E-mini price action sees consecutive sell climax bottom: Brooks

Brooks Price Action Analysis of Tuesday, July 2

pending chart 2190

Trend from the first bar bull, higher high major trend reversal, fail, failure wedge bottom, consecutive sell climax bottom

  • Tuesday, July 2, 2013
  • Bar 1 - Yesterday ended with bear channel so bull flag. Very bullish seasonal just beforejuly 4. Bit outside up bar, fail, failure breakout low of yesterday. Close on high, ok swing but sideways more likely
  • Bar 2 - Bull bar, always in long, buyers at the low of week of the bar and probably scaling in lower, ok swing
  • Bar 5 - 5 bull bars, trend from the first bar bull, buyers at the low of week of the bar and probably scaling in lower. Double top 67 so ok to wait to buy or long pullback, maybe near moving average. One legged pullback in a bull move at resistance 68 high and after buy climax so sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Early tight trading range, sellers at the high of the bar and probably scaling in higher, buyers at the low of week of the bar and probably scaling in lower
  • Bar 8 - Bull outside bar surrounded by inside bars but tight trading range no scalping with stops. Swing or wait. Some traders willr scalp with limit order orders and scale in
  • Bar 12 - Fail, failure breakout but nesp so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 14 - Two bar revresal, breakout pullback buy or long but top of tight trading range and weak channel so swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk or wait
  • Bar 15 - Wedge 7 11 but bull body. Probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 17 - Fail, failure wedge, but might be sellers at the high of the bar and probably scaling in higher with stop above 15 top of wedge. Lp but low risk, high reward. Bulls want breakout, fail, failure wedge, measured move up
  • Bar 18 - Wedge, micro double top, ok swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk sell or short. Bulls need breakout above 15 top of wedge
  • Bar 20 - Bull bar so fail, failure bear breakout, more weak bull channel and tight trading range. Still on swing sell or short, stop above 19, and on swing buy or long, stop below 13. Bear case stronger, but tight trading range no scalping with stops and neither is good yet
  • [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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