Price action falls sharply in late trading Wednesday: Brooks
Brooks Price Action Analysis for Wednesday, March 19
Fomc meeting, then big down, big up so trading range likely tomorrow. Failed just below 60 minute lower high. Bears want 60 minutes double top and bulls want breakout to new all time high and test of weekly targets targets around 1888 for possible high of next several months. Should test 1700 within next few months.
- Wednesday, March 19, 2014
- Bar 1 - Fomc 11 am. Yesterday ended with a weak bear channel after a wedge top so might channel down to 18 bottom of channel. Tight trading range for last 2 hours so bad for stop entries. Bear bar in bear channel but tail, small so low probability sell or short
- Bar 3 - Breakout pullback sell or short but bottom of weak channel so swing sell or short or wait. Possible buy below or buyers at the low of the bar and probably scaling in lower
- Bar 4 - Wedge 67 76, micro double bottom, ok swing buy or long
- Bar 7 - 4 bull bars, buy below or buyers at the low of the bar and probably scaling in lower, but just below 60 minimum or minutes lower high = pink lie, so possible sell above or sellers at the high of the bar and probably scaling in higher and 60 minimum or minutes double top
- Bar 8 - Breakout pullback buy or long but just below 60 minimum or minutes lower high so low probability, swing stop below 4
- Bar 9 - Expanding triangle 51 65 at high of yesterday, second entry sell fail, failure breakout high of yesterday, 60 minimum or minutes double top, but bull body so low probability
- Bar 11 - Two legged pullback in a bull move but 1t body, top of trading range so swing or wait. Tight trading range, bad for scalping with stop entries unless using swing stop
- Bar 12 - Double top 9 but tight trading range, bad for scalping with stop entries unless using swing stop. Still on swing sell or short 9 and might get breakout low of the day and measured move down
- Bar 15 - Breakout test or bought 4, wedge 8 11, but bear bar, middle of very tight trading range so better to wait.
- Bar 22 - Double top lower high major trend reversal, ok swing sell or short, but tight trading range so low probability sell or short or buy or long until strong breakout up and or down
- Bar 26 - Breakout, close below 25 and 14, but big tail so weak breakout, but still possible measuring gap. Ok swing sell or short.
- [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]
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