Brooks Price Action - 04-24-2013 Wednesday

pending chart 2028

15 minute opening range, trading range day

  • Wednesday, April 24, 2013
  • Bar 1 - Yesterday was trading range day. Bull breakout but tail and most trading range breakout fail, failure
  • Bar 2 - Fail, failure breakout high of yesterday but doji. Buyers below or buy below
  • Bar 3 - Breakout pullback buy or long but doji. Sideways more likely
  • Bar 4 - Second entry sell high of yesterday so possible high of the day but doji. Better to wait
  • Bar 6 - Two legged pullback in a bull move but bear bar. Wait
  • Bar 7 - Fail, failure two legged pullback in a bull move, breakout pullback from 4 second entry sell, close on low. Ok swing sell or short. Close above moving average so lower probability
  • Bar 8 - Big breakout bar, good context, more down, always in short
  • Bar 10 - Bull inside bar, fail, failure breakout. Breakout pullback sell or short, but middle of trading range, at 15 minute 20 bar moving average plotted on a 5 minute chart, doji. Wait. Bears should exit at least half. Not strong
  • Bar 11 - 1tff, micro double bottom 9, 15 minute 20 bar moving average plotted on a 5 minute chart or, but doji signal bar. Wait
  • Bar 13 - 2 gap bars but not big. Need more for always in long, but buyers below or buy below. 4 bars up so need second entry sell lower high major trend reversal
  • Bar 15 - Another gap bar. Always in long. Weak rally in trading range. Swing stop below 11 or 12. Ok to wait for breakout above 7 or pullback
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.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.

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