Breaking down bearish E-mini price action: Brooks

Brooks Price Action Analysis of Friday, Aug. 9

pending chart 2269

Wedge, lower high major trend reversal, fail, failure wedge bottom, consecutive sell climax, lower high major trend reversal

  • Friday, August 9, 2013
  • Bar 1 - Wedge bull flag 71 79, close on high, fail, failure breakout, ok swing buy or long, but trading range likely since bottom of yesterday trading range
  • Bar 2 - Strong entry bar, more up
  • Bar 3 - Good follow through, more up, tail, top of trading range, don�t buy or long close. Probably buyers at the low of week of the bar and probably scaling in lower, but top of trading range so bulls will exit quickly if not quick scalp
  • Bar 6 - Breakout pullback buy or long but top of trading range so probably sellers at the high of the bar and probably scaling in higher
  • Bar 7 - Lower high major trend reversal, fail, failure breakout double top 68 75
  • Bar 8 - Big bear bar, big up, big down so sideways likely, but swing sell or short
  • Bar 9 - Bull inside bar but 1t body so weak two legged pullback in a bull move. Sideways to down likely
  • Bar 11 - Breakout but close above 1 low, wedge 6 8. Tight trading range likely
  • Bar 12 - Wedge 6 8 ,2br, fail, failure breakout low of the day, ok buy or long
  • Bar 13 - Breakout pullback sell or short but bull body, probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 14 - 3 bull bars but dojis so tight trading range
  • [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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