Price action calls for correction or push higher: Brooks

Brooks Price Action Analysis of Tuesday, Sept. 10

pending chart 2313

Gap up, or, wedge top, double bottom, dbpb, lhmtr, trading range day. Trend resumption or trend reversal tomorrow

  • Tuesday, September 10, 2013
  • Bar 1 - Gap up, island bottom on daily chart, 60% chance will test aug high soon, but probably wedge top on daily if market gets there. Bear bar so probably some down, but 2t tail so not strong. Pink line = top of gap on daily
  • Bar 4 - Or, two bar revresal but 3 bear bars so probably sellers at the high of the bar and probably scaling in higher. Market probably has to get closer to moving average before buyers get aggressive
  • Bar 6 - Double top 1 but 2t tail. Trading range pa so low probability
  • Bar 7 - Breakout pullback buy or long but top of trading range so low probability. Better probability to wait
  • Bar 9 - Wedge 1 6, possible high of the day, ok swing stop, but scale in, then scalp or swing, but 7 bar microchannel so low probability and probably buyers at the low of week of the bar and probably scaling in lower. Trading range so far so possible trending trading range day up and or down
  • Bar 11 - Breakout pullback buy or long, bull outside bar surrounded by inside bars, but top of trading range so higher probability to wait for strong breakout
  • Bar 13 - Wedge 1 10, bear reversal bar, ok sell or short, possible high of the day. Still always in long, weak bull channel. Might get strong breakout anytime
  • Bar 18 - Wedge but outside down bar and 17 = bull bar so low probability. Tight trading range no scalping with stops
  • Bar 19 - Bear outside bar surrounded by inside bars, close on low, ok swing sell or short but tight trading range no scalping with stops
  • Bar 23 - Wedge 16 18 21, but tight trading range no scalping with stops, 5 bar microchannel so probably sellers at the high of the bar and probably scaling in higher and more sideways to down to 10 close where scale in bears began
  • Bar 26 - Bear follow through, more down
  • [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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