Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Thursday, April 5, 2018.
- Bar 1 - I leave early today. Gu but doji, low probability buy, probably sellers above, and sideways more likely than up, possibly sellers above or probably sellers at the high of the bar scaling in higher
- Bar 3 - Big outside down bar, probably always in short for close of gap, but probably trading range open so mostly a limit order market. Minor trend reversal so trading range more likely since yesterday channel tight
- Bar 5 - Outside up bar, two legged pullback in a bull move 1, gap stayed open, possible low of day, but low probability so swing or wait, but trading range open so mostly a limit order market more likely after yesterday buy climax. Bull need a consecutive big bull bar
- Bar 8 - Breakout pullback buy or long but top of tight trading range, limit order market, sellers scaling in above, buyers below, both scalping, sellers above or probably sellers at the high of the bar scaling in higher, better to wait
- Bar 10 - Double top but big bar, tight trading range, always in long, moving average just below, trading range open so mostly a limit order market, low probability short, probably buyers below, and sideways more likely than down
- Bar 12 - Double bottom but doji, limit order market, sellers scaling in above, buyers below, both scalping, trading range open so mostly a limit order market, low probability buy, probably sellers above, and sideways more likely than up, better to wait
- Bar 17 - Possible triangle, bull inside bar closing near high, 1st good swing trade today. A possible triangle might be a final flag, so there's a possibility of a reversal down back to a possible triangle after 1 to 2 hours. Bears want a fail, failure breakout and breakout below 16 and the moving average
- Bar 18 - Big bull bar, close above 18, probably swing up, but a possible final flag
More bar-by-bar analysis, daily webinar and trading course info can be found here and also here.
About the Author
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.