Analyzing Friday's E-mini price action: Brooks

Brooks Price Action Analysis of Friday, Oct. 21

pending chart 2375

Trend from the first bar bull, wedge top, double bottom, fail, failure breakout high of the day

  • Friday, October 18, 2013
  • Bar 1 - Bull breakout above bull channel, gap up to all time high. Doji so probably 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. Possible high of the day but more likely buyers at the low of week of the bar and probably scaling in lower
  • Bar 3 - Or, two bar revresal, but tight trading range so probably sellers at the high of the bar and probably scaling in higher and probably bull leg in trading range. Measured move targets above
  • Bar 5 - Small gap.prob bull leg in trading range after consecutive buy climax. Always in long but might get high of the day soon, then trading range day
  • Bar 6 - Fail, failure breakout of trend channel line, second entry sell, but doji after strong 3 5 so probably buyers at the low of week of the bar and probably scaling in lower
  • Bar 8 - Outside up bar but weak bull so better to not buy or long at top
  • Bar 9 - Wedge 1 6, micro double top 7 but 5 bar tight trading range, targets above so low probability sell or short. Wait or swing sell or short for high of the day
  • Bar 11 - 3 bear bars so probably always in short, but weak follow through
  • Bar 12 - Breakout, more down, always in short, but trading range still likely. Should reach bottom of bull channel. Might close gap at high of yesterday
  • Bar 13 - Bear follow through, but test of low of the day so might bounce. If sell or short, trade small and scale in higher around 8 low. Possible trading range
  • Bar 14 - Double bottom 1 at moving average so possible low of the day and low probability swing buy or long, bull inside bar, but 5 bars down so probably sellers at the high of the bar and probably scaling in higher, then sideways. Possible trading range day. Swing stop for bears above 9. Better to wait for second entry buy after 5 bars down
  • Bar 18 - Lower high major trend reversal but 4 bars up so probably buyers at the low of week of the bar and probably scaling in lower for more up
  • [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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