Price action analysis of Thursday's drifting market: Brooks

Brooks Price Action Analysis of Thursday, Sept. 20

pending chart 2327

Higher high major trend reversal, trend from the first bar bear, bear channel, wedge bottom, higher low major trend reversal

  • Thursday, September 19, 2013
  • Bar 1 - Higher high major trend reversal but bull body so swing or wait. Yesterday was a strong bull breakout to all time high. Green line = top of bull channel on daily.
  • Bar 2 - Big bear bar, close on low, more down, always in short
  • Bar 3 - Bear bar, more down, but tail so possible trading range soon
  • Bar 5 - Or but 1t body so sideways more likely. Ok swing buy or long
  • Bar 7 - Lower high major trend reversal, ok swing sell or short, but trading range then breakout more likely. Ok swing sell or short
  • Bar 10 - Two legged pullback in a bull move but bear bar so sideways. Breakout mode. Might get trending trading range day. Targets above and below
  • Bar 12 - Double top 7, fail, failure two legged pullback in a bull move. Possible triangle 1 7. Breakout mode
  • Bar 14 - Possible triangle 5 10 at moving average, breakout pullback buy or long from breakout of 10 two legged pullback in a bull move. Bull bar, close on high, ok swing buy or long, but still breakout mode
  • Bar 16 - Lower high, ok swing sell or short. Breakout mode. Some bulls will be disappointed and will exit. Probably will test 14 low
  • Bar 21 - Bear breakout, but most trading range breakout fail, failure. Small bar so weak breakout. Still bear channel. More down. Low probability buy or long. Wait to buy or long
  • Bar 22 - Bull inside bar, fail, failure breakout, but doji. Probably sellers at the high of the bar and probably scaling in higher,sw, then more down, then trending trading range day. Low probability buy or long and better to wait for more buying pressure
  • [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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