Tuesday E-mini price action surges higher: Brooks

Brooks Price Action Analysis for Tuesday, Jan. 14

pending chart 2545

Higher low major trend reversal, higher high major trend reversal, wedge bull flag

  • Tuesday, January 14, 2014
  • Bar 1 - Moving average gap bar, tail, sellers at the high of the bar and probably scaling in higher and possible sellers below or signal bar
  • Bar 2 - Moving average gap bar, two bar revresal, close on low, possible high of the day, ok swing and scalp for 2 points
  • Bar 5 - Micro double bottom at moving average, report soon, ok to take profits. Still always in short.
  • Bar 6 - Higher low major trend reversal at moving average, opening reversal, but tail, 4 bear bars, so low probability buy or long but possible low of the day
  • Bar 8 - Low held 6 high, but tail, double top at 15 moving average. Probably always in long but trading range more likely than bull so ok to wait for more info
  • Bar 9 - Breakout pullback buy or long but tails, double top 15 minute 20 bar moving average plotted on a 5 minute chart, probably sellers at the high of the bar and probably scaling in higher, possible pullback to 1 open to create doji on 60 minimum or minutes bar since trading range likely. Always in long
  • Bar 10 - Always in long so bulls will buyers at the low of the bar and probably scaling in lower, bears want double top but need stronger setup
  • Bar 12 - Outside bar surrounded by inside bars but top of trading range, 15 minute 20 bar moving average plotted on a 5 minute chart, tight trading range, bad for scalping with stop entries unless using swing stop. Ok swing, but low probability so scalpers need swing stop = too big. Better to wait. Bears will scale into sell or short with stop above 60 minute 20 bar exponential moving average
  • Bar 13 - Fail, failure two legged pullback in a bull move but tight trading range, bad for scalping with stop entries unless using swing stop. Still always in long
  • Bar 15 - Breakout, but tail. Targets above = bear breakout pink line, 60 moving average. Weak rally so might test 6 low
  • Bar 16 - Wedge 8 11, good bear bar, but still always in long in channel so low probability sell or short. Might be buyers at the low of the bar and probably scaling in lower. Ok swing sell or short but better to wait to sell or short
  • [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.

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