Walking through Wednesday's E-mini price action: Brooks

Brooks Price Action Analysis of Wednesday, Aug. 7

pending chart 2267

Opening Range, wedge bottom, higher low major trend reversal, lower high major trend reversal, two legged pullback in a bull move, higher high major trend reversal

  • Wednesday, August 7, 2013
  • Bar 1 - Gap down, bear, possible high of the day, but 2t tail. Wait
  • Bar 3 - Two bar revresal 1, ok swing buy or long above for possible low of the day
  • Bar 4 - Bull follow through, always in long, probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 5 - Two bar revresal, or at low of yesterday resistance, but porb buyers at the low of week of the bar and probably scaling in lower. Ok swing sell or short or hold buy or long
  • Bar 6 - Big bear breakout, more down, always in short
  • Bar 7 - Follow through, more down
  • Bar 8 - Small bull bar so sellers at the high of the bar and probably scaling in higher. Probably 2nd leg sideways to down
  • Bar 10 - Micro double bottom 8, might enter trading range, ok to exit part or all of sell or short above, but probably sellers at the high of the bar and probably scaling in higher
  • Bar 12 - Three inside bars in a row, possible final flag so low probability sell or short, probably buyers at the low of week of the bar and probably scaling in lower, so swing or wait. Tight trading range no scalping with stops
  • Bar 14 - Wedge bull flag at trend channel line, outside bar surrounded by inside bars, ok swing buy or long or sell or short, but buy or long has higher probability since bottom of channel. Bear body so not high probability
  • Bar 16 - Bull follow through, but small bars so still low probability. Always in long, possible low of the day. Double top 8 but bull bars 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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