Bar-by-bar breakdown of Thursday's E-mini S&P 500 rally: Brooks

Daily price action report for Friday, June 14

pending chart 2129

Wedge bottom, fail, failure wedge top, bull channel, extreme consecutive buy climax, outside up bar day

  • Thursday, June 13, 2013
  • Bar 1 - Yesterday was spike and channel bear. Strong outside down bar but two-sided trading since 58 so probbb. Lp sell or short. Wait
  • Bar 2 - Wedge 34 71, ok buy or long. Reversal bar but doji. Ok to wait, but still always in long. Should get approx. Ten bar, two-legged correction sideways to up
  • Bar 4 - Double top 1, but buyers at the low of week of the bar and probably scaling in lower. Lp sell or short
  • Bar 5 - Second entry buy
  • Bar 6 - Close on high, more up 7 close on high but 15 minute 20 bar moving average plotted on a 5 minute chart. Good to take partial profits
  • Bar 8 - Two bar revresal, two legged pullback in a bear move 4, but always in long so buyers at the low of week of the bar and probably scaling in lower with stop below 5. Two legged pullback in a bear move at 15 minute 20 bar moving average plotted on a 5 minute chart so ok swing sell or short, but still always in long
  • Bar 9 - Close on low but should get 2nd leg up after big wedge bottom. Bu double bottom sideways likely, but always in long
  • Bar 10 - Two bar revresal, higher low major trend reversal, still always in long, ok swing buy or long
  • Bar 13 - Breakout but need follow through since top of 59 trading range
  • Bar 14 - Weak follow through so probably trading range. Ok swing buy or long but better to be flat and buy or long lower
  • Bar 17 - Wedge bear flag 76 7, micro double top, ok swing sell or short for approx. Ten bar, two-legged correction down, but always in long and tight trading range no scalping with stops. Better 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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus