Big leap for E-mail price action on Friday: Brooks

Brooks Price Action Analysis for Friday, March 28

pending chart 2736

60 minute double top and head and shoulders top, but end of quarter so bull bias. However, building selling pressure on daily chart and top of next few months might already be in. Reasonable area to consider buying put spreads here or around 1900 for 10% pullback. Might get 1 more push up to test weekly targets around 1900 (top of weekly channel, measured move tgt) for possible high of next several months. Then, should test 1700 within next few months.

  • Friday, March 28, 2014
  • Bar 1 - I leave at 10:30 today and all week. Possible triangle breakout but doji at 60 minute 20 bar exponential moving average and high of yesterday so probably buyers below, sellers above but possible breakout, better to wait
  • Bar 2 - Breakout 60 minute 20 bar exponential moving average and high of yesterday, more up. Still always in long from yesterday. Very big bar so probably measured move up
  • Bar 3 - Bull body so follow through, more up, but small bar so possible tight trading range. Buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 4 - Fail, failure breakout but doji, strong breakout, buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 5 - Bear breakout but buy the close, strongly up. Don�t d. Probably buy above or buyers above
  • Bar 6 - Breakout but close at 5 high so weak and probably will enter trading range soon. Too early to sell or short
  • Bar 7 - Another big tail so trading range soon
  • Bar 9 - Fail, failure breakout high of yesterday second entry sell but low probability. Breakout pullback buy or long but doji two inside bars and several bars with tails so probably sell above or sellers at the high of the bar and probably scaling in higher 8 and 7 and trading range soon.
  • Bar 12 - Breakout pullback buy or long but 5 bars without bull body so probably sell above or sellers at the high of the bar and probably scaling in higher. Low probability buy or long and need wide stop and scale in, swing of scalp . Tight trading range, bad for scalping with stop entries unless using swing stop
  • Bar 16 - Breakout, probably more up, but probably sell above or sellers at the high of the bar and probably scaling in higher 7
  • Bar 18 - Higher high major trend reversal, wedge 4 7 but 7 bar microchannel so low probability and probably buy below or buyers at the low of the bar and probably scaling in lower. Weak rally so probably bull leg in trading range
  • [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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