Analyzing Tuesday's trend higher in the E-mini: Brooks

Brooks Price Action Analysis of Tuesday, Oct. 1

pending chart 2349

Trend from the first bar bull

  • Tuesday, October 1, 2013
  • Bar 1 - I leave early today. big outside up bar but at high of yesterday, bear trendline, 60 minute 20 bar exponential moving average, and targets still below low of yesterday. Probably sellers at the high of the bar and probably scaling in higher
  • Bar 3 - Bear inside bar at resistance, but 2cc bull bars so probably buyers at the low of week of the bar and probably scaling in lower. Fail, failure breakout high of yesterday so ok swing sell or short but better to wait
  • Bar 6 - Bear breakout but tail, at moving average, and still above 1 low. Still always in long. Low probability sell or short
  • Bar 7 - Big outside up bar but top of 2 day trading range. Better to wait
  • Bar 8 - Lower high major trend reversal but 1t body and strong bull bar so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 10 - Breakout pullback buy or long from 6 pullback from 1 breakout. Ok swing buy or long
  • Bar 11 - Big bull bar, close on high and far above high of the day and 60 moving average. More up. Possible trending trading range day
  • Bar 12 - Bear inside bar, fail, failure breakout, but small compared to 10 11 so probably buyers at the low of week of the bar and probably scaling in lower and ba. Bad follow through so probably trending trading range day
  • Bar 14 - Bear doji, more bad follow through so probably will soon become upper trading range. Ok buy or long above if swing stop, probably below 11 or 12. Probably will soon ge sellers at the high of the bar and probably scaling in higher and then upper trading range
  • Bar 17 - Two legged pullback in a bull move 14 but tight trading range no scalping with stops. Ok swing or scalp if swing stop and scale in lower
  • Bar 19 - Higher high 17 two legged pullback in a bull move, but tight trading range no scalping with stops. Probably will test moving average and 13 low later today, but better to only sell or short for scalps above bars and if can scale in higher. Ok to buy or long below bars and scale in lower. Most traders should wait to buy or long lower, or to sell or short a stronger top. Still always in long
  • [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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