Possible bullish price action highlights Thursday trading: Brooks

Brooks Price Action Analysis of Thursday, Sept. 26

pending chart 2337

Trend from the first bar bull, possible triangle bull breakout, consecutive buy climax

  • Thursday, September 26, 2013
  • Bar 1 - I leave early today. 5 down days but holding gap on daily. Possible triangle yesterday so breakout mode. Strong bull bar. Ok swing buy or long for trend from the first bar bull, always in long. Strong breakout above 15 minute 20 bar moving average plotted on a 5 minute chart, which has been resistance for 5 days. More up
  • Bar 2 - Follow through, should test high of yesterday
  • Bar 3 - Doji, buyers at the low of week of the bar and probably scaling in lower, buyers at the low of week of the bar and probably scaling in lower.
  • Bar 4 - Close on high but at 60 minute 20 bar exponential moving average and high of yesterday. Always in long, more up, but take some off
  • Bar 5 - Bear reversal bar at high of yesterday, but 5 bars up so buyers at the low of week of the bar and probably scaling in lower. Low probability sell or short
  • Bar 8 - Wedge 2 5, consecutive buy climax, big two legged pullback in a bull move 26 or 69 yesterday. Probably will get pullback, even tho 1st pullback of day often has buyers at the low of week of the bar and probably scaling in lower. Bears see as possible high of the day for swing sell or short. 1st target for bears = 7 low = bottom of most recent breakout. 70% chance 1 will be low of the day. Swing stop below 1, 2, or 5
  • Bar 9 - Strong outside down bar. Probably tight trading range and more pullback. Less likely high of the day. Probably buyers around 15 minute 20 bar moving average plotted on a 5 minute chart
  • Bar 10 - Breakout pullback buy or long and sell or short. Probably tight trading range, 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
  • Bar 13 - Breakout pullback sell or short but 2 dojis, tight trading range, probably buyers at the low of week of the bar and probably scaling in lower, but might fall below 7 bull breakout.
  • Bar 15 - Bear breakout, but at moving average. Not enough buying pressure to buy or long. Too many bear bars. More down
  • Bar 16 - Big bear breakout to new low of the day, always in short, but trading range for days so this breakout may stall. Better to sell or short 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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