E-mini S&P bullish from the start

Brooks Price Action - 07-18-2012 Wednesday

pending chart 1472

Trend from the first bar bull, spike and channel top, double top bear flag, lower high major trend reversal

  • Wednesday, July 18, 2012
  • Bar 1 - Yesterday was bull then trading range. Fail, failure breakout below and bull reversal bar close on high. Ok swing buy or long but middle of trading range so not high enough probability for scalp
  • Bar 2 - Bull body so more up
  • Bar 3 - Another bull body, trend from the first bar, buyers below
  • Bar 4 - Doji so another bar up, buyers below. Bulls might get breakout
  • Bar 5 - Breakout, big bull trend bar, close near high, more up. Possible measuring gap
  • Bar 6 - Bull body so more up, but tail so maybe 1-3 more bars up then pullback
  • Bar 7 - Another breakout but probably exhaustion gap after 6 tail
  • Bar 9 - Doji two inside bars but buyers below. Possible high of the day, expanding triangle, buy climax since 8 bars up might be buy climax, but odds favor buyers below so low probability sell or short and swing only. Bears should wait for 2nd entry
  • Bar 13 - Microwedge 8 11. Bear microchannel but strong bull so ok to buy or long breakout. Tight trading range so might become final flag
  • Bar 15 - Breakout, close on high, more up. Swing high from a couple weeks ago is just above, so magnet
  • Bar 19 - Two bar reversal higher high major trend reversal but tight channel 15. Probably buyers below so better probability to not sell or short
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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