Tuesday's E-mini price action sees trend, failed breakout

Brooks Price Action Analysis of Tuesday, Nov. 5

pending chart 2394

Trend from the first bar bear, fail, failure breakout low of yesterday, wedge top, two legged pullback in a bull move, double top

  • Tuesday, November 5, 2013
  • Bar 1 - Big doji so buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Breakout below low of yesterday and 60 minute 20 bar exponential moving average. Trading range pa so might get early buy or long
  • Bar 3 - 3 dojis, buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Low probability sell or short below
  • Bar 5 - Close on low, more down, but trading range pa for weeks so probably will try to form early low of the day
  • Bar 6 - Big tail so probably buyers at the low of week of the bar and probably scaling in lower and trading range soon
  • Bar 7 - Outside up bar but trend from the first bar bear so sellers at the high of the bar and probably scaling in higher and probably tight trading range
  • Bar 9 - Breakout pullback sell or short but 4 bar tight trading range so probably buyers at the low of week of the bar and probably scaling in lower and more sideways to up to moving average
  • Bar 11 - Fail, failure breakout low of yesterday second entry buy but tight trading range no scalping with stops. Probably sideways to up to test moving average. Low probability but possible low of the day. Swing, but higher probability to wait
  • Bar 13 - Breakout, possible always in long
  • Bar 14 - Follow through, always in long, buyers at the low of week of the bar and probably scaling in lower
  • Bar 16 - Bear inside bar, but always in long, buyers at the low of week of the bar and probably scaling in lower. Might be sellers at the high of the bar and probably scaling in higher, then sideways but better to only look to buy or long
  • Bar 18 - Wedge 9 15, but tight channel so low probability and better to wait to buy or long pullback. Fail, failure breakout high of the day, 60 minute 20 bar exponential moving average, big bar so possible buy climax so might get pullback. Breakout pullback buy or long above but only buy or long if swing stop below 11 since low probability
  • [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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