Price action highlighted by major trend reversal: Brooks

Brooks Price Action for Wednesday, June 19

pending chart 2141

Trading range day, higher low major trend reversal, fomc report, double top lower high major trend reversal

  • Wednesday, June 19, 2013
  • Bar 1 - Yesterday ended with a 1 4 hour trading range. Fomc 11 am today so might be small trading range until report. Outside down bar, should test 24 low
  • Bar 5 - Trend from the first bar bear, 5 consecutive bear bars, sellers at the high of the bar and probably scaling in higher, but bottom of trading range so lp. Wait
  • Bar 6 - Breakout pullback sell or short, bottom of trading range, probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 7 - Outside up bar but small, tail. Probably always in long but weak so probably bull leg in trading range. Buy low of week sell high and scalp
  • Bar 8 - Doji outside bar surrounded by inside bars, weak follow through
  • Bar 12 - Two legged pullback in a bear move 6 but bull body and tight channel. Wait for second entry sell
  • Bar 14 - Breakout pullback buy or long but top of trading range
  • Bar 15 - Lower high major trend reversal, second entry sell but bull body so lp. Better to wait, but ok swing
  • Bar 16 - Outside down bar but tight trading range. Bears need follow through
  • Bar 20 - Higher low major trend reversal from bear down to 5, bull two inside bars, but middle of trading range day so swing or wait
  • Bar 23 - Breakout pullback sell or short. Swing or wait. Tight trading range, breakout mode, always in long. Bulls have slight edge but close to 50-50. Most should wait
  • [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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