E-mini S&P rises in end-of-week breakout

Brooks Price Action - 05-17-2013 Friday

pending chart 2083

Higher low major trend reversal, 15 minutes opening Range, second entry sell double top high of yesterday, double bottom higher low major trend reversal, bull possible triangle, strong breakout into end of day

  • Friday, May 17, 2013
  • Bar 1 - Yesterday ended with consecutive sell climax. Gap up so might get major trend reversal. In yesterday trading range so better to buy or long breakout pullback, not above
  • Bar 2 - Bear inside bar, close on low, ok scalp and maybe swing
  • Bar 4 - Higher low major trend reversal, strong bull reversal bar, 15 minimum or minutes or, swing only, bot probably more down to moving average
  • Bar 5 - Big bull bar. Might become always in long on breakout
  • Bar 6 - Breakout, probably always in long, but report so better to wait
  • Bar 7 - Two legged pullback in a bear move, fail, failure breakout high of yesterday, but bull body, 4 bars up, always in long, so probably buyers below or buy below. Swing stop below 4 or 6
  • Bar 8 - Bear inside bar, fail, failure breakout high of yesterday, but 4 bars up so buyers below or buy below
  • Bar 10 - Two bar revresal, breakout pullback buy or long, but at high of yesterday and tight trading range so need swing stop
  • Bar 11 - Second entry sell high of yesterday but bull body. Sideways more likely. Lp sell or short so swing only. Better to hold long or wait
  • Bar 13 - Possible triangle 7 11 but bull body. Low probability sell or short. Probably buyers below or buy below
  • Bar 15 - Bull inside bar, always in long, possible triangle. Tight trading range no scalping with stops. Ok buy or long for swing or swing and maybe part scalp with stop below 6 or 4. Ok to wait
  • [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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