E-mini price action flat then drops on Monday: Brooks

Brooks Price Action Analysis of Monday, Nov. 25

pending chart 2420

Fail, failure breakout top of channel, opening reversal, fail, failure breakout below possible triangle, lower high major trend reversal, 60 minute 20 bar exponential moving average test

  • Monday, November 25, 2013
  • Bar 1 - Gap above high of yesterday and above daily and weekly channels so probably down soon. There is a 60 minimum or minutes trend channel line just above, around 1812 so probably have to get above it before swing down. Doji, sellers at the high of the bar and probably scaling in higher buyers above. Possible high of the day so ok swing sell or short
  • Bar 3 - Fail, failure breakout high of yesterday second entry sell. Low probability since dojis, but always in short and ok swing
  • Bar 5 - Close on low, more down
  • Bar 8 - Opening reversal, bull reversal bar, but 8 consecutive bars down, trend from the first bar bear, sellers at the high of the bar and probably scaling in higher. Might test 3 low since scale in bulls below 3
  • Bar 10 - 2 dojis, trend from the first bar bear, probably tight trading range, 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. Still always in short, but at moving average, high of yesterday, bottom of channel so might bounce
  • Bar 11 - Breakout pullback sell or short, always in short, but tight trading range no scalping with stops. Buyers at the low of week of the bar and probably scaling in lower, sideways more likely. 60 minimum or minutes tight trading range likely after bear reversal bar but tight channel bull channel
  • Bar 13 - Opening reversal 23 but tight trading range no scalping with stops. Probably test 3 low where scale in bulls began, but sideways likely since lots of dojis
  • Bar 14 - Outside up bar after fail, failure breakout below channel so might get follow through, but tight trading range likely since so tight trading range so far
  • Bar 15 - Pullback from outside up bar but intense tight trading range pa so probably limit order order market and 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. Most should wait
  • Bar 16 - Lower high major trend reversal but bull body, only 1 bear body in 9 bars, tight trading range no scalping with stops, probably buyers at the low of week of the bar and probably scaling in lower and more sideways. Low probability sell or short
  • Bar 21 - Dbpb, breakout pullback buy or long, but dojis and middle of tight trading range. Possible always in long. Tight trading range so better to buyers at the low of week of the bar and probably scaling in lower bars, like below 19
  • [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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