Friday price action drifts sideways: Brooks

Brooks Price Action Analysis of Friday, Dec. 13

pending chart 2444

Double top, double bottom, higher low major trend reversal and possible triangle bottom, wedge top, possible triangle bottom

  • Friday, December 13, 2013
  • Bar 1 - Doji so 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. Yesterday = trading range day, doji so possible trading range day today. Market near low of last week = yellow line so magnet all day
  • Bar 2 - Double top 72 after bigger double top yesterday 22 66. Sellers below or signal bar since sellers at the high of the bar and probably scaling in higher 1. Ok swing
  • Bar 3 - Big bear bar, breakout, close on low, more down. Bulls want opening reversal at moving average
  • Bar 4 - Bear follow through, sellers at the high of the bar and probably scaling in higher
  • Bar 7 - Two legged pullback in a bull move 1 but too many bear bars so sellers at the high of the bar and probably scaling in higher
  • Bar 8 - Breakout pullback sell or short bug use swing stop and scale in higher
  • Bar 12 - Double bottom low of yesterday, wedge 1 6, but 2t tail so lower probability and swing only or wait
  • Bar 14 - Double top 8 at moving average but 3 bars up from wedge so buyers at the low of week of the bar and probably scaling in lower and two legs up but weak rally so sideways likely. Buyers at the low of week of the bar and probably scaling in lower, low probability sell or short, still always in short
  • Bar 17 - Possible triangle 8 14, breakout mode. Tight trading range, bad for scalping with stop entries unless using swing stop
  • Bar 20 - Higher low major trend reversal, two legged pullback in a bull move 17, but doji so lower probability. Ok swing
  • Bar 22 - Bull breakout attempt so should fail, failure. Wait for breakout
  • [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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