Thursday price action in E-mini swings lower: Brooks

Brooks Price Action Analysis for Thursday, Jan. 17

pending chart 2546

Possible triangle bear breakout, fail, failure bl low of yesterday second entry buy, higher low major trend reversal

  • Thursday, January 16, 2014
  • Bar 1 - Bear breakout below trading range, but bull body. Target low of yesterday 60 minute 20 bar exponential moving average close so should fall
  • Bar 2 - Bear breakout but tail and support below
  • Bar 3 - Bear follow through but at support so low probability sell or short above. Bulls want opening reversal and big two legged pullback in a bull move 55 for low of the day. Bear body so better to wait
  • Bar 4 - Opening reversal, fail, failure breakout low of yesterday, but tail so low probability
  • Bar 6 - Double top at moving average, ok swing sell or short but 2t tail so low probability
  • Bar 8 - Double top second entry sell but 3t tail so low probability. Better to wait. Swing bull stop below 3, swing bear stop above 6
  • Bar 10 - Breakout pullback buy or long from 5 breakout but top of tight trading range. Breakout mode below 3 and above 6 for measured move up and or down
  • Bar 13 - Possible triangle bear breakout 1 6, close on low. Still breakout mode. Good bar for bears
  • Bar 15 - Another bar close on low, good for bears. Breakout mode. Swing sell or short, stop above 12, still on swng buy or long, stop below 3
  • Bar 17 - Breakout but above top of gap, at 60 moving average, tail. More down likely, 6 bear bars, only 14t below 13 strong sellers below or signal bar. Bulls want two legged pullback in a bull move 3 and low of the day
  • Bar 18 - Breakout pullback sell or short but bull bar at support so low probability. Need swing stop or wait.
  • [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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