Yesterday had 60 bar bull channel so trading range day likely today. Trend resumption bear day
- Friday, April 13, 2012
- Bar 1 - Yesterday spike and channel bill so channel should lead to trading range. Big bear bar, not at support, so probably more down, but trading range day most likely after big channel yesterday. Pink line = open of week and today is fri. Bulls want bull body on weekly chart and bears want bear body. Should be magnet all day
- Bar 2 - Another big bear bar just above 60 minute 20 bar exponential moving average and open of week. Maybe a little more down. Might get double bottom yesterday 26
- Bar 4 - Strong bear reversal bar. Ok short since did not reach s/r below
- Bar 5 - Double bottom 3 but doji and strong short on 4 so sellers above
- Bar 6 - Big outside down bar so always in short and probably measuring gap
- Bar 8 - Fail, failure breakout but 2 dojis so sellers above
- Bar 9 - Breakout pullback short but 3 bars with tails so not strong short since might go sideways
- Bar 10 - Another big bear bar, consecutive sell climax. More down
- Bar 11 - Bear follow through, more down
- Bar 12 - Bull reversal bar, consecutive sell climax, but tight channel. Ok buy but need market to go up quickly after sell climax
- Bar 13 - Bear inside bar so breakout pullback short but should be trading range day so probably buyers below
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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.