E-mini S&P resumes bull trend despite small pullback

Brooks Price Action - 02-05-2013 Tuesday

pending chart 1854

Trend from the first bar bull, Trend Resumption bull, small pullback bull buy climax

  • Tuesday, February 5, 2013
  • Bar 1 - Big gap, small bull bar so probably trading range bar and buyers below or buy below sellers above or sell above. Better to wait since breakout above 60m, might be low of the day
  • Bar 4 - Breakout, close above 3, might be measuring gap. Ok swing buy or long, always in long, trend from the first bar bull
  • Bar 6 - Doji after 2 bar breakout. Trend from the first bar bull so buyers below or buy below
  • Bar 8 - Bear reversal bar, second entry sell, but tight channel so sideways more likely than down. Lp sell or short
  • Bar 9 - Double bottom 7, but 2 bear bars and early tight trading range. Probably sellers above or sell above, then sideways
  • Bar 11 - Two legged pullback in a bull move but tight trading range so swing only
  • Bar 12 - Double top but tight trading range and not much selling pressure. Probably buyers below or buy below so swing sell or short only but better to wait
  • Bar 13 - Strong bull reversal bar, fail, failure breakout, ok swing buy or long
  • Bar 18 - Second entry sell but more up after breakout so sideways more likely than down and probably buyers below or buy below
  • Bar 23 - Two legged pullback in a bull move or wedge, good bull bar, but tight trading range so bad for stop entries for scalps so swing only, stop below 13
  • Bar 26 - Triple top, bear bar, but always in long so sideways more likely. Swing only but higher probability to wait to buy or long pullback
  • [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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