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Daily: Thu was a second attempt at the downside BO from the TTR which occurred on lower volume than the first and was quickly reversed the next day. The reversal up was not very strong, though, and it left a gap still open above at Wed's close. There have been a lot of bear closes lately indicating selling pressure building, and if the bulls can't take this up, we may get a successful bear BO as the bulls give up till much lower prices. Right now it looks like the bulls have succeeded in reversing a second failed bear BO of the month long TTR. Let's see if they can start getting above prior lower highs and get back into an uptrend, or if they give up and the bears take over.
60 min: We are still under the downtrend line making lower highs, but now we have a higher low. We may coil here before we BO up or down.
Can you help answer these questions from other members on NexusFi?
ON: Another leg up followed by a reversal back into Y's range. We are opening in the area of Y's weaker channel up. May find some support around the channel low at 2420.50.
Bars:
1 Big bull doji in the area of Y's SW/up bull channel. Early TR PA.
2 Bull FT but close at EMA in middle of Y's upper TR.
3 3 CC bull bars but tails weaken them. Still in middle of Y's SW PA.
4 Weak PB attempt. If we BO here from the H1 buy above. We may get to 2427.25 to 2428 where we will fill upper gap and hit the downtrend line res.
Have to step away for a bit.
11 Bull BO attempt, close at HOD, still in Y's SW area. Targets above for BO.
12 2 bar rev at HOD but tail and at EMA.
13 DT with Y's bar 77, wedge with 7 and 11. But middle of Y's upper TR.
14 Rev bar for failed wedge at EMA. Poss OK buy above but I don't like the location, middle of Y's upper TR.
15 Strong bull EB for buy above 14. May get up to targets above. Lets see FT.
17 Bull BO. May get at least a little more up to fill gap and hit trend line res.
18 Bull FT. Targets just above.
19 2 bar rev. Good bear SB, but just 1 tick away from targets above.
20 Bull FT right to confluence of targets, gap fill and downtrend line. May get PB here.
21 Wedge with 15 and 18 at res but doji SB.
22 Weak entry bar for wedge rev at res.
24 3 CC bear bars, but just above Y's high and EMA.
25 BO PB buy above at EMA, but just under res.
31 Bull FT above downtrend line. Looking like small PB bull trend right now.
32 Possible wedge with 3 and 20 at 2428 res.
No trades taken. Considered buy above 14 but did not like location.
Daily: Monday had some bull FT but it was weak with relatively low volume, and it sold off into the close to close at the midpoint creating a selling tail. Bulls are not looking strong. Let's see if bears come in here.
60 min: Still making lower highs. Chance to sell off here and close gap below Friday's low.
@TalB, I don't know if your thread here is for your own journaling or if you are sharing your analysis with others here on futures.io. If you are sharing your thoughts may I suggest you use the full verbiage instead of the acronyms. I realize Al Brooks uses the acronyms but to a casual reader of your posts it makes them very hard to follow without a cheat sheet (what is TTR, SB, EB... blah too much work to follow).
I trade a system loosely based on Al Brooks price action and find your posts interesting.
The thread is mostly for my own journaling, but I am happy if others find any benefit from reading it as well. I did write out a cheat sheet for what my acronyms mean at the beginning of the thread but I realize that if you do not regularly follow Al Brooks, it may be annoying to keep looking back and forth for what things mean. I can try to write things out more if that would be helpful. Writing certain things like exponential moving average instead of EMA is probably not necessary, but I can try to write out signal bar instead of SB. There are some acronyms that I write frequently and are kind of long like TTR= tight trading range. It can get cumbersome to write out too much, but I can write tight TR instead
Daily: We are now high in the 1.5 month long trading range. Selling has occurred in this area in the past. It is likely to come in again. If we get a big breakout instead, we may finally leave this trading range. A pullback is more likely, though.
60 min: We broke out of the big horizontal triangle all the way to the upper end of the major trading range, breaking above many lower highs. This could just be a buy vacuum to the top of the range where selling will come back in. That is most likely. Less likely, bulls will take it strongly up form here.
ON: Price went mostly sideways to slightly up in a tight range mostly within yesterday's shallow bull channel. We are opening within yesterday's channel area.
2 Attempted bull breakout but tail closing at yesterday's high. Poss failed breakout.
3 Bear rev bar for failed breakout above yesterday's high.
4 Bull inside bar for high 1 buy above, but just above yesterday's high. May have sellers above. Bulls not showing strength yet.
5 Another bull bar, but tail forming double top with bar 2. Bull bars are small and have tails. Weak bars for bulls.
6 Small bear inside bar for another high 1 buy above. Breakout pullback to yesterday's high but weak bull move to be buying consecutive high 1's.
7 Now bull rev bar for breakout pullback buy above. But weak bull move so far.
8 Bulls keep grinding up but no close above prior bar on 8.
9 Bear rev attempt but found buyers at the EMA creating buying tail. Close right at yesterday's high.
10 Follow through selling back into yesterday's range. But tail, at EMA and mid of the day. Bulls are not looking strong, but bears are not showing a lot of strength either yet.
11 3 consecutive bear bars. Bears starting to look stronger. May have some bears taking profits here at the open.
12 Bear breakout closed gap down to yesterday's close and found some buyers there creating a tail. More support below is at around 2437.50.
13 Strong bull rev bar at yesterday's close. May have sellers above around yesterday's high after strong 9-12.
14 There were sellers above the bar 13 bull rev bar creating a big bear follow through bar. But the bar has a tail finding buyers again at yesterday's close. Low 1 short below but poss buyers not far below at support.
15 Small bull doji inside bar forming a small triangle with the last 3 bars. May try to breakout from here, not sure up or down.
16 Double top with 14. Bear rev bar. Poss OK short below but just above support.
17 Bull breakout attempt. But close just above EMA and mid. Let see follow through.
18 Bear rev bar at EMA and mid. Poss OK short below but may have buyers below after strong bull bar 17. Better to sell a little higher off of a 2nd rejection off of yesterday's high, if that occurs.
19 Bull breakout but tail. Found sellers at 2443.50 res.
20 Bull follow through to yesterday's high. Low 2 short below but bull bar.
21 Failed low 2 formed bull rev bar, but right at yesterday's high.
22 Doji closing again at yesterday's high.
23 Another doji close at prior day's high. Price coiling for a breakout up or down.
Daily: We have been in a broad bull channel for the past few months. Now that we are making new highs, there are more likely sellers above prior highs. We are more likely to go sideways or down for at least a small pullback from here before much more up.
60 min: The move up on the 60 min chart is looking parabolic. The selloff into the close looks like it could lead to a pullback to at least the prior all time high or the 60 min EMA a bit lower.
