Breaking down Friday's E-mini price action: Brooks

Brooks Price Action Analysis of Friday, Aug. 2

pending chart 2259

Lower high major trend reversal, higher low major trend reversal, lower high major trend reversal, wedge bull flag

  • Friday, August 2, 2013
  • Bar 1 - Trading range bar 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
  • Bar 5 - Two bar revresal, microwedge, but 4 bars down, tight trading range. Wait
  • Bar 6 - Breakout pullback sell or short but doji, tight trading range no scalping with stops. Wait
  • Bar 8 - Another gap, 4 bars up, always in long, but weak
  • Bar 11 - Lower high major trend reversal at moving average, weak rally, but double top 1 at moving average, 6 bars up, always in long, buyers at the low of week of the bar and probably scaling in lower.
  • Bar 15 - Lower high major trend reversal wedge but bull two inside bars so lower probability sell or short. Ok swing sell or short below or buy or long above
  • Bar 18 - Small bear breakout, middle of trading range day, probably will fail, failure
  • Bar 21 - Higher low major trend reversal, double bottom 5, bull inside bar, ok swing, low probability so use swing stop, but can convert to scalp if quickly goes reward 2 times risk with stop below 4, ok wait
  • Bar 27 - Double top, lower high major trend reversal, but 6 consecutive bull bars, always in long so low probability sell or short. Better to be long with stop below 7 20 double bottom or wait for breakout up and or down
  • Bar 38 - Fail, failure breakout, but tight channel 20 so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 41 - Fail, failure breakout, one bar final flag, bear bar close on low, ok to exit longs, but most will keep stop below 37. Low probability sell or short since tight channel
  • [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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