E-mini S&P rebounds from lower-low

Brooks Price Action - 02-07-2013 Thursday

pending chart 1862

Double top high of yesterday, lower low major trend reversal

  • Thursday, February 7, 2013
  • Bar 1 - Bull reversal bar but after yesterday buy climax = channel with 6 small pullbacks = bears active entire time so should get pullback
  • Bar 2 - Bear reversal bar, high of yesterday, possible high of the day, ok swing sell or short
  • Bar 3 - Bear follow through, always in short, sellers above or sell above, more down, but maybe sideways since trading range 15 bars
  • Bar 6 - Two legged pullback in a bull move but tail and should test down lower into yesterday channel. Sellers above or sell above and signal bar
  • Bar 9 - Big bear bar, close on low and below 60 minute 20 bar exponential moving average, more down
  • Bar 10 - Bull inside bar, double bottom 49, but should get 2nd leg down after fail, failure bottom at 6 so sellers above or sell above. Swing sell or short below only since near low of yesterday
  • Bar 11 - Another big bear bar, more down
  • Bar 12 - One bar final flag 10, but doji. Sellers above or sell above
  • Bar 17 - Microwedge 12 14 16, consecutive sell climax, 2nd reversal low of yesterday, should enter trading range so better to buy low of week sell high and scalp. Possible low of the day. Better if can use wide stop and scale into longs, and shorts after rally
  • Bar 19 - Fail, failure breakout, double top 13, but trading range since 12 so probably buyers below or buy below. Lp sell or short so swing sell or short only
  • Bar 21 - Bear inside bar, double top 12, two legged pullback in a bear move 19, ok swing sell or short and possible scalp if wide stop
  • [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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