Price action sees major trend reversal intraday: Brooks

Brooks Price Action Analysis of Wednesday, July 3

pending chart 2193

Lower low major trend reversal, higher low major trend reversal

  • Wednesday, July 3, 2013
  • Bar 1 - Early close today. Lower low major trend reversal, wedge bottom but bear body and doji. Ok swing buy or long byt probably sellers at the high of the bar and probably scaling in higher buyers at the low of week of the bar and probably scaling in lower
  • Bar 4 - Always in long but doji at moving average so probably sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Two bar revresal, micro double top. Ok swing sell or short but trading range more likely
  • Bar 8 - Hol major trend reversal, double bottom, higher low, strong bull bar. Ok swing buy or long but trading range likely
  • Bar 13 - Double top 6 at moving average but doji. Possible tight trading range. Still always in long
  • Bar 15 - Micro double top but might be buyers at the low of week of the bar and probably scaling in lower with stop below 14. Tight trading range no scalping with stops
  • Bar 18 - Possible triangle 14 16. Breakout mode
  • Bar 19 - Small breakout, context good for measured move up to 60 minute 20 bar exponential moving average
  • Bar 21 - Breakout pullback buy or long above. Better to not sell or short unless falls below 18.
  • Bar 22 - Follow through but small bars and at 60 minute 20 bar exponential moving average. Take at least half off at 2 points
  • Bar 24 - Two inside bars, 2nd leg up likely, but weak follow through and at 60 minute 20 bar exponential moving average resistance. Don�t buy or long. If long, hold only small position since weak breakout. Fail, failure breakout sell or short but 2nd leg up likely so low probability sell or short
  • [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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