Breaking down Monday's E-mini trend day: Brooks

Brooks Price Action Analysis of Monday, Sept. 9

pending chart 2310

Expanding triangle top, possible triangle, consecutive buy climax, wedge

  • Monday, September 9, 2013
  • Bar 1 - High of yesterday = high of last week = bull outside bar surrounded by inside bars two legged pullback in a bull move buy or long at moving average so target above. Good bull bar, possible 1tb bull, probably will breakout above high of yesterday, but possible fail, failure. Tail so not strong bar. Target = aug 26 lower high = green line and bottom of bear aug 15 gap on daily = pink line
  • Bar 2 - Bear reversal bar, but probably always in long for test high of yesterday
  • Bar 3 - Breakout pullback buy or long, ok swing buy or long for test high of yesterday
  • Bar 4 - Good entry bar, but not big so not strong
  • Bar 5 - Close near high, more up
  • Bar 6 - Expanding triangle 25 56 so higher high major trend reversal, fail, failure breakout high of yesterday, two legged pullback in a bear move 2, ok swing sell or short but still always in long. Bull body but tail so wait to buy or long.
  • Bar 9 - Double bottom 3, always in long, but 3 bear bars, 2 cg on low. Big up, big down, on swing buy or long and sell or short so sideways likely and sellers at the high of the bar and probably scaling in higher
  • Bar 13 - Bull reversal bar at moving average, h29, db3, but middle of tight trading range and tight trading range no scalping with stops. Ok swing buy or long or wait
  • Bar 18 - Possible triangle 3 13, holding above moving average, always in long, odds slightly favor bulls, but tight trading range no scalping with stops
  • Bar 27 - Bull follow through, probably more up, but top of trading range day so lower probability
  • Bar 30 - Bull outside bar surrounded by inside bars, should get 2nd push up after 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.

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 This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome