E-mini S&P see breakout to new high of year

Brooks Price Action - 08-16-2012 Thursday

pending chart 1515

Opening reversal, small pullback trend day, breakout to new high of year

  • Thursday, August 16, 2012
  • Bar 1 - Yesterday was small trading range day. Bear reversal bar, fail, failure breakout high of yesterday, but doji and just above moving average so low probability sell or short and swing only. Should get breakout up or down today after so many small trading range day
  • Bar 4 - Or, but trend from the first bar bear and doji so sellers above
  • Bar 5 - Breakout pullback sell or short but middle of yesterday trading range. Wait
  • Bar 7 - Bear breakout but need follow through
  • Bar 8 - Two legged pullback in a bull move, 2nr, but tight channel and middle of trading range so bad for stop entries. Wait. Close on high so good for bulls
  • Bar 9 - Double top 4 but middle of trading range. Better to wait
  • Bar 10 - Fail, failure two legged pullback in a bear move. Probably buyers above, but ok to wait for breakout
  • Bar 11 - Or, double bottom 78, breakout, close on high. Ok to buy or long close or wait for follow through for swing up
  • Bar 12 - Not bear body so follow through and always in long, but weak so far. Swing stop below 11 or 1t below 10 high
  • Bar 13 - Bull follow through. Ok to buy or long market with swing stop
  • Bar 14 - Big breakout so might be buy climax. Always in long, more up. Ok to buy or long market but need wide stop, like below 14. Probably better to buy or long pullback. Bears want expanding triangle top 65 1, but bull case is stronger after bull spike 11-14
  • [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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