Analyzing sideways day price action: Brooks

Brooks Price Action Analysis of Thursday, Sept. 12

pending chart 2317

Opening Range, wedge top, h4, higher low major trend reversal, double top, higher low major trend reversal, lower low major trend reversal at 60 minute 20 bar exponential moving average

  • Thursday, September 12, 2013
  • Bar 1 - Yesterday = late buy climax. Doji so buyers at the low of week of the bar and probably scaling in lower
  • Bar 3 - Or at moving average, 1t below 78, trendline. 1t body after big bear bar so lower probability but ok swing for possible low of the day
  • Bar 8 - 6 bars up, always in long, buyers at the low of week of the bar and probably scaling in lower
  • Bar 13 - Wedge 57 81 but bull body, only 2 bear bodies in 13 bars so too much buying pressure. Low probability sell or short, probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 15 - Wedge second entry sell but doji, nesp. Swing only or wait
  • Bar 19 - Fail, failure breakout but tail. Probably sideways so sellers at the high of the bar and probably scaling in higher. Might test low of the day
  • Bar 20 - Outside down bar, becoming always in short for test low of the day
  • Bar 23 - Double bottom 1, two bar revresal, but close to low of the day and 72 low, strong selling pressure, more down, sellers at the high of the bar and probably scaling in higher
  • Bar 24 - Breakout pullback sell or short, ok swing sell or short, but probably more sideways after 23
  • Bar 30 - Two legged pullback in a bear move sell or short, ok swing sell or short for measured move down, but more likely final flag
  • Bar 33 - Strong bear breakout so 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.

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 This material may not be published, broadcast, rewritten, or redistributed.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