E-mini S&P trends down after FOMC, likely to continue

Brooks Price Action - 12-12-2012 Wednesday

pending chart 1695

Final flag top. Fail, failure bull breakout of top of 60 minutes bull channel and daily bear trendline. Reversal day. More down likely for at least 1 - 2 days

  • Wednesday, December 12, 2012
  • Bar 1 - Yesterday was trading range day sith strong bull close. Big bear bar, double top high of yesterday, but 3 big bull bars so wait for second entry sell
  • Bar 2 - Bull reversal bar but near high of yesterday so lp buy or long today/tick top of trading range. Ok swing, better to wait
  • Bar 3 - Second entry sell, ok swing but probably better to scalp since so much trading range pa yesterday
  • Bar 4 - Strong bull bar but still on sell or short
  • Bar 5 - Bear outside bar surrounded by inside bars, ok to get out around be(breakeven) but the short should work, despite the tight trading range
  • Bar 9 - Bear two inside bars but at moving average and in yesterday tight trading range so buyers below
  • Bar 10 - Bull reversal bar, wedge bull flag, but 5 bars down. Ok scalp
  • Bar 16 - Expanding triangle 7 10, bottom of trading range, outside up bar. Probably ok scalp for test 12 high, but doji so might go sideways first
  • Bar 21 - Bull inside bar, fail, failure bear breakout, double bottom 16, but tight trading range. Should test 12 high
  • Bar 27 - Two bar revresal, double top 12, wedge 19 23, might be ok scalp, but probably buyers below for breakout pullback buy or long
  • Bar 31 - Two bar revresal, pullback from 26 breakout of bull flag. Fomc soon. Ok 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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