E-mini price action trades in tight trading range Monday

Brooks Price Action Analysis of Monday, Nov. 12

pending chart 2402

Fail, failure breakout high of yesterday, lower high major trend reversal, possible triangle, tight trading range

  • Monday, November 11, 2013
  • Bar 1 - Yesterday ended with a a bull breakout of a bull channel so should fail, failure. Daily chart has strong buy or long sellers below or signal bar yesterday, but top of tight trading range so probably trap, but should go above high of yesterday to see. Might get early reversal down from high of yesterday, then more trading range on daily. Bear sellers below or signal bar but still always in long from yesterday. 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. Pink line above = all time high and high of last week
  • Bar 3 - Breakout pullback buy or long, should get above high of yesterday, but bear body, tight trading range, so low probability, swing only. Should fail, failure soon and test bottom of 5 minimum or minutes channel
  • Bar 4 - Breakout, more up
  • Bar 5 - Follow through, more up, but probably trading range soon since 2nd breakout above top of bull channel so sideways to down more likely
  • Bar 6 - Fail, failure breakout high of yesterday and top of channel second entry sell, but 4 5 strong so probably one more push up to possible wedge top and high of the day. Might be buyers at the low of week of the bar and probably scaling in lower. Ok swing sell or short, especially if scale in at new high because probably will be fail, failure breakout high of yesterday, but might need wedge top. Should work down to bottom of channel = parallel of top of channel
  • Bar 8 - Breakout pullback buy or long but tail. Might be sellers at the high of the bar and probably scaling in higher and then channel down for high of the day, but trading range pa so far. Might be always in short
  • Bar 14 - Double bottom 4 bull entry bar, no consecutive bear bars so weak bear leg and trading range more likely than channel. 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
  • Bar 18 - Lower high major trend reversal but 4 consecutive bull bodies, trading range so far, so low probability and swing only. Sideways more likely
  • Bar 20 - Fail, failure breakout, double bottom 14, but middle of trading range day so better to not buyers above. Maybe always in short
  • Bar 24 - Another lower high but tight trading range no scalping with stops.
  • Bar 26 - Possible triangle 14 20 but tight trading range no scalping with stops. Ok swing buy or long, but still should go sideways to down to bottom of channel after fail, failure breakout of top
  • [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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