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 Friday, April 27, 2018.
- Bar 1 - 1 fail, failure breakout high of yesterday, but bull bars, strong 79, buy below or probably buyers at the low of the bar scaling in lower around moving average and 50% pullback
- Bar 4 - Fail, failure breakout high of yesterday second entry sell, possible high of the day, but low probability so swing or wait, but another doji limit order market, sellers scaling in above, buyers below, both scalping
- Bar 7 - Two legged pullback in a bull move but big bar, 2 bear bars, limit order market, sellers scaling in above, buyers below, both scalping, breakout mode, bulls and bears scaling in, both swinging
- Bar 11 - Close on low below the moving average, possible mmd
- Bar 12 - Good entry bar, probably always in short for test 60-minute, 20-bar exponential moving average. Double top 68 1, neckline 77, but mmd is below 60-minute, 20-bar exponential moving average support
- Bar 13 - Sell the close but probably bounce soon since just above 60-minute, 20-bar exponential moving average and low of last week
- Bar 15 - Sell climax, fail, failure breakout 77, but small bull bars, bb1
- Bar 18 - Big bull bar cou, double bottom 14, bar 18 rev, possible low of day, but low probability so swing or wait, ok buy or long for two legs up and possible reversal up
- Bar 22 - Double-top 16 at moving average but always in long, buy below or probably buyers at the low of the bar scaling in lower. Might get deep pullback and trending trading range day, but 70% chance 18 will remain low of the day
- Bar 24 - Wedge 16, 21, always in bulls can exit below and buy again above bull bar, but buy below or probably buyers at the low of the bar scaling in lower. Possibly a deep pullback to 18 high
- Bar 27 - Bbr so surprise bar down, at least a little more down likely, two legs down likely, but always in long, and odds favor breakout of 24 high since 60 minimum or minutes buy or long sellers below or probably sellers at the low of the bar and always in long
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.