E-mini S&P trends lower from the start

Brooks Price Action - 11-14-2012 Wednesday

pending chart 1618

Trend from the first bar bear, higher low major trend reversal, trend resumption bear. Hit bull trendline on daily chart

  • Wednesday, November 14, 2012
  • Bar 1 - Yesterday ended with bear channel. Gap above so might get major trend reversal, but bull trendline around 1363 on daily chart and might have to touch it first
  • Bar 2 - Bear inside bar, close on low, possible high of the day but lp so swing only
  • Bar 3 - Bear body. Wait. Might be sellers above for test close of yesterday or low of yesterday
  • Bar 4 - Double top 1 but tight trading range. Better to wait, but still on 2 sell or short so ok swing sell or short for always in short
  • Bar 7 - Bull inside bar, two legged pullback in a bull move, but tails and tight channel. Wait
  • Bar 9 - Bear outside bar surrounded by inside bars so two legged pullback in a bear move sell or short but tails so lp and swing only
  • Bar 12 - Close below 11 so breakout. Might be measuring gap or exhaustion gap. Daily trendline just below around 1363 so magnet
  • Bar 14 - Wedge 3 6, low of yesterday, but tight channel, 1t body, and magnet below. Wait
  • Bar 18 - Small bull reversal bar just below daily trading range, but 10 bar bear microchannel so 1st bull breakout should fail, failure. Might soon get low of the day
  • Bar 19 - Micro double bottom 18 at daily trendline, ok swing buy or long. Extreme sell climax so might be low of the day. Should get at least approx. Ten bar, two-legged correction sideways to up
  • Bar 20 - Big bull bar, probably always in long afte extreme sell climax and test of daily micro
  • [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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