strong breakout and buy climax and then high of next few months. Big bull bar, close near high, always in long, more up. Possible low of the day.
  • Bar 2 - Bull follow through, buyers below or buy below, more up
  • Bar 7 - 2 dojis but trend from the first bar bull and buyers below or buy below. Swing buy or long
  • Bar 11 - 1st pullback so buyers below or buy below 10 and above 11
  • Bar 12 - Big bull bar with target above so possible buy climax and trading range soon. Could last hours, then either trend resumption or trend reversal. Less likely, measuring gap
  • Bar 15 - Bear reversal bar, 3 bull bars, buy climax, measured move. Bulls will start to take profits and wait for approx. Ten bar, two-legged correction sideways to down to buy or long again. Bears will scale in for scalp. Don�t sell or short unless can use wide stops. Better to only look to buy or long pullback
  • Bar 19 - Two bar revresal, but strong small pullback bull so better to not sell or short below unless can use wide stops and scale in. Look to buy or long approx. Ten bar, two-legged correction sideways to down. Extremely strong bull day and 70% chance it will stay bull trend day, but should enter trading range
  • Bar 23 - Bear two inside bars, tight trading range, buyers below or buy below and ba. Only look to buy or long and use swing stop below 12, 13, or maybe 3 profit target stop. Ok swing and maybe part scalp. Probably mostly sideways for hours. Might get 2 legs sideways to down after strong buy climax
  • Bar 24 - Bull reversal bar, micro double bottom. Even tho tight trading range, ok buy or long with swing stop. Bears might scale in 1 � 2 points above high of the day for scalps
  • Bar 28 - Reversal bar, higher high major trend reversal, final flag, breakout test or bought bull body and nesp. Better to wait to sell or short. Might stay always in long all day
  • Bar 34 - Consecutive buy climax, consecutive bull bars, wedge, good to take profits. Bears will scale in here and higher
  • [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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