Breaking down Friday's trend move in the E-mini: Brooks

Brooks Price Action Analysis of Friday, July 26

pending chart 2244

Opening range, parabolic wedge, consecutive buy climax, final flag, small pullback bull, fail, failure late bear breakout

  • Friday, July 26, 2013
  • Bar 1 - Yesterday ended with big wedge. Doji, 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
  • Bar 3 - Tight trading range no scalping with stops. Wait
  • Bar 7 - Or near moving average, two legged pullback in a bear move, ok swing sell or short, btu small body so not strong
  • Bar 9 - Strong bull reversal bar, ok swing buy or long above
  • Bar 11 - Two legged pullback in a bear move 9. Still on 7 swing sell or short
  • Bar 13 - Bull body but small compared to breakout, probably more down, but weak follow through
  • Bar 15 - Breakout pullback sell or short but bull body so low probability, swing only
  • Bar 16 - Big bear bar breakout, probably measured move down. More down
  • Bar 18 - Parabolic wedge 1 or 8 then 14. Bull reversal bar. Probably 2nd leg down, but ok swing buy or long for low of the day. Better to exit shorts and wait.
  • Bar 21 - Parabolic wedge, 4 consecutive bull bodies, always in long
  • Bar 24 - Bear inside bar but 7 bar microchannel so buyers at the low of week of the bar and probably scaling in lower and maybe above. Target 1t above 16 bear breakout
  • [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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