E-mini S&P sees broad bull channel

Brooks Price Action - 01-11-2013 Friday

pending chart 1772

Higher low major trend reversal, broad bull channel

  • Friday, January 11, 2013
  • Bar 1 - Yesterday ended with 18 bar bull microchannel so extreme buy climax and should get approx. Ten bar, two-legged correction sideways to down. 81 is the breakout pullback sell or short from the 78 breakout so ok sell or short
  • Bar 3 - Bull inside bar but should get 2 legs down. Always in short, sellers above
  • Bar 4 - Bear follow through from 4 breakout. More down
  • Bar 7 - Bull reversal bar, h23, but tight channel and not enough buying pressure. Sellers above
  • Bar 10 - Bear two inside bars at 15 minute 20 bar moving average plotted on a 5 minute chart and bottom of channel but tight channel and not enough buying pressure so don�t buy or long. Might be final flag. Sell or short is hard to manage. Sideways most likely. Looks like bear leg in trading range rather than in trend so should begin sideways soon
  • Bar 12 - 2 dojis, final flag, bu yesterday, bd today so sideways likely. Might be ok buy or long scalp, especially if wide stop
  • Bar 17 - Always in long but trading range day. Probably buyers below but bear body so better to wait
  • Bar 19 - Outside bar surrounded by inside bars but probably trading range and sellers above. Lp buy or long
  • Bar 20 - Strong bear reversal bar, two legged pullback in a bear move, lower high major trend reversal, but might not be enough room below scalp before forming higher low major trend reversal
  • Bar 25 - Two legged pullback in a bull move, but reversal bar higher low major trend reversal but big bear bar so lower probability. Ok swing, maybe scalp. Higher probability to wait for second entry buy
  • Bar 29 - Breakout nut small bar and most breakout fail, failure in trading range day
  • [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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