E-mini S&P looks to upside

Brooks Price Action - 11-15-2012 Thursday

pending chart 1619

Higher low major trend reversal. Odds favor more up tomorrow since consecutive sell climax on 60 minute and failed bear breakout of 60 minute bear channel.

  • Thursday, November 15, 2012
  • Bar 1 - Yesterday ended with sell climax and small reversal. Odds favor major trend reversal buy or long early. Outside up bar bull bar, close on high, but since no major trend reversal yet, scalp or wait
  • Bar 2 - Big bull bar, close on high, always in long, buyers below, but since no major trend reversal yet, better to wait to buy or long pullback
  • Bar 3 - Strong bear inside bar. Still always in long, but need major trend reversal before buying. Two legged pullback in a bear move 80 but strong buying pressure so better to not sell or short
  • Bar 4 - 2nd big bear bar, more down, always in short. Bulls need major trend reversal
  • Bar 7 - Big bull reversal bar, lower low major trend reversal, double bottom low of yesterday, always in long, 50% chance low of the day
  • Bar 8 - Strong entry bar, more up
  • Bar 9 - Doji inside bar, more up but bd bu and more big reversals so trading range likely. Better to take profits near 2 high, especially since 2 was a reasonable buy the close bar and scale in bulls will exit = bulls will sell or short
  • Bar 11 - Two bar revresal, double top 2, but always in long. Better to wait
  • Bar 14 - Outside bar surrounded by inside bars in middle of trading range since 67 yesterday. Better to wait. Can swing buy or long above or swing sell or short below, but trading range day so far and better to buy low of week sell high and scalp and avoid entering in middle.
  • Bar 18 - Bull reversal bar, two legged pullback in a bull move 12, bottom of trading range day, fail, failure breakout. Tight channel so lower probability so ok swing buy or long and possible swing and maybe part scalp. Lp to sell or short below so swing only and trade small. Better to not sell or short since bottom of trading range day and lp
  • Bar 21 - Bull outside bar surrounded by inside bars but tight channel. Better to wait, but ok swing buy or long if trade small with wide stop, or trade small and if stopped out, trade normal size on second entry buy
  • [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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