E-mini S&P makes double-top, reverses

Brooks Price Action - 09-19-2012 Wednesday

pending chart 1545

Opening Range, higher low major trend reversal, trending trading range day, double top major trend reversal, reversal day

  • Wednesday, September 19, 2012
  • Bar 1 - Yesterday = tight trading range, double top 22 but tail. Still have trendline target below so should get there. Many targets above = lower highs during 2 day pullback and should start testing them soon. Bears will want double top bear flag, bulls will want breakout above and then new bull high
  • Bar 3 - Bull reversal bar, or buy or long, but 1t body and 2 strong bear bars and target below. Sellers above
  • Bar 4 - Breakout pullback sell or short, target just below, but doji and may not be enough room. Better to wait
  • Bar 5 - Two legged pullback in a bull move, test of trendline, ok swing buy or long, but only 1t body and report so ok to wait
  • Bar 7 - Big bull bar, always in long, but bulls need follow through
  • Bar 8 - Bear inside bar so bad follow through. Still always in long with stop below 7, but bulls neet follow through, else could be fail, failure breakout high of yesterday
  • Bar 9 - Two inside bars, breakout mode. Always in long so ok swing buy or long but might go more sideways. Swing bears will sell or short for fail, failure breakout high of yesterday
  • Bar 11 - Bad bar for bulls
  • Bar 12 - Bear today/tick, more down
  • Bar 13 - Bear breakout, still higher low 5, but now trading range or bear more likely. Still might be always in long since held above 5 higher low but trading range more likely since big down, big up then big up, big down and back in yesterday trading range
  • Bar 14 - Two bar reversal, higher low major trend reversal, higher low 5, still always in long. Big bar so bigger risk. Trade small or 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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