E-mini S&Ps expand triangle top

pending chart 1409

Expanding triangle top, trending trading range day, spike and channel bear, lower low major trend reversal, push back above open of day

  • Thursday, June 28, 2012
  • Bar 1 - Yesterday = weak bull channel and 60 minimum or minutes double top bear flag. Big gap down but tail. Wait. Healthcare ruling 7 am, but probably already discounted. Might get big spike up, down, or both
  • Bar 2 - Bull inside bar but tail so sellers above. Better to wait
  • Bar 5 - Low 2 but tight trading range so probably buyers below
  • Bar 6 - Breakout pullback buy or long but top of tight trading range and report soon. Wait
  • Bar 8 - Court ruling but huge tail and fail, failure breakout
  • Bar 9 - Bull inside bar so fail, failure breakout, but tail so still tight trading range. Ok buy or long above but not strong
  • Bar 10 - Good bull bar and probably ok swing buy or long above after fail, failure bear breakout, but need strong breakout, else exit
  • Bar 11 - Fail, failure breakout, expanding triangle 1 7, but weak signal bar. Ok to wait
  • Bar 12 - Big bear bar, double bottom 10, bulls have stops below 10. Ok sell or short below, but need strong entry bar
  • Bar 13 - Ok bear bar, probably will get breakout and trending trading range day. Ok swing sell or short at market with stop above. Sell or short the close market
  • Bar 14 - Big breakout but sell climax. Ok to sell or short close but probably better to scalp since might get pullback. Ok to swing after big bear spike, but pullback likely soon
  • [more Bar-by-Bar Analysis in the Forums at www.brookspriceaction.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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