Friday price action regains early losses: Brooks

Brooks Price Action Analysis for Friday, Jan. 10

pending chart 2532

Fail, failure breakout high of yesterday, lower low major trend reversal, higher low major trend reversal

  • Friday, January 10, 2014
  • Bar 1 - Fail, failure breakout high of yesterday but big bar so too much risk for scalp. Btr. Might be bull scalpers below since bad sell or short scalp
  • Bar 2 - Breakout pullback buy or long but still on sell or short below 1 so probably sellers at the high of the bar and probably scaling in higher
  • Bar 3 - Fail, failure breakout high of yesterday second entry sell, but swing only since. Better to wait
  • Bar 4 - Two legged pullback in a bull move buy or long, breakout pullback breakout high of yesterday, but tail. Ok swing but btr
  • Bar 5 - Fail, failure two legged pullback in a bull move, should test open of week = pink line. Ok swing sell or short
  • Bar 6 - Breakout, possible measuring gap, ok scalp sell or short
  • Bar 7 - Big bear breakout, more down
  • Bar 8 - Big tail so probably trading range soon
  • Bar 9 - Double bottom 62, micro double bottom, fail, failure breakout, possible low of the day but probably sellers at the high of the bar and probably scaling in higher and trading range so low probability buy or long
  • Bar 12 - Weak follow through, 2 dojis at moving average, two legs down likely, probably sellers below or signal bar for test low of the day and trendline
  • Bar 15 - Higher low major trend reversal but doji, 2 bear bars, always in short. Probably sideways
  • [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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