Brooks Price Action Wednesday Feb. 19

pending chart 2637

Double bottom, trend from the first bar bull, parabolic wedge top, fail, failure wedge bull flag, double bottom, lower high major trend reversal.

  • Wednesday, February 19, 2014
  • Bar 1 - Double bottom low of yesterday, 60 minute 20 bar exponential moving average, but tail so possible sell above or sellers at the high of the bar and probably scaling in higher near close of yesterday. Swing buy or long or wait
  • Bar 2 - Big bull bar, always in long. Bears want opening reversal down
  • Bar 3 - Opening reversal down but doji so buy below or buyers at the low of the bar and probably scaling in lower and probably buy above or buyers above
  • Bar 5 - Breakout pullback buy or long, trend from the first bar bull, buy below or buyers at the low of the bar and probably scaling in lower and maybe buy above or buyers above but near top of yesterday trading range so probably sideways soon
  • Bar 7 - Double top high of yesterday, but tail, trend from the first bar bull so buy below or buyers at the low of the bar and probably scaling in lower but wide stop and scale in, swing of scalp . Breakout pullback buy or long but bear bar so need wide stop and scale in, swing of scalp if buy above or buyers above
  • Bar 8 - Breakout pullback buy or long but possible parabolic wedge so be quick to decide if swing or scalp. Bulls want outside up bar day and test of all-time high
  • Bar 9 - Breakout, big bar, close on high, so possible two legs up, but possible parabolic wedge
  • Bar 11 - Breakout pullback buy or long but doji, tail 10, consecutive buy climax so possible sell above or sellers at the high of the bar and probably scaling in higher. Ok buy or long if wide stop and scale in, swing of scalp but better to buy or long pullback. Possible sell above or sellers at the high of the bar and probably scaling in higher and tight trading range after consecutive buy climax
  • Bar 13 - Parabolic wedge 3 7, l4 37 and 10 12, fail, failure breakout high of yesterday, consecutive buy climax, one bar final flag but 13 bars without pullback, small pullback so low probability sell or short and sideways more likely than down. Breakout pullback buy or long but bear bar, possible tight trading range 11 so low probability and need wide stop and scale in, swing of scalp . Better to wait to buy or long pullback. Consecutive buy climax so possible approx. Ten bar, two-legged correction sideways to down.
  • Bar 14 - Bear breakout, bulls will bc and scale in lower. Big up, big down so sideways likely so bulls might scalp
  • Bar 17 - Breakout pullback buy or long but 6 bars down so sideways more likely. Bulls who breakout test or bought 14 close and 16 close will scalp out above. Too low to sell above or sellers at the high of the bar and probably scaling in higher
  • [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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