E-mini S&P reverses off bottom

Brooks Price Action - 11-20-2012 Tuesday

pending chart 1639

Trading range day, wedge top, expanding triangle, consecutive sell climax bottom, reversal day

  • Tuesday, November 20, 2012
  • Bar 1 - Yesterday was a broad bull channel. Big bear bar, more down
  • Bar 2 - Bull doji, buyers below
  • Bar 3 - Bear bar, but tail. Probably sellers above at 1 -2 points up. Possible low of the day or test of 15 minute 20 bar moving average plotted on a 5 minute chart. Sideways more likely
  • Bar 4 - Big bull bar, close on high, more up
  • Bar 5 - Bear reversal bar, but trading range since early yesterday and better to buy low of week sell high and scalp so probably buyers below
  • Bar 7 - Two legged pullback in a bear move but 2 big bull bodies. Probably buyers below and will fail, failure, then test high of yesterday and maybe lower high from last week
  • Bar 9 - Big bull outside up bar, close near high, breakout, fail, failure two legged pullback in a bear move. More up. Always in long, but should stall around lower high last week
  • Bar 11 - Fail, failure breakout, wedge 4, 6, but strong enough breakout for more up so buyers below
  • Bar 12 - Fail, failure double top 78, more up, but bear bar so sellers above soon
  • Bar 15 - Expanding triangle 65 78 so higher high major trend reversal, l4 in bull channel in trading range so ok sell or short for 2 points down. Possible high of the day.
  • Bar 21 - Micro double bottom but3 strong bear bars so probably sellers above. Higher low so still bull channel. 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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