Price action trends higher in E-mini S&P 500: Brooks

Brooks Price Action Analysis of Tuesday, Oct. 15

pending chart 2366

Trend from the first bar bull, tight trading range bull breakout, consecutive buy climax, twenty gap bars buy or long, higher high major trend reversal, wedge bull flag

  • Monday, October 14, 2013
  • Bar 1 - Fail, failure breakout. Big gap down, bull reversal bar, ok buy or long for swing or scalp. Trading range day likely since top of 60 minimum or minutes trading range. Pink line above is top of bear channel on 60 minimum or minutes chart = target after spike and channel bear
  • Bar 2 - Bull follow through but big tail so most bulls scalped and trading range more likely. Always in long. Buyers at the low of week of the bar and probably scaling in lower but probably sideways
  • Bar 3 - Breakout pullback buy or long, ok swing but 2 bear bars, 5 sideways bars, so trading range more likely
  • Bar 4 - Tight trading range no scalping with stops
  • Bar 7 - Double top 2 but not near moving average. More tight trading range. Better to wait for strong breakout
  • Bar 14 - Two legged pullback in a bear move at moving average but bull doji, tight trading range. Better to wait for strong breakout.
  • Bar 20 - Bull two inside bars, db10, always in long. Swing only, but better to wait for breakout
  • Bar 21 - Breakout but still in tight trading range. Still failing to hold above moving average
  • Bar 22 - Low held the 20 entry bar low so buying pressure
  • Bar 23 - Bull two inside bars, ok swing buy or long above
  • Bar 24 - Outside up bar, close above moving average, always in long, ok swing stop, but scale in, then scalp or swing buy or 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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