E-mini S&P makes wedge bull flag

Brooks Price Action - 01-09-2013 Wednesday

pending chart 1765

Trend from the first bar bull, lower high major trend reversal, wedge bull flag

  • Wednesday, January 9, 2013
  • Bar 1 - Yesterday had weak bull channel. Bull breakout but big tail. Lp signal bar
  • Bar 2 - Bear inside bar but 2 sideways bars and trading range 5 days. Ok swing sell or short but not high enough probability for scalp
  • Bar 4 - Two bar reversal, possible low of the day but lp so swing only or wait
  • Bar 5 - Breakout above yesterday h= lower high. Close near high. More up
  • Bar 6 - Bull body so more up. Small bars so not strong and ok to wait to buy or long pullback
  • Bar 7 - Two legged pullback in a bear move 2 but 4 bars up so always in long. Weak spike so might get deep pullback, but still always in long
  • Bar 9 - Bull outside bar surrounded by inside bars but dojis. Sellers above
  • Bar 11 - Outside bar surrounded by inside bars final flag, wedge 1 7, close on low. Probably ok scalp sell or short but should form bull flag around moving average
  • Bar 17 - Bull inside bar at moving average, double bottom 8, but 4 bear bars so sideways likely. Probably sellers above. Wait to buy or long possible triangle
  • Bar 22 - Bear outside bar surrounded by inside bars lower high major trend reversal but not enough bars. Buyers below
  • Bar 24 - Outside up bar, possible triangle 8, 16, double bottom 16, but top of tight trading range. 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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