E-mini S&P swings higher after breakout

Brooks Price Action - 07-13-2012 Friday

pending chart 1465

Trend from the first bar bull, small pullback trend day, trend resumption bull

  • Friday, July 13, 2012
  • Bar 1 - Big bull bar, close on high, breakout above trading range and 60 minute 20 bar exponential moving average, maybe 25% chance low of the day. Ok swing buy or long
  • Bar 2 - Another strong bull bar. Always in long. Traders buying close
  • Bar 3 - More follow through. Still buy or long close
  • Bar 4 - Bear bar, fail, failure breakout. Bulls will scale in 1 and 2 points below 3 close and scalp out at 3 close. Might enter tight trading range after big spike up on open
  • Bar 5 - One legged pullback in a bull move, always in long, ok swing buy or long and can convert to scalp if goes up quickly
  • Bar 6 - Two bar revresal, buyers above. Always in long so can buy or long for any reason
  • Bar 7 - Close on high, more up
  • Bar 8 - Big tail so probably sideways soon
  • Bar 9 - 1brr 5, but strong always in long and weak signal bar so don't sell or short. Tight trading range likely so ok to wait to buy or long
  • Bar 12 - One legged pullback in a bull move but tight trading range. Ok to wait until closer to moving average, ok to buy or long for swing. Most likely mostly sideways to moving average
  • Bar 16 - Breakout but in tight trading range so should fail, failure
  • [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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