Second entry sell high of yesterday, final flag bottom, higher low major trend reversal, trading range day
- Wednesday, March 6, 2013
- Bar 1 - Yesterday was tight trading range so magnet. Gap up and bear bar so possible high of the day but small bar, 2t tail. Ok swing sell or short, but sideways likely
- Bar 2 - Bear follow through, more down, but might get or at moving average
- Bar 4 - Outside up bar but not at moving average. Sideways likely
- Bar 6 - Second entry sell high of yesterday so ok swing sell or short and maybe scalp
- Bar 9 - Outside up bar but but tight trading range. Wait. Probably trending trading range day up or down
- Bar 11 - Bull reversal bar at moving average, double bottom 4, but 4 bar tight trading range and big bar. Better to wait. Still on 6 swing sell or short
- Bar 13 - Big bear breakout but big tail and all bos failed for past 80 bars. Wait
- Bar 14 - Bull inside bar, two legged pullback in a bull move 3, fail, failure breakout, but tight channel. Wait. Still on 6 swing sell or short
- Bar 16 - Breakout pullback sell or short, fail, failure two legged pullback in a bull move. Swing sell or short or swing and maybe part scalp
- Bar 20 - 18t below 6, wedge 4 13 at 15 minute 20 bar moving average plotted on a 5 minute chart, but 2 dojis and no bull bodies in 6 bars. Probably better to wait
- Bar 23 - Bear inside bar, double top 16, top of bear channel, but 2 bull bars and wedge bottom so might be buyers below or buy below. Wait
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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.