Wednesday E-mini price action recovers: Brooks

Brooks Price Action Analysis for Wednesday, Jan. 22

pending chart 2558

Expanding triangle top, lower high major trend reversal, double bottom, trading range day

  • Wednesday, January 22, 2014
  • Bar 1 - Expanding triangle 51 62, final flag 72, close of yesterday and trendline magnets below, but tail so not high enough probability unless swing stop and scale in for scalp. Ok swing for high of the day but better to wait
  • Bar 2 - Close on low, better sellers below or signal bar for swing but might get opening reversal up at trendline and moving average
  • Bar 3 - Opening reversal close of yesterday but 3 small bear bars and trendline below so probably sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Opening reversal, two legged pullback in a bull move 4, but doji so low probability. Ok swing for possible low of the day but sellers at the high of the bar and probably scaling in higher and sideways more likely. Expanding triangle top so should try to fall below 72 bottom of possible triangle
  • Bar 8 - Double top 4, target below = bottom of possible triangle, but tight trading range. Ok swing, but many will scalp
  • Bar 10 - Two legged pullback in a bull move 6 at 60 moving average but doji and target below. Probably sellers at the high of the bar and probably scaling in higher. Low probability buy or long for possible low of the day so better to wait for bull breakout. Always in short
  • Bar 11 - Close on high, stronger sellers below or signal bar for possible low of the day, ok swing
  • Bar 12 - Strong breakout but need follow through, else still trading range
  • Bar 13 - Lower high major trend reversal, double top 4, fail, failure breakout, but probably buyers at the low of the bar and probably scaling in lower so low probability sell or short. Swing only. Better to wait
  • Bar 14 - Breakout pullback buy or long but 2 bear bars with close on low. Better to wait
  • Bar 19 - Double bottom 72, two legged pullback in a bull move 11, magnet 12 close for buy the close bulls, but 2 dojis and 5 bear bars so low probability
  • [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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