Brooks Price Action - 02-23-2012 Thursday

chart 1248

Thursday, February 23, 2012

  • Bar 1 - Y(yesterday) = was a TRD(trading range day) with a bull channel at the end. Bear BO(breakout) if bear channel but tail so BRS(buyers) will scale in below.
  • Bar 2 - Another tail, so some BG(buying).
  • Bar 3 - Strong bear BO(breakout) but leg 1=2, 60 MIN(minimum or minutes) TL(trendline), LOY(low of yesterday) so might be EG(exhaustion gap).
  • Bar 4 - Bull RB(reversal bar), W(wedge), LOY(low of yesterday), bottom of channel, but 3 bars down. 30% chance LOD(low of the day) so ok swing, but if LOD(low of the day), should get test within about 10 bars since TC(tight channel).
  • Bar 6 - L1(1 legged pullback in a bear move) S(short), bear bar, but report. Wait.
  • Bar 7 - Bll BO(breakout) of L1(1 legged pullback in a bear move) bear flag, but tail so not strong.
  • Bar 8 - Small tail, bull FT(follow through), AIL(always in long), but at MA(moving average) so better to wait.
  • Bar 10 - Bear RB(reversal bar), HOD(high of the day), but AIL(always in long) so BRS(buyers) below. Should test down soon since not strong bottom.
  • Bar 11 - H1(1 legged pullback in a bull move) B(buy) but MA(moving average) and should test down and form HL(higher low) MTR(major trend reversal).
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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