Wednesday price action swings sideways: Brooks

Brooks Price Action Analysis for Wednesday, Feb. 26

pending chart 2658

Double top, double bottom, fail, failure wedge bull flag, consecutive sell climax

  • Wednesday, February 26, 2014
  • Bar 1 - Yesterday ended with bull breakout of wedge so two legs up likely so probably buy below or buyers at the low of the bar and probably scaling in lower. Low probability sell or short. 3 day possible triangle, breakout mode
  • Bar 2 - Breakout pullback buy or long but tail, top of possible triangle, probably sell above or sellers at the high of the bar and probably scaling in higher.
  • Bar 3 - Double top 49, micro double top, but strong 78 79 so probably buy below or buyers at the low of the bar and probably scaling in lower. Swing or wait
  • Bar 4 - Follow through, more down
  • Bar 5 - Big bear bar, sell vacuum test 76 low where buyers breakout test or bought yesterday. Report soon. Better to wait. Always in short, swing sell or short, stop above 3
  • Bar 6 - Double bottom 76 but 1t body, report. Held above 76 low. Better to wait. Probably sideways, especially since trading range 3 days
  • Bar 7 - Strong bull bar but sell above or sellers at the high of the bar and probably scaling in higher, stop above 3 top of bear breakout. Trading range, breakout mode
  • Bar 11 - Breakout, possible measuring gap, always in long. Stop below 11
  • Bar 12 - Follow through, more up. Need breakout above 25 yesterday, else possible double top 25, two legged pullback in a bear move 1
  • Bar 14 - Double top, two legged pullback in a bear move 1, but 10 bar microchannel, so buy below or buyers at the low of the bar and probably scaling in lower, stop below 11. Low probability sell or short. Probably sideways, then two legs up. Only buy below or buyers at the low of the bar and probably scaling in lower or better to wait for a strong bear breakout or second entry sell
  • Bar 16 - Breakout pullback buy or long but dojis, 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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