Price action analysis ahead of major labor report: Brooks

Brooks Price Action Analysis of Thursday, Sept. 6

pending chart 2304

Trend from the first bar bull, final flag top, higher low major trend reversal, lower high major trend reversal, trading range day

  • Thursday, September 5, 2013
  • Bar 1 - Yesterday ended always in long. Outside up bar, fail, failure two legged pullback in a bear move, ok swing buy or long
  • Bar 2 - Breakout, more up, but possible final flag = yesterday trading range. Small so not strong. Yesterday trading range = possible final flag
  • Bar 3 - Doji inside bar, more up to measured move, but weak so probably bull leg in trading range
  • Bar 6 - Two inside bars but 6 bars without pullback so low probability sell or short above or below and probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 8 - Outside bar surrounded by inside bars two legged pullback in a bull move, but tight trading range no scalping with stops.
  • Bar 10 - Final flag second entry sell but bull body so swing or wait
  • Bar 12 - Possible triangle 4 7. Breakout mode
  • Bar 13 - Big bear bar, probably more down. Stop above 13
  • Bar 14 - H27, fail, failure breakout, but not strong enough to reverse 13 so low probability buy or long. Bar follow through for bears so more trading range likely
  • Bar 15 - Breakout pullback sell or short but doji. Trading range day. Swing sell or short or wait
  • Bar 16 - Micro double bottom but bear bar, tight trading range. Wait
  • [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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