Friday price action sinks: Brooks

Brooks Price Action Analysis for Friday, Jan. 24

pending chart 2565

Expanding triangle bottom, double top, wedge bottom, twenty gap bars sell or short, possible triangle bear breakout, 2014 will probably be in a 200 point trading range.pink line = low of last week. Blue line = top of lower trading range on daily chart.

  • Friday, January 24, 2014
  • Bar 1 - Big gap down, bear bar, but tail. Probably early low of the day since just above breakout point on daily chart. Always in short, more down
  • Bar 2 - Bear bar but tails. Pink line = low of last week, blue line= top of lower trading range on daily chart so support and important targets at end of day if near
  • Bar 4 - Expanding triangle 19 54, strong bull reversal bar on test into lower trading range on daily chart. Ok swing buy or long for possible low of the day
  • Bar 7 - Breakout pullback sell or short but 2 dojis and at support so low probability sell or short
  • Bar 9 - Double top 1, fail, failure breakout, but 6 bars up so low probability sell or short, but bulls will exit below or below 8 breakout
  • Bar 12 - Double bottom 4 but two inside bars doji, breakout mode for measured move up and or down
  • Bar 13 - Bear breakout, ok swing sell or short, stop above 13
  • Bar 14 - Not a bull body so follow through, more down. Breakout pullback sell or short but doji so possible one bar final flag. 1800 magnet just below
  • Bar 15 - Another breakout, sell the close, but wide stop and scale in . Better to wait
  • Bar 16 - Wedge 10 13, final flag 9, but doji so low probability buy or long
  • Bar 17 - Breakout pullback sell or short but bull body, wedge, far from moving average, 2 dojis, so probably buyers at the low of the bar and probably scaling in lower
  • [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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