E-mini S&P bears take control

Brooks Price Action - 09-10-2012 Monday

pending chart 1535

Trading range day, then bear breakout. Weak bear channel from early on and accelerated as day progressed

  • Monday, September 10, 2012
  • Bar 1 - Yesterday was tight trading range. Doji in middle of tight trading range so more tight trading range and might be trading range day. Basb. Wait
  • Bar 2 - Another doji
  • Bar 3 - Bear breakout, but most breakout fail, failure
  • Bar 4 - Two legged pullback in a bull move, bull inside bar but tail and tight trading range. Tight trading range trumps all reasons to enter on stops. Wait for breakout. If strong, go with breakout. If weak, look to enter fail, failure
  • Bar 6 - Double top 2 but doji and tight trading range. Wait
  • Bar 7 - Outside up bar but tails.
  • Bar 8 - Two legged pullback in a bear move but too many bull bars
  • Bar 9 - Fail, failure two legged pullback in a bear move but top of tight trading range
  • Bar 10 - Only 2 bars today with close below prior, so subtle bull strength
  • Bar 11 - Breakout but most tight trading range breakout fail, failure. Better to wait
  • Bar 12 - Bear inside bar, fail, failure breakout, wedge 2 8, but tight channel. Ok trader's equation for swing up or down and maybe scalp down, but management difficult to better to wait. Easy to get exhausted and then be unable to trade well later in day if get big swings then
  • [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 This material may not be published, broadcast, rewritten, or redistributed.

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