Strong trend defines Wednesday price action: Brooks

Brooks Price Action Analysis of Wednesday, Oct. 17

pending chart 2371

Trend from the first bar bull, final flag

  • Wednesday, October 16, 2013
  • Bar 1 - Gap up, close on high, ok swing buy or long for test high of yesterday
  • Bar 2 - Fail, failure breakout, two legged pullback in a bear move 69, but tail so buyers at the low of week of the bar and probably scaling in lower
  • Bar 4 - Two legged pullback in a bull move, still always in long, ok swing buy or long
  • Bar 5 - Big breakout, more up
  • Bar 6 - Strong follow through but tail so pullback soon. Might lead to measured move up and strong bull day
  • Bar 7 - Doji, buyers at the low of week of the bar and probably scaling in lower and ba, but scalp only, buy climax, probably sideways soon
  • Bar 8 - Big tail, probably tight trading range. Still always in long, but better to scalp longs
  • Bar 11 - Wedge 69 2, trend channel line, second entry sell, possible high of the day, but doji so low probability. Better to either be long or look to buy or long until more selling pressure
  • Bar 15 - Two legged pullback in a bull move, bull body, always in long, ok swing stop, but scale in, then scalp or swing, stop at least 3t below 8.
  • Bar 16 - Strong breakout, more up
  • Bar 17 - Fail, failure breakout, but doji, strong bull. Buyers at the low of week of the bar and probably scaling in lower and ba, stop below 15
  • [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.

Originally published on BPA Forums. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome