Following Friday's E-mini S&P 500 price action: Brooks

Brooks Price Action Analysis for Friday, Jan. 17

pending chart 2549

Wedge bottom,

  • Friday, January 17, 2014
  • Bar 1 - Doij in yesterday trading range so probably buyers at the low of the bar and probably scaling in lower sellers at the high of the bar and probably scaling in higher
  • Bar 2 - Breakout pullback buy or long but 2t tail so low probability
  • Bar 3 - Close on low, target below = open of week blue line and close enough for test. Today is fri so should test
  • Bar 4 - Big bear breakout, should test open of week
  • Bar 5 - Wedge bottom 76 81, missed open of day by 1t and that is close enough so possible low of the day. 2t tail so better to wait
  • Bar 6 - Wedge, micro double bottom so possible breakout mode with buyers above and sellers below or signal bar. Higher probability to wait to see breakout up and or down
  • Bar 11 - 7 bars up from wedge bottom and open of week support, always in long, buyers at the low of the bar and probably scaling in lower, but trading range pa, so probably bull leg in trading range day
  • Bar 14 - Breakout pullback buy or long but tight trading range, bad for scalping with stop entries unless using swing stop, trading range day. Swing bear stop above 3 lower high. Swing bull stop below 6 low of the day. Always in long
  • Bar 16 - Outside bar surrounded by inside bars, always in long, probably will get new high of the day, but still trading range day. Tight trading range, bad for scalping with stop entries unless using swing stop. Might test 6 low first
  • Bar 19 - Breakout on trading range day so should fail, failure. Possible md
  • Bar 20 - Fail, failure breakout, but small pullback bull so probably buyers at the low of the bar and probably scaling in lower. Bears should sellers at the high of the bar and probably scaling in higher bars 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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