E-mini S&P finishes Q3 in trading range

Brooks Price Action - 09-28-2012 Friday

pending chart 1555

Possible triangle final flag bottom, fail, failure breakout low of yesterday, wedge top.

  • Friday, September 28, 2012
  • Bar 1 - Yesterday = breakout test or bought of strong bear breakout. Gap down bear bar but tail. Wait. Unlikely will hit blue line = open of week. Today is Fri so open of week might become magnet. Last day of week, month, and quarter so might get late big move
  • Bar 2 - Small bull doji, breakout pullback sell or short, swing sell or short for test of low of yesterday but sideways more likely since 2 trading range bars
  • Bar 3 - Bear breakout
  • Bar 4 - Follow through but tail. Should fall below low of week and trigger one legged pullback in a bear move sell or short on daily, but probably buyers below and no follow through after they sell or short, so probably would get pullback
  • Bar 6 - Double bottom low of yesterday, bears unable to trigger sell or short on daily, possible low of the day, 2t body so not strong buy or long so swing only or wait. Might get stuck in yesterday tight trading range
  • Bar 8 - Breakout pullback sell or short. Should get below low of yesterday to trigger sell or short on daily. Bulls look for breakout pullback buy or long from 7 bull breakout. Bear case stronger. Should be buyers below low of yesterday
  • Bar 10 - Still on breakout pullback sell or short. Should be sellers below 7 bull entry bar and then should fall below low of yesterday and trigger sell or short on daily, but then should bounce since probably no follow through and since in yesterday tight trading range
  • Bar 13 - Two bar revresal but 2t above prior bar. Wait. So far, bear channel and trading range
  • Bar 15 - Double top 8 but too many bull bodies so buyers below. Better to not sell or short
  • Bar 17 - Outside bar surrounded by inside bars two legged pullback in a bear move sell or short but tight trading range and too much buying pressure. Wait
  • Bar 18 - Fail, failure two legged pullback in a bear move, strong bull reversal bar, but tight trading range. Better to wait, but looks like enough buying pressure to hit moving average. Tight trading range trumps everything
  • [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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