E-mini S&P spikes higher amid bull channel

Brooks Price Action - 02-12-2013 Tuesday

pending chart 1874

Spike and channel bull

  • Tuesday, February 12, 2013
  • Bar 1 - 2 day tight trading range. Test high of yesterday but bear doji and tight trading range so bad for stop entries on scalps. Wait
  • Bar 4 - 4 bars down so always in short and sellers above or sell above but tight trading range and better to wait for breakout
  • Bar 8 - High of yesterday but doji and probably always in long since 7. Still higher highs and higher lows, and now breakout high of yesterday, but weak. Wait
  • Bar 10 - Breakout pullback buy or long but 2 bear bars and weak leg up so sellers above or sell above. Wait
  • Bar 12 - Second entry sell high of yesterday but dojiand lp. Wait
  • Bar 14 - Close below 9 and 13 so breakout but tail. Probably always in long since 3 bear bars and second entry sell high of yesterday. Wait. Sellers above or sell above
  • Bar 15 - Breakout pullback buy or long, bull reversal bar, but 3 bars down. Pullback from 3 � 12 spike and still always in long. Wait. Probably sellers above or sell above
  • Bar 21 - Lower high major trend reversal but doji and tight trading range. Wait
  • Bar 24 - Bull inside bar, double bottom bull flag 15, but middle of trading range day.
  • Bar 26 - Two legged pullback in a bear move 21, double top 12 but only 1t bear body and still always in long. Might be channel up. Probably buyers below or buy below
  • Bar 33 - Breakout pullback buy or long but weak channel so hard to manage
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome