E-mini S&P breaks out in bull trend

Brooks Price Action - 12-17-2012 Monday

pending chart 1707

Trend from the first bar bull, L4 sell or short, then trend resumption bull

  • Monday, December 17, 2012
  • Bar 1 - Yesterday was trading range day. Gap up, close on high, more up. Target = 1417 lower high. Ok swing buy or long for low of the day, ok to wait to buy or long pullback, since yesterday = trading range
  • Bar 2 - Bull follow through, despite tail, so always in long and buyers below and target above
  • Bar 4 - Bear reversal bar but 4 bars up and target above so buyers below. Don't sell or short
  • Bar 6 - Bear reversal bar, fail, failure breakout, but trend from the first bar bull so buyers below. Don't sell or short. Need second entry sell or buy or long pullback
  • Bar 8 - Two inside bars, but tight trading range and bear reversal bar at target so sellers above. Don't buy or long. Not strong sell or short below since trend from the first bar bull so buyers below, maybe around 60 minute 20 bar exponential moving average and 4 low
  • Bar 9 - Outside down bar, but probably buyers scaling in below, maybe near moving average. Better to buy or long pullback
  • Bar 10 - Big bear bar, more down. Big up, big down so trading range likely
  • Bar 12 - Higher low but 3 strong bear bars so sellers above and trading range likely. Lp buy or long and sideways likely
  • Bar 14 - Lower high major trend reversal but 3 bars up so buyers below
  • Bar 16 - Breakout pullback buy or long but tail and near top of trading range. Wait
  • Bar 18 - Possible triangle 1 12 16, always in long, ok swing buy or long but top of trading range so not high enough probability for scalp. Bears see as double top lhmtr but too much buying so better to not sell or short
  • [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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