E-mini S&P sees expanding triangles

Brooks Price Action - 10-18-2012 Thursday

pending chart 1570

Trading range day, many expanding triangles.

  • Thursday, October 18, 2012
  • Bar 1 - Yesterday was expanding triangle so trading range day. Doji near bottom of trading range so sellers above buyers below. Wait. Have not hit 60 minute 20 bar exponential moving average in few days and yesterday had some gp so probably will get there today
  • Bar 2 - Doji. Bad for stops. Might be trading range day
  • Bar 5 - Bear inside bar, report. Better to wait
  • Bar 6 - Big bull bar, more up, but report. Wait
  • Bar 7 - Big tail so possible high of the day
  • Bar 9 - Two bar revresal, two legged pullback in a bear move 2, ok swing sell or short for high of the day
  • Bar 10 - Big breakout, probably always in short, but better if follow through. Swing sell or short with stop above 9 top of bear spike, but lp so wait or trade small
  • Bar 12 - Two bar reversal, close on high, fail, failure breakout 54, two legged pullback in a bull move 3, possible low of the day, ok swing buy or long. Ok to be long or short here for swing. Trading range so far so scalps are best until strong breakout
  • Bar 14 - Fail, failure breakout, moving average, ok swing sell or short, but still ok to be holding swing buy or long from 12. Best = buy low of week sell high scalp, or wait for higher probability
  • Bar 16 - Outside up bar but middle of trading range day. Better to wait
  • Bar 19 - 2 bull bars, above 9 bear spike, but still trading range day and better to buy low of week sell high. Tight channel from 12 so better to wait for second signal sell or short
  • [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.

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