Friday price action breakdown: Brooks

Brooks Price Action for Friday, June 21

pending chart 2155

Double top, fail, failure higher low major trend reversal, higher low major trend reversal, wedge top

  • Friday, June 21, 2013
  • Bar 1 - Yesterday ended with a reversal so possible higher low major trend reversal today. Tail so lp swing sell or short
  • Bar 2 - Close on low, always in short, more down likely
  • Bar 3 - Strong bull bar, ok swing buy or long b ut not quite to 78 breakout or moving average so lower probability. Bears still sell or short with stop above 1. Breakout mode
  • Bar 4 - Double top 1 but 2 bull bars. Breakout mode
  • Bar 6 - Two legged pullback in a bull move but bear body
  • Bar 7 - Two bar revresal, but big bar and tight trading range. Probably ba signal bar. Breakout mode
  • Bar 9 - Bear breakout, probably measured move down
  • Bar 10 - More down. Probably trending trading range day
  • Bar 11 - Bull inside bar but doji and room to targets below. Sellers at the high of the bar and probably scaling in higher and signal bar
  • Bar 15 - Higher low major trend reversal, micro double bottom, might be inside bar on daily so possible low of the day. 8 bar bear microchannel so lp swing buy or long. Probably will form lower trading range
  • Bar 16 - Strong bull bar, more up, but probably trending trading range day
  • [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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