Al Brooks E-mini S&P 500 analysis for June 6

Brooks Price Action - 06-06-2013 Thursday

pending chart 2114

Lower low major trend reversal, higher low major trend reversal, double top, higher low major trend reversal, reversal day

  • Thursday, June 6, 2013
  • Bar 1 - Yesterday ended with potential major trend reversal at support = gap on daily after moving average gap bar 51. Probably bull trend today. Ok swing buy or long
  • Bar 2 - Good entry bar. Always in long, 50% chance 1 = low of the day. Need to breakout above trading range, else trading range day. Until breakout above 74 or 51 top of trading range, good to take at least half off at 2 points
  • Bar 4 - Bear bar at moving average but 3 strong bull bars so always in long and buyers at the low of week of the bar and probably scaling in lower
  • Bar 6 - Bull reversal bar but forcing traders to buy or long at top of trading range so lower probability. Ok swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk. Bull need breakout, else double top
  • Bar 7 - Reversal bar, lower high 74 in broad bear channel, double top 4 wedge 81 4, but bull body and still always in long so low probability sell or short. Trading range so far
  • Bar 10 - Double bottom 6, higher low major trend reversal, fail, failure bear breakout, always in long, but 1t body so lower probability. Ok swing buy or long, stop below 1, but higher probability to wait
  • Bar 12 - Higher low major trend reversal, wedge 6 10, test of gap. Ok swing buy or long
  • Bar 13 - Two legged pullback in a bear move 11 but tight trading range, bull bodies, always in long, on 12 swing buy or long so buyers below down to 12 low with stop below 12
  • Bar 16 - Buyers at the low of week of the bar and probably scaling in lower. Bull signal bars for bears so bad for bears and good for bulls
  • Bar 20 - Bear two inside bars so weak follow through. Still always in long. Bulls need breakout. Fail, failure breakout, wedge 13 or 16, then 18. Lp sell or short so swing. Better probability to be long or looking to buy or long since still always in long, but bulls need buy or long soon, else will be top and then might get breakout to new low of the day
  • Bar 23 - Wedge 16 18, bear body, 15 minute 20 bar moving average plotted on a 5 minute chart. Ok swing sell or short. Bulls will probably exit below
  • [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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