Friday marked by bullish price action: Brooks

Brooks Price Action Analysis of Friday, Oct. 11

pending chart 2365

Trend from the first bar bull, final flag top, moving average gap bar buy or long, higher high major trend reversal, lhmtr, wedge bull flag

  • Friday, October 11, 2013
  • Bar 1 - Yesterday ended with strong breakout so two legs up likely. Two legged pullback in a bull move but doji so swing or wait
  • Bar 5 - 4 bars up. Possible double top major trend reversal but more likely will go above high of yesterday and might get strong breakout
  • Bar 7 - Fail, failure breakout, consecutive buy climax, but just below trend channel line and measured move so more up
  • Bar 8 - Final flag, micro double top, ok swing sell or short for possible high of the day but low probability and still always in long. Trend from the first bar bull so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 10 - Close on low so good bar for bears and ok swing sell or short
  • Bar 11 - Breakout pullback buy or long, always in long, but tight trading range no scalping with stops. Swing or wait. Still on swing sell or short also, so probably more sideways and sellers at the high of the bar and probably scaling in higher
  • Bar 14 - Breakout, always in short but trading range day likely
  • Bar 16 - Big bear breakout but trading range day likely so probably will fail, failure and test 11 low breakout profit target
  • Bar 17 - Moving average gap bar, two legged pullback in a bull move, higher low, bull body, but probably not enough to revers 13 -16 and more sideways likely. Too low to sell or short in trading range
  • Bar 19 - Breakout pullback buy or long, test 11 low, probably sellers at the high of the bar and probably scaling in higher. Trading range likely to better to look to sell or short soon. Low probability buy or long, but might test 6 close
  • Bar 23 - Bull outside bar surrounded by inside bars above moving average but tight trading range so swing or wait
  • [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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