E-mini S&P resumes bear trend

Brooks Price Action - 02-20-2013 Wednesday

pending chart 1899

Trending trading range day, bear trend resumption

  • Wednesday, February 20, 2013
  • Bar 1 - Two legged pullback in a bull move in bull, but doji and top of weak channel, and tended with weak higher high major trend reversal. Probably sellers above or sell above. Wait
  • Bar 3 - 2 consecutive bear bars but at support = yesterday ledge 54. Wait. Probably trading range so buy low of week sell high and scalp. Sellers above or sell above
  • Bar 5 - Bear inside bar but bottom of tight trading range since 25 yesterday so probbb
  • Bar 6 - H4, 1t fail, failure breakout, bottom of trading range. Should bounce, but might have one more small push down
  • Bar 8 - Fail, failure h4 but bull bar and bottom of trading range so buyers below or buy below
  • Bar 10 - 4 bars up so always in long, but might form lower high major trend reversal. Yesterday = weak channel and buy climax so odds favor 2nd leg sideways to down. Wait to buy or long
  • Bar 12 - Fail, failure lows but 2nd leg down likely so better to not buy or long. Middle of trading range 24 yesterday so better to wait
  • Bar 14 - Bear outside bar surrounded by inside bars, second entry sell lower high major trend reversal but tight trading range so lower probability. Ok swing sell or short, ok to wait
  • Bar 16 - Bear breakout, always in short
  • Bar 17 - Bull inside bar so fail, failure breakout but also breakout pullback sell or short. Always in short, small range so range should at least double, so probably sellers above or sell above and signal bar
  • Bar 19 - Big bear bar but tail aty 18 bottom of channel. More down since 60 minute 20 bar exponential moving average magnet just below
  • [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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