E-mini S&P closing on high of year

Brooks Price Action - 08-09-2012 Thursday

pending chart 1503

Magnet = high of year just above. Wedge top, sell vacuum test low of the day and 60 minute 20 bar exponential moving average, trading range day

  • Thursday, August 9, 2012
  • Bar 1 - 3 day possible triangle just below high of year. Tails so probably sellers above and buyers below
  • Bar 3 - Big bull body so trend from the first bar bull
  • Bar 5 - Two inside bars but trend from the first bar bull and good bull spike so buyers below. Fail, failure breakout high of yesterday and 1400 but too much buying pressure so better to not sell or short
  • Bar 7 - Small two legged pullback in a bull move 4. Ok swing buy or long. Top of trading range so lower probability and not strong scalp
  • Bar 9 - Another big bull body so more up, but tail so weak
  • Bar 10 - Breakout but need follow through
  • Bar 11 - Bear body, 2nd fail, failure breakout high of yesterday, but tail and always in long. Better to not sell or short
  • Bar 12 - Two bar reversal 10 but 4 bars up and still always in long so better to not sell or short. Swing bulls have stops below 6 but will get out earlier if reasonable sell or short signal forms
  • Bar 13 - Outside up bar so not strong buy or long signal bar at top of weak bull channel and trading range, but ok swing since still always in long
  • Bar 18 - Wedge 3 11, but spike to 11 might be strong enough to reset count and might need one more push up. 6 bars up so low probability sell or short. Ok swing but not scalp.
  • Bar 20 - Still always in long but might get pullback and then sideways as market decides between broader bull channel and wedge top
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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