E-mini S&P fails to maintain bull breakout

Brooks Price Action - 10-31-2012 Wednesday

pending chart 1598

Expanding triangle top, lower low major trend reversal, higher low major trend reversal, late fail, failure bull breakout.

  • Wednesday, October 31, 2012
  • Bar 1 - Yesterday ended with wedge top. Expanding triangle 61 73. Doji. So sellers above buyers below. Might get big pullback to 15 minimum or minutes major trend reversal, and then expanding triangle bull flag
  • Bar 2 - Moving average below so bulls will scale in 1 & 2 points down. Weak signal bar for high of the day
  • Bar 3 - Two legged pullback in a bull move but bear body and above moving average so lp and more sideways to down likely
  • Bar 5 - Strong bear reversal bar, second entry sell or short for high of yesterday and expanding triangle so ok swing and scalp. Scalp probably better since trading range since 50
  • Bar 7 - Bull reversal bar but 2t tail and still on 5 sell or short so sellers above
  • Bar 11 - Two legged pullback in a bull move 7, double bottom 5, moving average but 6 bar bear moving average and good selling pressure since 70. Better to wait
  • Bar 12 - Fail, failure breakout bear microchannel, always in short, ok swing sell or short but might go sideways soon since trading range since 52
  • Bar 14 - Wedge bul flag but doji so don't buy or long
  • Bar 15 - Bear breakout of bull flag so might get measured move down and trending trading range day
  • Bar 16 - Strong bull reversal bar, wedge 3 9, ok swing buy or long but tight channel so probably more sideways
  • Bar 17 - One legged pullback in a bear move but doji so lp. Probably swing and maybe part scalp or wait. Should form trading range soon.
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.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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