Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Friday, Aug. 17, 2018.
- Bar 1 - 1 gd, testing low of yesterday, open of week, 60-minute, 20-bar exponential moving average. Friday so open of week magnet today. Fail, failure breakout below yesterday wedge, but bear body. Room to moving average, sellers above or probably sellers at the high of the bar scaling in higher
- Bar 2 - Big bull bar at moving average so sell the close, might test 1 high for scale in bears. Blbl, always in long, even tho still in bear channel
- Bar 4 - Close on low, ok sellers below or probably sellers at the low of the bar
- Bar 6 - Higher low but tail, 3 bear body, sellers above or probably sellers at the high of the bar scaling in higher
- Bar 9 - Close on low, ok sellers below or probably sellers at the low of the bar
- Bar 12 - Fail, failure breakout low of the day, wedge 5, 9, 60-minute, 20-bar exponential moving average, low of yesterday, open of week, possible low of day, but low probability so swing or wait, but tight channel 3
- Bar 15 - Double top bear flag 10 or 7, always in short, but still on swing buy or long 12, possibly higher low
- Bar 16 - Higher low, possible low of day, but low probability so swing or wait, but bull need breakout above moving average before always in long, then need higher highs. Still in bear channel below the moving average
- Bar 20 - Two legged pullback in a bear move at moving average but bull body and still small pullback bull trend. No big bull breakout yet so possibly probably bull leg in trading range and not in bull trend instead of bull trend
- Bar 21 - Two legged pullback in a bull move above moving average, always in long, but doji, weak rally, possibly probably bull leg in trading range and not in bull trend
- Bar 23 - Wedge 14, 17, lower high 2, weak rally, but doji and tight channel, minor trend reversal so trading range more likely, high of the day target above. Bull will probably need higher low major trend reversal so might get pullback within hour
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About the Author
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.