Sideways price action highlights Monday E-mini market: Brooks

Brooks Price Action Analysis of Monday, Oct. 22

pending chart 2377

Opening Range bull, higher high major trend reversal, lower high major trend reversal,

  • Monday, October 21, 2013
  • Bar 1 - Very overbought consecutive buy climax on 60 mi, but losing momentum on 5 minimum or minutes so might pullback soon. Fail, failure breakout high of yesterday, top of channel on daily, but doji, 2 hour trading range so low probability sell or short and better to wait. Might soon get island top on daily
  • Bar 3 - Or but doji, top of trading range. Swing or wait
  • Bar 6 - Breakout but tail so lower probability. Always in long, but might get early high of the day since overbought and top of daily channel
  • Bar 8 - Higher high major trend reversal, second entry sell high of yesterday, top of 5 minimum or minutes and daily channels, consecutive buy climax 60 minimum or minutes, ok swing sell or short for possible high of the day
  • Bar 11 - Double bottom 3 but 3 bear bars, reasonable top, always in short, sellers at the high of the bar and probably scaling in higher
  • Bar 16 - Two legged pullback in a bull move but tight channel so low probability buy or long. Always in short but weak bear leg, bottom of trading range so should bounce soon
  • Bar 18 - Fail, failure breakout bottom of trading range, two legged pullback in a bull move, but tight channel. Ok buy or long scalp with wide stop, else wait to sell or short lower high major trend reversal around 63 high
  • Bar 19 - Breakout pullback sell or short but bull bar, bottom of trading range, weak leg down so buyers at the low of week of the bar and probably scaling in lower
  • Bar 22 - Two legged pullback in a bear move sell or short, always in short, but bottom of trading range so swing only, stop above 8. Better to wait
  • Bar 25 - Lower high major trend reversal, second entry sell, but tight trading range no scalping with stops. Big tail so weak sell or short. Bears need swing stop, else wait
  • Bar 29 - Double bottom at bottom of trading range, ok swing buy or long. Tight trading range no scalping with stops
  • [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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