E-mini S&P sets up for big breakout

Brooks Price Action - 08-29-2012 Wednesday

pending chart 1525

Trending trading range day, reversal day, spike and channel bull, consecutive buy climax, trading range day

  • Wednesday, August 29, 2012
  • Bar 1 - Yesterday had bull spike, then trading range day. 3 flat mas, all within 1t = very unusual and should have big breakout up or down soon. Doji bar so 1 bar trading range and sellers above, buyers below
  • Bar 4 - Two legged pullback in a bull move at moving average but bear bar and middle of tight trading range. Wait
  • Bar 6 - 4 bear bars but bottom of trading range. Wait
  • Bar 7 - Two legged pullback in a bull move, but bar, might be ok for scalp but middle of tight trading range so ok to wait
  • Bar 11 - Breakout pullback buy or long but doji and top of trading range. Wait
  • Bar 13 - Possible triangle 5 10, close on low below moving average. Ok swing sell or short. Close on low so might be high of the day. Low probability since middle of tight trading range but might be important bar since close on low and market looking for breakout up or down
  • Bar 15 - Two legged pullback in a bull move but still on 13 sell or short so probably sellers above. Bears have stops above 13
  • Bar 16 - Breakout, always in short, more down
  • Bar 17 - Bear follow through, more down, but tail so might get pullback soon
  • Bar 18 - Reversal bar at trendline, two legged pullback in a bull move 7, but 6 bars down and always in long so probably sellers above. Might become trending trading range day, and inside bar on daily. Wait. Bulls see as fail, failure breakout, two legged pullback in a bull move 7, big two legged pullback in a bull move 78, but probably will get one more test down after always in short flip
  • Bar 19 - Breakout pullback sell or short but doji and trapped bears from 17 close. They got filled 1t below that close and could not make 4t. Might be buyers below
  • [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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