Breaking down Tuesday's ups and downs: Brooks

Brooks Price Action Analysis of Tuesday, Sept. 24

pending chart 2332

Trend from the first bar bear, lower low major trend reversal, wedge top, final flag bottom, double top bear flag

  • Tuesday, September 24, 2013
  • Bar 1 - Yesterday ended with bull breakout above bear channel so might get major trend reversal buy or long early. Doji, buyers at the low of week of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher. Weekly wedge sell or short signal below low of last week. Might form major trend reversal near low of yesterday and low of last week = pink line, which is weekly sell or short signal and probably will fail, failure and reverse up
  • Bar 3 - Bottom of channel but 3 bear bars so sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Bear two inside bars, but bottom of channel so low probability swing sell or short only. Odds favor reversal around pink line
  • Bar 11 - Lower low major trend reversal, fail, failure weekly sell or short signal. Possible low of the day. Tight channel so swing or wait
  • Bar 12 - Big bull breakout, always in long, probably low of the day. Ok swing buy or long
  • Bar 13 - Bull follow through, more up
  • Bar 14 - Tail, but strong reversal, more up, probably for several days. Less likely, bear channel
  • Bar 16 - Bear reversal bar but buyers at the low of week of the bar and probably scaling in lower. Major trend reversal so probably at least approx. Ten bar, two-legged correction sideways to up
  • Bar 17 - Another breakout, more up, despite consecutive buy climax.
  • Bar 18 - One bar final flag but strong reversal and at least approx. Ten bar, two-legged correction sideways to up likely so buyers at the low of week of the bar and probably scaling in lower. Dont sell or short
  • Bar 20 - Wedge 16 18, but tight channel so buyers at the low of week of the bar and probably scaling in lower 1st pullback
  • [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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