Tuesday price action carries E-mini S&P 500 lower: Brooks

Brooks Price Action Analysis of Tuesday, Nov. 19

pending chart 2414

Expanding triangle bottom, wedge bear flag, higher low major trend reversal, wedge lower high, expanding triangle bottom, wedge bear flag

  • Tuesday, November 19, 2013
  • Bar 1 - Yesterday ended with a two legged pullback in a bear move at the moving average after a strong bear breakout. Doji, 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. Yesterday = outside down bar so might be inside day today
  • Bar 2 - Micro double top, double top 81, probably will test 78 low or low of yesterday, then bounce or possible low of the day. Lots of buyers yesterday below bars since 69
  • Bar 4 - Expanding triangle bottom 70 73, possible low of the day, but bear body so lower probability
  • Bar 5 - Big bull entry bar, always in long. Should breakout above top of trading range, but might then get expanding triangle bear flag and pullback to higher low major trend reversal
  • Bar 9 - Breakout pullback buy or long but doji, tail 8, 15 minute 20 bar moving average plotted on a 5 minute chart, probably sellers at the high of the bar and probably scaling in higher. Better to wait to buy or long pullback
  • Bar 11 - Expanding triangle bear flag but 1st pullback after always in long so probably buyers at the low of week of the bar and probably scaling in lower, but might fall for 5 � 10 bars and form higher low major trend reversal. If, buy or long, use wide stop and scale in lower
  • Bar 13 - Breakout pullback buy or long, ok buy or long if swing stop below 6 or 5
  • Bar 15 - Wedge bear flag, expanding triangle bear flag, but doji so low probability and swing or wait. Trading range likely soon since bars down yesterday and bars up today
  • Bar 17 - Double bottom 13, always in long, but trading range 8 so probably 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 and at least 1 more leg down
  • Bar 21 - Bear breakout, more down
  • Bar 22 - Fail, failure breakout. Trading range pa, bad follow through after all breakout up and or down. Tight channel, should get at least 1 more push down after 21
  • [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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