E-mini S&P ends November about where it started

Brooks Price Action - 11-30-2012 Friday

pending chart 1655

Trading range day, close of month near open of month so doji month

  • Friday, November 30, 2012
  • Bar 1 - Yesterday a trading range day. Last day of month and only 5 points from open of month = pink line so 70% market will fall at least 1t below at some point and might be quiet trading range day with close around pink line, creating doji bar on monthly. Bear body but tails and middle of trading range so limit order order market and buyers below and sellers above
  • Bar 2 - Doji two legged pullback in a bull move 78 but tight trading range and weak signal bar. Wait
  • Bar 4 - Two bar revresal two legged pullback in a bear move at moving average but big bars and big tails in trading range so lp sell or short. Better to wait for breakout since all breakout failed yesterday
  • Bar 5 - Bull inside bar, fail, failure breakout, wedge 78 2. Ok scalp. Buy low of week sell high and scalp
  • Bar 12 - Two bar revresal, double top 7 but tail . Top of trading range so possible high of the day . 2t tail so probably better to wait. Range only 4 points so 99% chance will get bigger.
  • Bar 17 - Wedge 78 4 but doji and 6 bars down so better to wait for second entry buy
  • Bar 21 - Outside bar surrounded by inside bars two legged pullback in a bear move sell or short, but doji. Ok to wait, but forming bear channel at moving average
  • Bar 23 - Second entry buy but doji and selling pressure. Wait
  • Bar 26 - Another fail, failure breakout, bull inside bar, wedge, ok scalp. Market hit target = open of month so should bounce
  • Bar 28 - Bottom of broad bear channel and trading range, bull body, buyers below
  • Bar 33 - Fail, failure two legged pullback in a bear move but doji. Probably better to 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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