Price action analysis of Wednesday's E-mini action: Brooks

Brooks Price Action Analysis of Tuesday, July 9

pending chart 2207

Wedge top, trend from the first bar bear, or buy or long, wedge top, higher high major trend reversal, wedge bull flag, double top major trend reversal

  • Tuesday, July 9, 2013
  • Bar 1 - Wedge top on 60 minimum or minutes and double top, bear reversal bar, ok swing sell or short. Possible high of the day. Magnet = blue line = 60 minimum or minutes high
  • Bar 4 - Micro double bottom but dojis so not strong enough to reverse 1. Sellers at the high of the bar and probably scaling in higher. Should test bottom of wedge
  • Bar 8 - Two legged pullback in a bull move at moving average, or, but only 1 bull body today, not enough buying pressure . Sellers at the high of the bar and probably scaling in higher. Might enter tight trading range
  • Bar 11 - Two legged pullback in a bear move but tight trading range so buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Always in short but more trading range likely
  • Bar 13 - Or, wedge 4 8, microwedge, two legged pullback in a bull move 8, but tight trading range no scalping with stops. Not strong bottom so better to wait for strong bull breakout to buy or long
  • Bar 15 - Breakout above11 ledge, 3 consecutive bull bars, 2 bars close on high. Probably always in long, more up, but need trading range
  • Bar 16 - Bear bar so fail, failure breakout, but probably buyers at the low of week of the bar and probably scaling in lower after 2 strong bull bars. Probably bull leg in trading range since weak follow through
  • Bar 20 - Breakout, possible measuring gap, more likely exhaustion gap and sideways soon, but bulls will buyers at the low of week of the bar and probably scaling in lower for higher low major trend reversal
  • Bar 21 - Two legged pullback in a bear move 16 but nesp, tight channel. Better to wait. Always in long, stop below 13 or 14
  • Bar 24 - Breakout pullback buy or long, close on high, but scalp only since weak bull and probably trading range. Possible final flag
  • Bar 28 - Lower high major trend reversal, wedge 21 25. Ok swing for major trend reversal, ok scalp for test moving average and 24 low. Ok to exit longs. Trading range likely
  • [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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