Reading the big bullish breakout: Brooks

Brooks Price Action Analysis of Wednesday, Sept. 18

pending chart 2326

Double top major trend reversal, wedge bottom, huge bull breakout, consecutive buy climax

  • Wednesday, September 18, 2013
  • Bar 1 - Yesterday was a tight trading range. Fomc today 11 am
  • Bar 3 - Buyers at the low of week of the bar and probably scaling in lower 2 so probably ba 2 but top of tight trading range and at high of yesterday so low probability and swing only
  • Bar 5 - Two legged pullback in a bear move but tight trading range no scalping with stops
  • Bar 7 - Breakout pullback buy or long but tight trading range, doji, so low probability
  • Bar 9 - Bear inside bar, double top major trend reversal, high of yesterday, ok swing sell or short
  • Bar 10 - Good bear body, probably always in short for test yesterday 30 low = bottom of trading range
  • Bar 11 - Close on low, more down
  • Bar 12 - More down. Should get two legs up after any bounce
  • Bar 14 - Micro double bottom, fail, failure breakout below yesterday 30 bottom of trading range, possible low of the day but low probability and more likely sideways to up to moving average and then two legs up
  • Bar 20 - Double top 14 so two legged pullback in a bear move but tight trading range no scalping with stops. Bear stop above 10
  • Bar 24 - Two inside bars, possible triangle but still always in short and probably two legs up. Wait to buy or long. Possible triangle so possible final flag. Might reach 60 minute 20 bar exponential moving average
  • [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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