E-mini S&P trends, reverses in Friday's price action

Brooks Price Action Analysis of Friday, Nov. 1, 2013

pending chart 2392

Trend from the first bar bull, lower high major trend reversal, nested wedge bottom, higher low major trend reversal, wedge top

  • Friday, November 1, 2013
  • Bar 1 - i left a few minutes early today. Yesterday ended with trading range and parabolic wedge bottom. Doji but 3 of 4 bars up an two legs up likely. Better to buy or long pullback or strong breakout
  • Bar 6 - Trend from the first bar bull, 9 bars up, always in long, buyers at the low of week of the bar and probably scaling in lower, but trading range for 2 days
  • Bar 8 - Big bull breakout but top of 2 day trading range so wait for follow through, else just 2 legs up to top of trading range
  • Bar 9 - Lower high major trend reversal after yesterday bear breakout to 79, two legged pullback in a bear move 6, big reversal, ok sell or short below 9 or 8, possible high of the day
  • Bar 10 - Big bear breakout, always in short, sellers at the high of the bar and probably scaling in higher, odds favor two legs down
  • Bar 11 - Fail, failure breakout, good bull bar but sellers at the high of the bar and probably scaling in higher since strong breakout and two legs down likely. Stop above 10 or 11
  • Bar 12 - Breakout pullback buy or long but bottom of trading range so probably buyers at the low of week of the bar and probably scaling in lower. Bear body so better to not buy or long. Only sell or short if swing stop
  • Bar 13 - Higher low major trend reversal 2ebbut sellers at the high of the bar and probably scaling in higher, the two legs down
  • Bar 18 - Wedge 11 15 at moving average but tight channel so ok to wait. Ok swing sell or short
  • Bar 19 - Strong breakout, more down. Bottom of trading range so lower probability
  • Bar 20 - Sell the close, more down
  • [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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