E-mini S&P falls into range after making top

Brooks Price Action - 05-20-2013 Monday

pending chart 2085

Double bottom or, buy climax high of the day at measured move and top of channel on daily chart, wedge bottom, trending trading range day

  • Monday, May 20, 2013
  • Bar 1 - Yesterday ended with buy climax. Measuring gap on daily last month has target above 1669.00. Always in long, but high of yesterday so better to wait
  • Bar 2 - Bull follow through, probably buyers below or buy below, but fail, failure breakout high of yesterday, expanding triangle 74 76 so better to wait
  • Bar 4 - Big up, big down so sideways
  • Bar 5 - Bull reversal bar at moving average, breakout pullback from 1, double bottom 1, ok swing buy or long for possible low of the day but sideways more likely after 3 4 reversal
  • Bar 6 - Good bull bar, ok to get swing buy or long for possible low of the day. Trading range so ok to wait
  • Bar 7 - Another bull bar, even tho doji. Still always in long, probably buyers below or buy below
  • Bar 8 - Weak breakout, close not above 7. Bulls need breakout, else fail, failure breakout high of yesterday
  • Bar 10 - Second entry sell 2 high of yesterday but bull signal bar. Better to not sell or short. Still always in long, but weak so far. Possible tight trading range no scalping with stops
  • Bar 14 - Possible triangle 9 12, but tight trading range no scalping with stops. Bears need breakout or fail, failure bull breakout. Still always in long despite high of yesterday second entry sell 10
  • Bar 16 - Double top 10 but doji and tight trading range and always in long. Better to be buy or long or flat
  • Bar 18 - Bull inside bar at moving average, tight trading range, always in long, ok swing or swing and maybe part scalp buy or long. Daily measured move target 1669.00
  • [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
comments powered by Disqus