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

Brooks Price Action Analysis of Tuesday, Dec. 3

pending chart 2428

Fail, failure breakout low of yesterday, lower high double top at moving average, wedge bottom, higher low major trend reversal

  • Tuesday, December 3, 2013
  • Bar 1 - Gap down, possible breakaway gap on daily so bears will sell or short for swing down. Close on high, ok swing buy or long, but tight channel and gap so not high enough probability for scalp
  • Bar 2 - Bear reversal bar but still always in long, stop below 1 so low probability sell or short
  • Bar 3 - Fail, failure gap second entry buy but tight trading range, bad for scalping with stop entries unless using swing stop. Swing or wait. Ok swing sell or short below or swing buy or long above. Breakout mode. Higher probability to wait for breakout up and or down
  • Bar 4 - Fail, failure breakout low of yesterday second entry buy but bear body, tight trading range, bad for scalping with stop entries unless using swing stop so swing or wait
  • Bar 5 - Breakout but tail so weak.
  • Bar 6 - Breakout, always in long, ok swing buy or long but not high enough probability for scalp
  • Bar 7 - Double top 2 at moving average but tail, always in long so buyers at the low of week of the bar and probably scaling in lower
  • Bar 9 - Double top at moving average, close on low, still always in long but weak bull leg
  • Bar 10 - Breakout pullback buy or long but top of tight trading range and at moving average so low probability buy or long and swing or wait
  • Bar 11 - Second entry sell at moving average so most bulls will exit. Doji, tight trading range, so low probability sell or short and swing only. Better to wait for breakout up and or down
  • Bar 13 - Wedge 7 9, always in long, ok swing buy or long but low probability since tight trading range, bad for scalping with stop entries unless using swing stop. Bulls need breakout above moving average
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus