Substantial price action highlights Tuesday's trading

Brooks Price Action Analysis of Tuesday, Oct. 15

pending chart 2367

Opening Range, lower high major trend reversal, double bottom, higher high major trend reversal, fail, failure bear breakout at 60 minute 20 bar exponential moving average, moving average gap bar

  • Tuesday, October 15, 2013
  • Bar 1 - Yesterday ended with lower high major trend reversal. Big bear bar but tail. Low probability sell or short. Always in short, but better to wait since sideways to moving average likely
  • Bar 2 - Breakout pullback sell or short but bull body, 2 big overlap bars so tight trading range. Buyers at the low of week of the bar and probably scaling in lower
  • Bar 4 - 15 minimum or minutes or, bull inside bar, but tails, overlap. Sideways to moving average likely so sellers at the high of the bar and probably scaling in higher
  • Bar 7 - Or at moving average but tail, 3 bull bars so low probability sell or short
  • Bar 8 - Breakout above 7 and high of the day, but tail. Need follow through. Always in long but low probability so swing or wait for follow through
  • Bar 9 - Follow through but tail, wedge 2 6. Sideways more likely. Bears see as lower high so ok swing sell or short but always in long so sideways to up more likely
  • Bar 12 - Lower high major trend reversal, second entry sell, but tight trading range no scalping with stops. Still always in long, stop below 7.
  • Bar 14 - Breakout pullback buy or long but tight trading range no scalping with stops. Might be sellers at the high of the bar and probably scaling in higher. Bears see as lower high major trend reversal
  • Bar 15 - Lower high major trend reversal, big outside up bar bear bar, but big tail so lower probability, but should get two legs down. Ok swing sell or short. Bulls still on swing buy or long.
  • Bar 16 - Breakout pullback sell or short, always in long, but tail so sideways likely
  • Bar 18 - Wedge 10 15, but 4 bear bars, always in short, so sellers at the high of the bar and probably scaling in higher
  • [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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