E-mini S&P reverses off wedge top

Brooks Price Action - 05-13-2013 Monday

pending chart 2070

60 minutes opening range, wedge top at top of channel, lower high major trend reversal, trading range day

  • Monday, May 13, 2013
  • Bar 1 - 4 day trading range. Bull reversal bar at moving average but sideways more likely. Ok swing buy or long
  • Bar 2 - Bear inside bar, close on low, ok swing sell or short for high of the day, but trading range most likely
  • Bar 4 - One legged pullback in a bull move 1, ok swing buy or long above and swing sell or short below, but low probability. Ok to wait
  • Bar 6 - Bull body, wedge 1 3, or at 60 minute 20 bar exponential moving average, but doji and tight channel so lp
  • Bar 8 - Big bull bar, close on high, two bar revresal 5, always in long, ok swing buy or long, stop below 8 or 6
  • Bar 9 - Follow through, more up, buyers below or buy below. Possible spike, then channel up. 6 is probably low of the day
  • Bar 10 - In, double top 2, but doji, 2 strong bull bars. Buyers below or buy below for at least one more leg up.
  • Bar 12 - One legged pullback in a bull move but tail, 4 bar tight trading range. Need swing stop
  • Bar 14 - Lower high major trend reversal, wedge 1 9, two legged pullback in a bear move 10 but always in long, buyers below or buy below
  • Bar 16 - Second entry sell wedge 1 9 but bull body, always in long. Might get deep pullback since trading range 4 days, but always in long and weak sell or short so better to buy or long pullback
  • Bar 20 - Double bottom 12 but 3 bear bars. Sellers above or sell above and sideways to down more likely. Might get approx. Ten bar, two-legged correction sideways to down from 17 wedge
  • [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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