E-mini likely to stay in trading range: Brooks

Daily price action for Wednesday, June 12

pending chart 2124

Gap down, higher low-major trend reversal, buy climax, lower high major trend reversal, higher low major trend reversal, wedge

  • Tuesday, June 11, 2013
  • Bar 1 - 60 minute trying to form higher low-major trend reversal. Big gap, big bear bar, but far from moving average. Trading range likely. Lp sell or short. Wait
  • Bar 2 - Big tail, far from moving average, trading range likely. Possible low of the day. Ok swing. Consecutive bear bars so sellers at the high of the bar and probably scaling in higher
  • Bar 5 - 3 consecutive bull bars. Always in long. Tails so still trading range
  • Bar 7 - Fail, failure breakout, weak rally, should get pullback, maybe deep, but still always in long as long as stays above 2 low
  • Bar 11 - Higher low major trend reversal, bull breakout. Always in long. Ok swing
  • Bar 12 - Follow through, more up. Tail so not yet strong
  • Bar 13 - Breakout, but buy vacuum test moving average. Tail so still not strong. Buyers at the low of week of the bar and probably scaling in lower
  • Bar 14 - Breakout pullback buy or long but at moving average and wedge 1 7 so might be sellers at the high of the bar and probably scaling in higher
  • Bar 16 - Wedge at moving average, one bar final flag 14, but 5 consecutive bull bars so lp wedge sell or short and probably buyers at the low of week of the bar and probably scaling in lower. Maybe tight trading range.
  • Bar 19 - Bear outside bar surrounded by inside bars but tight trading range no scalping with stops. Not strong enough to sell or short. Still always in long.
  • Bar 21 - Small breakout, always in long, should work 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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