E-mini S&P uncertain over election outcome

Brooks Price Action - 11-05-2012 Monday

pending chart 1606

Higher low major trend reversal

  • Monday, November 5, 2012
  • Bar 1 - Yesterday ended with parabolic wedge so sell climax, so trading range day likely, especially with uncertainty of election tomorrow. 8 bar microchannel so sellers above
  • Bar 2 - Another doji so more confusion after consecutive sell climax. Should bottom soon. Lp sell or short, despite bear trend since 40
  • Bar 6 - Bull inside bar, two legged pullback in a bull move but 2t tail and tight channel. Better to wait but might be low of the day
  • Bar 7 - Breakout pullback sell or short but another doji so more confusion and trading range likely. Buyers below
  • Bar 9 - Bull inside bar, 1t tail, micro double bottom, ok buy or long but probably better scalp
  • Bar 10 - Outside up bar, still buy or long above 9, but scalp better than swing.
  • Bar 12 - Bear inside bar, breakout pullback sell or short, but bottom of channel after consecutive sell climax so buyers below and buyers above
  • Bar 13 - Outside up bar, close 4t above 12, probably low of the day and measured move up and always in long. Traders will buy or long close with stop below
  • Bar 14 - Follow through, always in long, buy or long for any reason. Wide stop so trade small
  • Bar 16 - Doji inside bar, 4 bars up, buyers below and above
  • Bar 20 - Bear reversal bar at trendline, close on low. Might be ok scalp sell or short, but better to wait to see if get higher low major trend reversal buy or long for 2nd leg up within 5 & 10 bars
  • [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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