Friday E-mini S&P 500 price action climbs higher: Brooks

Brooks Price Action Analysis for Friday, Feb. 7

pending chart 2612

Double top, wedge bottom, small pullback bull, two legged pullback in a bull move and trs up, fail, failure final flag top, fail, failure wedge top, outside up bar week

  • Friday, February 7, 2014
  • Bar 1 - Strong bull bar but support and resistance far so probably trading range
  • Bar 4 - Bear inside bar, close on low, probably enough room for scalp but bulls will buy or long 2 � 3 points down for test of 3 low
  • Bar 6 - Breakout pullback buy or long but 2 big bear bars so bears will sellers at the high of the bar and probably scaling in higher. Breakout mode
  • Bar 7 - Double top 3 but doji so swing or wait
  • Bar 9 - Breakout, more down
  • Bar 10 - Fail, failure breakout but bear follow through, sellers at the high of the bar and probably scaling in higher
  • Bar 11 - Breakout pullback sell or short but doji at moving average so swing only since possible buyers at the low of the bar and probably scaling in lower for wedge 1 10 or wedge 5 10
  • Bar 13 - Wedge 1 10 wedge 5 10, moving average, but doji so lower probability, sellers at the high of the bar and probably scaling in higher. Higher probability to wait to see bull breakout, else still always in short for test trendline below
  • Bar 16 - Wedge second entry buy at moving average but tight trading range, bad for scalping with stop entries unless using swing stop. Swing, but higher probability to wait for strong bull breakout
  • Bar 18 - 3 bull bars but small, tails. Bears will sell or short, betting on channel down. Buyers at the low of the bar and probably scaling in lower and bulls will bet on channel up. Trading range most likely with buyers at the low of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher.
  • Bar 19 - Two legged pullback in a bear move 14, but 3 bull bars, possible 17 measuring gap. Probably buyers at the low of the bar and probably scaling in lower. Target 9 high, 7 high, high of the day.trd so probably buyers at the low of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher and sideways
  • [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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