E-mini S&P resumes bull trend

Brooks Price Action - 11-23-2012 Friday

pending chart 1645

Bull, trend resumption bull

  • Friday, November 23, 2012
  • Bar 1 - Gap up. Early close. Near bull trend channel line and bear trendline and 1400, all resistance. Doji. Wait
  • Bar 3 - Bull inside bar, but doji. Swing buy or long and sell or short. Higher probability to wait for breakout
  • Bar 7 - Breakout, but small bars so lp and swing only or swing and maybe part scalp
  • Bar 9 - Stronger breakout
  • Bar 11 - Big bar so buy climax
  • Bar 12 - Reversal bar but doji and 10 bar microchannel and trend from the first bar bull so buyers below. Probably tight trading range so difficult to manage. Better to wait for more pullback, especially 2nd entry buy or long
  • Bar 16 - One legged pullback in a bull move, bull inside bar, trading range likely. Scalp with wide stop or wait
  • Bar 26 - Bear two inside bars, lower high major trend reversal, but trading range more likely. Should find buyers around moving average. Small chance of buy climax high of the day and bear reversal day
  • Bar 30 - Twenty gap bars, bull inside bar, double bottom 16, but 12 buy climax and 4 bear bars. Better to wait. Might not be any more trades. Small chance of strong bear into close of day, since at resistance on 60 minimum or minutes = top of bear channel
  • Bar 34 - Two legged pullback in a bull move 30, fail, failure bear breakout double bottom so wedge buy or long, but bear bar. Bottom of trading range so low risk buy or long for top of trading range, but bear body and tight trading range so ok to wait for next week. Might get trend resumption into close of day. Target = measured move =blue line, based on 3 day trading range
  • [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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