E-mini S&P reverses lower after buying spike

Brooks Price Action - 05-15-2013 Wednesday

pending chart 2076

Wedge bull flag, spike and channel bull, consecutive buy climax, three inside bars in a row final flag top, spike and channel bear, trading range day

  • Wednesday, May 15, 2013
  • Bar 1 - Yesterday was strong bull with trend resumption into close. Bull bar, two legged pullback in a bull move, but small bar, 2t tail, 4 hour trading range. Sellers above or sell above. Might be small inside bar on daily after big breakout above 60 minimum or minutes bull channel. Trading range day likely
  • Bar 2 - Bear reversal bar at moving average, ok scalp, but still always in long
  • Bar 4 - Wedge bull flag 78 1. Ok swing buy or long, but doji and trading range so ok to wait
  • Bar 7 - Breakout, but not big bar. Ok swing buy or long but ok to wait since top of trading range and most breakout fail, failure
  • Bar 8 - Bear reversal bar, double top 2, possible high of the day but 1t body and 4 bars up so lp. Might get deep pullback since trading range
  • Bar 10 - Breakout pullback buy or long, ok swing, ok to wait for breakout
  • Bar 11 - Wedge 2 8, strong bear reversal bar, double top 8, but tight trading range and near bottom. Better to wait since tight trading range
  • Bar 14 - Fail, failure breakout, but bull body, always in long. Wait to sell or short. Bulls will exit below or below 12
  • Bar 16 - Double bottom 12, ok swing buy or long, ok to buy or long above 14 for measured move up
  • Bar 18 - Big breakout bar, probably will get follow through. Ok to buy or long, stop below 18
  • Bar 19 - Strong follow through, more up. Probably trending trading range day, but should get at least a 2nd push up after strong breakout. Possible spike and channel
  • [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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