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

Brooks Price Action Analysis of Friday, Aug. 23

pending chart 2290

Fail, failure bull breakout top of wedge top, or bottom of channel

  • Friday, August 23, 2013
  • Bar 1 - I have to leave early today, but will be here for a full day on monday. Fail, failure bull breakout of wedge top and high of yesterday, ok swing sell or short. Today is fri and open of week is near = pink line 1651.25 so probably will get there at some point today
  • Bar 2 - Bull reversal bar, ok swing buy or long, but still on swing sell or short.
  • Bar 4 - Or but 2t tail, and bottom of channel just below. More down
  • Bar 6 - Microwedge but doji and targets below 15 minute 20 bar moving average plotted on a 5 minute chart 60 minute 20 bar exponential moving average open of week trendline. Better to wait
  • Bar 8 - Or bottom of channel, fail, failure bear breakout of wedge bottom, but looks like bear leg in trading range since no consecutive big bear bars. Possible low of the day. Ok swing buy or long or swing, low probability so use swing stop, but can convert to scalp if quickly goes reward 2 times risk, but probably better to wait. Good to exit shorts since probably trading range and now near bottom
  • Bar 10 - Double top 5 but 2 bars up and doji so porb buyers at the low of week of the bar and probably scaling in lower and tight trading range
  • Bar 12 - Two legged pullback in a bear move, bear bar but tight trading range no scalping with stops. Ok swing sell or short but more likely buyers at the low of week of the bar and probably scaling in lower since tight trading range
  • Bar 14 - Bull breakout of bear flag but 1t body. Trading range day so far
  • Bar 15 - Bull follow through so more up, but weak so probably trading range. Buyers at the low of week of the bar and probably scaling in lower, stop below 12 breakout for two legs down
  • Bar 16 - Breakout pullback buy or long but near top of probably trading range. Ok swing, low probability so use swing stop, but can convert to scalp if quickly goes reward 2 times risk, stop below 12
  • Bar 19 - Lower high major trend reversal, micro double top, but weak signal bar so probably two legs up to moving average. Low probability sell or short, still always in long. Tight trading range likely
  • [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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