Thursday price action climbs higher in E-mini: Brooks

Brooks Price Action Analysis for Thursday, March 20

pending chart 2709

Strong bull reversal. should breakout above 60 minute double top soon, and then to new all time high within 1-2 weeks to test weekly targets around 1900 (top of weekly channel, measured move) for possible high of next several months. Then, should test 1700 within next few months.

  • Thursday, March 20, 2014
  • Bar 1 - Yesterday ended with strong bull reversal so two legs up likely, then trading range, maybe below 70 to around 76. Doji, tight channel, below moving average so sell above or sellers at the high of the bar and probably scaling in higher
  • Bar 2 - Breakout pullback sell or short at moving average for test 70 low. ok swing and maybe scalp
  • Bar 5 - Higher low major trend reversal, double bottom 70, still always in long, but tight channel so better to wait for a strong bull breakout or second entry buy. Ok swing buy or long for low of the day
  • Bar 6 - Breakout pullback sell or short but 2 strong bull bars, always in long. Buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 7 - Outside up bar, possible measuring gap. Stop below 7 for test 76 high
  • Bar 8 - Big bull bar but double top 76 at 60 minute 20 bar exponential moving average so ok to take profits and buy or long pullback. Nesp to sell or short yet but pullback likely since trading range top
  • Bar 9 - Follow through, more up
  • Bar 10 - Big bar so possible exhaustion gap at 60 minute 20 bar exponential moving average. Still buy the close but better to wait to buy or long pullback
  • Bar 11 - Two legged pullback in a bear move 76, end of two legs up, bear inside bar, fail, failure breakout. Probably buy below or buyers at the low of the bar and probably scaling in lower, but bulls need stop below 7. Might get deep pullback to moving average after big breakout. Maybe sell above or sellers at the high of the bar and probably scaling in higher but better to only buy or long
  • Bar 12 - Breakout pullback buy or long but 2 dojis, buy climax, 60 moving average so need swing stop below 7 high or 7 low. Better to buy or long pullback near moving average.
  • Bar 14 - Breakout pullback buy or long but tight trading range, bad for scalping with stop entries unless using swing stop so swing or wait to buy or long pullback. Probably sell above or sellers at the high of the bar and probably scaling in higher for test moving average and 76 high
  • [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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