E-mini S&P falls in major reversal

Brooks Price Action - 06-05-2013 Wednesday

pending chart 2113

Double top, wedge bottom, moving average gap bar, lower low major trend reversal

  • Wednesday, June 5, 2013
  • Bar 1 - Yesterday with bull channel so might get higher low major trend reversal. Doji so trading range and buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Wait
  • Bar 2 - Another doji. Might be ok scalp but probably sellers at the high of the bar and probably scaling in higher
  • Bar 3 - Strong bull bar but just below moving average and trading range likely. Wait
  • Bar 4 - Fail, failure breakout but doji. Probably always in long and trading range. Wait
  • Bar 7 - Two bar revresal, double bottom but just below moving average. Wait for breakout
  • Bar 8 - Two bar revresal, double top below moving average. Ok swing sell or short
  • Bar 9 - Follow through, probably always in short and probably measured move down. Ok sell or short
  • Bar 10 - Breakout, but trading range for 2 weeks so might be trap. Should get at least 2 legs down
  • Bar 11 - Bull inside bar, fail, failure breakout low of yesterday, wedge 66 1. Lp buy or long since 2nd leg down likely, but bad bar for bears
  • Bar 12 - Consecutive bull bars. Ok to exit shorts. Not strong buy or long yet since 2nd leg down likely
  • Bar 15 - Inside bar pullback from 14 trend resumption, but tight trading range no scalping with stops. Swing sell or short or wait. Weak bear so probably part of trading range.
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome