E-mini S&P 500 sideways price action analysis: Brooks

Brooks Price Action Analysis of Monday, Aug. 12

pending chart 2272

Gap down lower low major trend reversal, trend from the first bar bull, possible triangle top, final flag bottom

  • Monday, August 12, 2013
  • Bar 1 - Lower low major trend reversal, gap down, bull reversal bar, possible low of the day. 2t tail, small bar, so lower probability. Ok swing
  • Bar 2 - Big bull bar, close on high, probably measured move up
  • Bar 3 - Bull follow through, buyers at the low of week of the bar and probably scaling in lower
  • Bar 6 - Bear inside bar, tails, sellers at the high of the bar and probably scaling in higher for scalp, but still always in long, stop below 1 or 2
  • Bar 8 - Tight channel but tails, moving average. Swing buy or long only
  • Bar 10 - 2 two bar revresal but tails, tight channel, buyers at the low of week of the bar and probably scaling in lower
  • Bar 11 - Fail, failure two legged pullback in a bear move 3, but tight trading range no scalping with stops. Need swing stop
  • Bar 13 - Bull outside bar surrounded by inside bars, always in long, but at moving average, tight trading range. Ok swing, low probability so use swing stop, but can convert to scalp if quickly goes reward 2 times risk or wait
  • Bar 15 - 3 bar breakout, probably 1 more push up to trendline, then trading range
  • Bar 17 - Two inside bars, but 2 bear bodies, just below resistance, weak leg up so probably trading range. Bears will scale in above. Don�t buy or long
  • Bar 19 - Wedge 9 15, but doji and tight channel. Better to wait. Bears need wide stop
  • [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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