Brooks Price Action for Thursday March, 22

Gap down, Wedge bottom, Trading range.

pending chart 1301

 

Thursday, March 22, 2012

  • Bar 1 - Yesterday double top bear flag. Big gap so odds favor trend, more likely down, but probably has to get closer to moving average before trend. Tails so bears scaling above, bulls below
  • Bar 5 - 4 bars up so trend from the first bar and buyers below. Many market leaders like ibm, mwt, aapl have strong opens so that works against the es bears
  • Bar 6 - 1st pullback but report
  • Bar 7 - Big bull outside up bar but need follow through.
  • Bar 8 - Bear outside bar surrounded by inside bars, two legged pullback in a bear move, but probably buyers below since 2 sided and bit bull bar and 4 bars up on open
  • Bar 10 - Big bear bar from ol2 so probably always in short. Big tail so not strong. Still trading range pa
  • Bar 11 - Breakout pullback short but bottom of trading range day and big tail 10. Probably buyers below
  • Bar 14 - Breakout pullback short but doji and lots of tails below bars so not strong selling. Wedge buy but tight channel and doji so probably sellers above and buyers below. Wait
  • Bar 15 - Strong bull bar, two bar revresal 13 so ok buy above. Not strong short below for double top 12 since trading range pa
  • Bar 17 - Bear breakout but tail and small bar
  • Bar 18 - Doji follow through so weak. Breakout pullback short but probably buyers below
  • [more Bar-by-Bar Analysis in the Forums at www.brookspriceaction.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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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