Technical pattern breakdown for E-mini S&P 500: Brooks

Brooks Price Action Analysis of Monday, July 15

pending chart 2218

Opening Range, fail, failure wedge top, wedge top

  • Monday, July 15, 2013
  • Bar 1 - Gap above high of week, open on low. Should test down. Ok swing sell or short, but doji so sideways likely. Target may high of yesterday 1679.75
  • Bar 4 - Or, bull reversal bar, but 3 bars down so sideways likely. Ok swing buy or long, better to wait
  • Bar 10 - Lower high major trend reversal but 7 bar microchannel and trading range pa so buyers at the low of week of the bar and probably scaling in lower and sideways
  • Bar 13 - Higher low but bear bar, more sideways. Breakout mode
  • Bar 19 - Double top lhmtr but doji, tight trading range. Lp. Better to wait
  • Bar 21 - Breakout pullback buy or long. Ok swing, low probablilty so swing stop, convert to scalp if quickly goes reward 2 times risk since always in long, but trading range pa so might fail, failure at new high of the day
  • Bar 24 - Breakout, ok swing buy or long
  • Bar 25 - Follow through, more up, but small bars so might get pullback. 16t above 4 so probably will go at least 1t more up for 17t
  • Bar 27 - Second entry sell high of yesterday, bear inside bar, fail, failure breakout, but 17t magnet above. Probably buyers at the low of week of the bar and probably scaling in lower. Lp sell or short so swing, but better to wait
  • Bar 29 - Breakout pullback buy or long but doji so need swing stop. Better to buy or long five tick failure below 1678 since that is target
  • Bar 32 - Wedge top 1 26, bear reversal bar, 17t 4, wedge 1 26, ok swing sell or short, but tight channel so probably sideways and possible more up. Higher probability to wait for bear breakout
  • [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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