E-mini S&P see choppy trading action

Brooks Price Action - 08-10-2012 Friday

pending chart 1506

Big two legged pullback in a bull move and fail, failure breakout low of yesterday, then breakout pullback buy, possible triangle, and late bull breakout

  • Friday, August 10, 2012
  • Bar 1 - 4 day trading range, 2nd leg down. Bear bar, close on low. Ok swing for high of the day but better to wait since 4 day trading range and now at bottom
  • Bar 2 - Strong bull reversal bar so big two legged pullback in a bull move with yesterday 30. Ok swing buy or long for low of the day. Probably always in long. Close to 60 minute 20 bar exponential moving average and 5 moving average above so magnets
  • Bar 3 - Bull body so more up and always in long, but big tail and bulls might exit on close or below, even tho swing stop is below 2 signal bar
  • Bar 5 - Micro double bottom but bear body
  • Bar 6 - Bull body, close on high so ok 2nd entry swing buy or long. Higher probability to wait for breakout
  • Bar 8 - Close at 7 high so trying to breakout. Should be buyers above 3 and 1
  • Bar 9 - Big breakout bar so traders breakout test or bought as formed. Need follow through, else buy vacuum test 60 moving average
  • Bar 11 - Bull inside bar, ok swing buy or long with stop below 10 or 9, and swing and maybe part scalp. Since only one bar breakout, probably bull leg in trading range rather than in bull trend so better to scalp most at this point until becomes clearly trend
  • Bar 14 - Bear one legged pullback in a bull move but at 3 mas and trading range day so far so better to wait. Wedge 1 9 but 1t body so low probability
  • Bar 15 - Fail, failure one legged pullback in a bull move, still wedge but tight channel and 1t body so lower probability. Ok swing sell or short
  • Bar 17 - Two legged pullback in a bull move but doji and after wedge top. Wait
  • [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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