Bear channel, wedge bottom
- Thursday, February 21, 2013
- Bar 1 - Yesterday = extreme parabolic wedge spike and channel so should enter trading range today at some point. Just above daily moving average so should be twenty gap bars bulls buying soon. Open = high of the day so probably will go higher at some point. Big bear bar, gap down, so swing traders will sell or short since risk is small to low of yesterday and reward is big, even tho probability not high
- Bar 2 - Bear follow through so more down, but tail. Always in short, sellers above or sell above
- Bar 3 - Bull inside bar and doji so lp sell or short = swing only
- Bar 6 - Another buy or long inside bar, consecutive sell climax since yesterday so should enter trading range soon. Scalp or wait. Too steep to buy or long yet so better to wait, but might be low of the day
- Bar 8 - Two bar revresal, micro double bottom, final flag 2, consecutive sell climax. Big tail and far stop so trade small or wait. Probably best to wait to see if get major trend reversal
- Bar 9 - Another doji so buying pressure. Ttt, probably buyers below or buy below. Very far from moving average so should work kr, maybe in channel
- Bar 12 - 2 big consecutive bull bars, but not enough for always in long. Need major trend reversal
- Bar 13 - Twenty gap bars sell or short, but doji and 2 big bull bars so buyers below or buy below. At moving average and market failed there yesterday so better to not buy or long yet
- Bar 15 - One legged pullback in a bull move, strong bull bar, but better to wait for strong breakout above moving average
- Bar 16 - Two legged pullback in a bear move at moving average, but doji so lp and swing only
- Bar 22 - Bull body so weak follow through from 21 bear breakout. Don't buy or long
- [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]
