E-mini S&P marks time under 1500

Brooks Price Action - 01-28-2013 Monday

pending chart 1828

Expanding triangle top, trend from the first bar bear, expanding triangle bull flag, trading range day

  • Monday, January 28, 2013
  • Bar 1 - 8 bull bars on daily so probably 80% close below open of day today. Expanding triangle 57 65, bear doji, sellers above buyers below
  • Bar 2 - Small bull doji at top of 30 bar trading range and lots of bear bars so sellers above
  • Bar 5 - Bear breakout, possible measuring gap
  • Bar 6 - Bear follow through, always in short, more down. Swing stop above 5 or 3. Maybe 70% chance 1 = high of the day
  • Bar 7 - Double bottom 76, two legged pullback in a bull move 2 but doji and only 1 bear body today so sellers above
  • Bar 8 - Big bear bar so possible exhaustion gap. Should hit 60 minute 20 bar exponential moving average
  • Bar 10 - Test 60 minute 20 bar exponential moving average and low of yesterday, two legged pullback in a bull move 2, expanding triangle 53 76, but always in short. Sell climax should might bounce approx. Ten bar, two-legged correction, but better to sell or short rally. Trading range likely and late in day, bears will try for trend resumption and bulls will want trend reversal
  • Bar 12 - 2 bull bars, no tails, still always in short but might get 2-3 pushes up for measured move based on bodies
  • Bar 14 - Bear reversal bar at moving average but buyers below after 3 bars up, 2 strong bull bars
  • Bar 15 - One legged pullback in a bull move but at moving average and still always in short. Better to buy or long lower or sell or short higher
  • Bar 17 - Bear inside bar, two legged pullback in a bear move, but tight channel and possible spike and channel bull from 11 12 spike. More sideways or up likely. 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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