Breaking down the E-mini's bearish slide: Brooks

Brooks Price Action Analysis of Wednesday, Aug. 14

pending chart 2274

Opening Range 60 minute 20 bar exponential moving average, parabolic wedge, fail, failure parabolic wedge, double bottom major trend reversal, wedge bottom, possible triangle bottom

  • Wednesday, August 14, 2013
  • Bar 1 - Yesterday ended with trading range. Two legged pullback in a bull move 62, but 81 bear bar. Big doji, lower high, swing sell or short below from yesterday major trend reversal, but bottom of trading range so low probability
  • Bar 3 - 2bear bars but close above 2 low and 60 minute 20 bar exponential moving average. Better to wait
  • Bar 5 - Outside bar surrounded by inside bars but tight trading range and bear body. Ok swing but better to wait
  • Bar 7 - Two legged pullback in a bear move 4 but bull body, tight trading range. Swing only, better to wait
  • Bar 9 - Bear breakout, ok swing sell or short of to wait for 1 more bear bar. Tail so weak
  • Bar 10 - Or 60 minute 20 bar exponential moving average, parabolic wedge 62 3, two legged pullback in a bull move 3, bull inside bar, ok swing buy or long but ok to wait for follow through since might be breakout pullback sell or short
  • Bar 11 - Two bar revresal 9, big bull bar, close on high. Always in long. Ok to wait for follow through
  • Bar 12 - Breakout pullback sell or short, but bulls see as breakout pullback from 11
  • Bar 15 - Fail, failure parabolic wedge, bear breakout, probably measured move down. Always in short, possible measuring gap
  • Bar 16 - Big bear bar but tail so probably bear leg in trading range. Should get two legs up. 18t below 12 so profit takers
  • Bar 17 - Parabolic wedge 3 9, bull inside bar close on high. Ok swing buy or long, but odds favor one more leg down
  • [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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