Monday E-mini S&P 500 price action tacks on more gains: Brooks

Brooks Price Action Analysis for Monday, Feb. 10

pending chart 2618

Lower high major trend reversal, two legged pullback in a bull move, fail, failure breakout high of yesterday second entry sell,

  • Monday, February 10, 2014
  • Bar 1 - Bear breakout of bull channel but doji so trading range likely. 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 2 - Opening reversal off trendline, but only 1t body. Buyers at the low of the bar and probably scaling in lower 1 so probably buyers above 2 for test high of yesterday, but trading range start
  • Bar 4 - Lower high major trend reversal, test of 60 minimum or minutes double top, two legged pullback in a bear move 1 but only 2 bars up, big tails, probably buyers at the low of the bar and probably scaling in lower for test above high of yesterday. Trading range open
  • Bar 7 - Tight trading range, bad for scalping with stop entries unless using swing stop, buyers at the low of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher, breakout mode. Limit order order market for scalps. Most should wait for breakout up and or down
  • Bar 11 - Possible triangle 81 4 8, breakout mode
  • Bar 13 - Breakout, always in short, but big tail so low probability. Probably always in short, stop above 13 or 9, but ned follow through, else two legged pullback in a bull move 8
  • Bar 14 - Breakout pullback sell or short, always in short, ok sell or short, should reach 53 low. Weak bear, probably trading range day
  • Bar 17 - Two legged pullback in a bull move and double bottom 8, two legged pullback in a bull move 2, fail, failure breakout low of the day but tail, 4 bear bars, probably sellers at the high of the bar and probably scaling in higher and two legs down. Weak bear so probably trading range day
  • Bar 20 - Two legged pullback in a bull move second entry buy, test 53 low, but tails so sideways more likely. Might for two legged pullback in a bear move soon. Higher probability to wait
  • Bar 23 - Close above 22, 22 close above 21 so getting gs. Need more for always in long
  • Bar 24 - Another gap. Probably always in long but weak rally so ok to buy or long pullback, stop below 19. Still swing sell or short, stop above 13, but better to only buy or long since always in long. Trading range day
  • [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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