E-mini S&P trends after jump higher

Brooks Price Action - 10-16-2012 Tuesday

pending chart 1568

Small pullback bull since yesterday 64, lower high major trend reversal, wedge bull flag.

  • Tuesday, October 16, 2012
  • Bar 1 - Yesterday ended with small pullback bull. Bear reversal bar but not big so no urgency. Ok scalp and maybe swing sell or short
  • Bar 2 - Bull inside bar, possible low of the day so ok swing buy or long
  • Bar 4 - 3 bull bars, always in long. Small bars but small pullback bull. More up
  • Bar 9 - Bear inside bar but 20 bar bull microchannel. Very overbought but buyers below. Biggest pullback in 20 bars = 6t so very strong
  • Bar 14 - Second entry sell or short but small pullback. Buyers below. Small trading range is most bears can hope for in absence of prior sgo
  • Bar 20 - Breakout pullback buy or long from 18 breakout, but tight trading range and small bars. Ok buy or long, but probably need swing stop below 17
  • Bar 25 - Bear reversal bar, expanding triangle 9 13, but not enough selling pressure to sell or short yet
  • Bar 29 - Outside bar surrounded by inside bars but dojis and buy climax = too many bars without much pullback so can enter trading range at any time. Better to scalp or wait
  • Bar 32 - Breakout but might be exhaustion gap and buy climax
  • Bar 33 - Doji, wedge 13, 25, at trend channel line, consecutive buy climax. Bears will start to scale in here and bulls will scale out. Might be high of the day. Not good for beginners to sell or short since need wide stop and probably scale in. Wait to buy or long pullback near moving average or for second entry sell or short and only if strong signal bar
  • Bar 43 - Bull inside bar, two legged pullback in a bull move 36, twenty gap bars buy or long, but late in small pullback bull so scalp only 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 This material may not be published, broadcast, rewritten, or redistributed.

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