Breaking down technical patterns and price action: Brooks

Brooks Price Action Analysis of Tuesday, Aug. 13

pending chart 2273

Trend from the first bar bear, consecutive sell climax, higher low major trend reversal, consecutive buy climax, two legged pullback in a bull move

  • Tuesday, August 13, 2013
  • Bar 1 - Yesterday was trading range day. Breakout above high of yesterday and 60 minute 20 bar exponential moving average,strong bull reversal bar, but top of trading range and weak channel. Wait
  • Bar 2 - Two bar revresal, fail, failure breakout, but trading range day. Targets above so might get or at moving average. Swing sell or short or wait
  • Bar 3 - Two legged pullback in a bull move 1, but 1t bear body after strong bear reversal so sellers at the high of the bar and probably scaling in higher for swing down
  • Bar 4 - 2 dojis, but always in short. Swing sell or short
  • Bar 5 - Breakout, might get or near moving average
  • Bar 6 - Or but only 1t body. Better to wait to buy or long. Still always in short
  • Bar 7 - Big bear breakout, more down, probably two legs up
  • Bar 8 - Big tail so probably 1 � 3 more bars down, then trading range
  • Bar 9 - Breakout pullback sell or short but scalp or wait since trading range likely soon
  • Bar 11 - Consecutive sell climax, measured move, one bar final flag, bull inside bar, but only 1t body. Better to wait
  • Bar 13 - Consecutive sell climax, second entry buy, lots of tails, ok scalp
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome