E-mini S&P trends higher after reversal

Brooks Price Action - 10-15-2012 Monday

pending chart 1567

Higher low major trend reversal, trending trading range day, lower high major trend reversal, two legged pullback in a bull move into end of day.

  • Monday, October 15, 2012
  • Bar 1 - Yesterday = trading range and possible lower low major trend reversal on 15 minimum or minutes. Big gap bar on 5 minimum or minutes above 1440, so target for major trend reversal up over next few days. Tail so buyers below. Might get or at moving average
  • Bar 6 - Or but 3t tail and 6 bar microchannel so sellers above
  • Bar 14 - Two legged pullback in a bull move but tight trading range. Possible low of the day since two legged pullback in a bull move, higher low major trend reversal, or, but doji so probably need more sideways first
  • Bar 18 - Breakout pullback form 14 two legged pullback in a bull move, strong bull bar so ok breakout pullback swing buy or long and higher low major trend reversal 13. Need follow through for always in long
  • Bar 20 - Big bull bar, probably always in long. Might get breakout to new high of the day and measured move up
  • Bar 21 - Bull body so follow through, but small bar so weak. More up
  • Bar 25 - Bull inside bar breakout pullback buy or long. Can wait to see if get strong breakout on next bar and buy or long then for possible trending trading range day and measured move up. Can also wait for follow through
  • Bar 27 - Follow through but tail and buy climax so might get approx. Ten bar, two-legged correction sideways to down. Bulls will try to hold above 60 minute 20 bar exponential moving average and 24 breakout point. Might get deep pullback since rally has been weak. Still always in long with stop below 20. Better to take most of profits and buy or long lower
  • Bar 28 - Two bar revresal, fail, failure breakout 1 and 60 minute 20 bar exponential moving average. Always in long so don't sell or short. Might get approx. Ten bar, two-legged correction sideways to down
  • Bar 30 - One legged pullback in a bull move but after sell climax. Ok swing buy or long but better to wait for more bars sideways to down. Not high enough probability for scalp since weak rally and now buy climax
  • Bar 37 - Bear inside bar, wedge 1 27, but tcc and 1t tail. Don't sell or short. One legged pullback in a bull move but probably will get pullback soon so have to be fast in management and better to scalp 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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