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

Brooks Price Action Analysis for Friday, Feb. 22

pending chart 2650

Opening reversal, expanding triangle and wedge top, double bottom, wedge top, lower high major trend reversal, wedge bottom fail, failure breakout low of the day,

  • Friday, February 21, 2014
  • Bar 1 - Bear bar but middle of 4 hour tight trading range. Bears want double top major trend reversal, bulls want opening reversal at moving average. Low probability buy or long or sell or short, better to wait.
  • Bar 3 - Opening reversal but tail so low probability. Possible low of the day but might be sell above or sellers at the high of the bar and probably scaling in higher 1 since top of channel
  • Bar 6 - Breakout pullback buy or long but weak leg up, weak 3 sell below or sellers below or signal bar so probably prob sell above or sellers at the high of the bar and probably scaling in higher and possible high of the day soon. Low probability buy or long and need breakout
  • Bar 9 - Expanding triangle 58 or 69, wedge 1 5, ok swing sell or short below 9 or 7 for possible high of the day. Still always in long, stop below 2
  • Bar 11 - Bear breakout, but still always in long since still above 2 low. Bears should take half off at 2 points
  • Bar 12 - Double bottom 15 minute 20 bar moving average plotted on a 5 minute chart and open of week, but weak sell below or sellers below or signal bar. Ok swing buy or long for possible low of the day, stop below 2. Bears on swing sell or short, stop above 11 or 7
  • Bar 18 - Double top 7, but 5 bull bars so probably buy below or buyers at the low of the bar and probably scaling in lower. Low probability sell or short, but possible high of the day. Two inside bars, breakout mode. Should get two legs up from 12 reversal so probably buy below or buyers at the low of the bar and probably scaling in lower and buy above or buyers above, but top of weak channel so limited upside unless strong breakout
  • Bar 20 - Wedge 1 7, higher high major trend reversal, fail, failure two inside bars, strong two bar revresal, but 9 bar bull microchannel so probably buy below or buyers at the low of the bar and probably scaling in lower near moving average. Low probability sell or short for high of the day, but sideways more likely
  • Bar 21 - Bear breakout but always in long so bulls will buy the close
  • Bar 22 - Breakout pullback buy or long but doji, 2 strong bear bars after wedge top so possible tight trading range, sell above or sellers at the high of the bar and probably scaling in higher, more sideways. Magnet above = all time high
  • Bar 26 - Lower high major trend reversal but tight trading range so lower probability. Breakout mode, higher probability to wait for breakout up and or down. Should work down to open of week since trading range pa
  • [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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