E-mini S&P ends in possible trend reversal

Brooks Price Action - 11-12-2012 Monday

pending chart 1614

Nested wedge bottoms for higher low major trend reversal

  • Monday, November 12, 2012
  • Bar 1 - Yesterday ended with double bottom higher low major trend reversal. Doji, middle of trading range 51, buyers below sellers above
  • Bar 4 - Two legged pullback in a bear move 1 but tight trading range. Wait
  • Bar 6 - Second entry sell or short but middle of trading range. Wait
  • Bar 8 - Bear breakout, close on low, more down
  • Bar 9 - Close on low, always in short. Bulls want nested wedge, bears want low below low of yesterday
  • Bar 13 - Bull two inside bars but sellers above and probably 2nd leg down since just became always in short, and targets below
  • Bar 14 - Two legged pullback in a bear move but doji. Swing sell or short or wait
  • Bar 17 - Close on close butmight be sell vacuum test 79 low
  • Bar 20 - Bull inside bar nested q 2 10 and 51 79, but microchannel so sellers above
  • Bar 21 - Breakout pullback sell or short but at bottom of trading range so lp. Still measured move target and low of yesterday below
  • Bar 23 - Two bar reversal, nested wedge, but tight channel so lp. Ok swing buy or long but higher probability to wait for bull breakout. Two legged pullback in a bear move sell or short but bottom of weak bear channel so lp and swing only. Highest probability choice =wait
  • [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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