E-mini S&P reverses amid trading range day

Brooks Price Action - 06-10-2013 Monday

pending chart 2121

Higher high major trend reversal, Opening Range, lower high major trend reversal, wedge bottom, trending trading range day

  • Monday, June 10, 2013
  • Bar 1 - 3 day rally. Might soon get drop to around 1620, then 60 higher low major trend reversal for test of 60 minimum or minutes lower high around 1670. 5 minimum or minutes higher high major trend reversal, close on low, possible high of the day, ok sell or short
  • Bar 2 - Close on low. More down.
  • Bar 3 - More down
  • Bar 4 - Bull reversal bar near moving average, possible or, low of the day so swing buy or long, but trendline below. Probably sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Breakout pullback sell or short, ok swing, but tail so lower probability and swing only or wait
  • Bar 10 - Or, two bar revresal, two legged pullback in a bull move 4, possible low of the day but strong selloff so better to wait
  • Bar 12 - 3 bars up, close on high, always in long, gaps, so strong buying pressure, more up
  • Bar 14 - Possible buy climax. Maybe 1-2 more bars up then pullback. Market fell 9 points from open of day so too much for big bull day so probably trading range day
  • Bar 16 - Bear reversal bar, buy climax, sellers at the high of the bar and probably scaling in higher for scalp. Probably buyers at the low of week of the bar and probably scaling in lower after 6 consecutive bull bars with gap. Big down, big up to trading range most likely soon
  • Bar 18 - Breakout pullback buy or long but tight trading range no scalping with stops so swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk or wait
  • Bar 21 - Lower high major trend reversal, wedge 5 15, fail, failure breakout but bull bar, always in long. 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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