Wedge bull channel, higher high major trend reversal, double bottom bull flag
- Wednesday, February 6, 2013
- Bar 1 - Gap but small bear body. Ba sellers above or sell above
- Bar 2 - Big bull bar, always in long, but bears will still scale in so trading range likely
- Bar 3 - Bull follow through, buyers below or buy below
- Bar 4 - Db1, bears will take profits on scalp from above 1. Low probability buy or long above since trading range so far
- Bar 7 - Double top 3, but tight trading range so lp possible high of the day. Better to wait
- Bar 8 - Fail, failure two legged pullback in a bear move but tight trading range so lp buy or long
- Bar 9 - Double top, wedge 3 6 but big bull body. Wait. Trading range so buy low of week sell high and scalp. If bulls fail, failure to get breakout, will sell off
- Bar 12 - Weak breakout, l4. Ok scalp sell or short since bulls will give up soon
- Bar 14 - Bull bar so fail, failure breakout and still always in long. Should get 2nd leg down but down sell or short since bull bar at bottom of trading range. Higher low major trend reversal but only 2 bars down so better to wait
- Bar 16 - 3 bars up so might be higher low major trend reversal. Might get breakout
- Bar 17 - Big breakout bar, more up
- [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]
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.