IamTheCasino, volpri, Little help over here? You traders are familiar with Al Brooks. Where would you say is a good place for a stop if a trader wanted to enter this Brooks DBPB? Where's a good stop price for a trade like this?
On the first one i see in the center of screen you have a few options depending on how big your acct. is. Its forming a HL so theoretically if it gets below that then your premise is wrong for a HLMTR. So you can put it one tick below the low of the bull bar. Or you can put it one tick below the low of the prior bull leg. Sometimes it can retest again (after the first retest of forming a HLMTR) all the way down to that first leg and then go up. If you got stopped out you could just re-enter and make up your lost points. Your other stop option is a MM down with the idea that you would cut before it gets to that point. Of course as the market moves further up you can gradually move your stop to new MAJOR higher lows, or take profit to reduce risk. The second on the right hand side of the screen you would put it just below the white 0% line or 1 tick underneath the big bull bar. It doesnt matter if you bought the 5th bull bar in that BO aka the bar at the 37T line, stop would be the same place. Your risk/reward is horrible but your probability for making money is high. AKA you will probably make money of some type before your stop gets hit. Bad risk/reward in this case means, for example, your are risking 10 to make 3. Dont think you will be able to hold on for a big gain when your risk/reward is terrible - of course there are instances where this actually does happen. This is per brooks.
Either the first big bull bar since its closing above the last 15 bars, or the FT bar for higher probability.
man, you are quite prolific at opening new threads do they pay you for that? another thread for church-going people,lol and what makes it even more comical is that you give a like to posts as absurd as yours why don't you try to be skeptical for a change? how about this: before you take a position with some 'rationale' supporting it, say long, give a thought about taking the other side of the trade -short in this case, and come up with some reasons - some effort is needed.. you may find out that there will be as much going for long as there is going for short given your heuristics, so to speak cheers..
thanks for your contributions just ignore some of the bull shit here if you know what i mean...... and i am coming to understand why you say brooks is simple and people are complicating trading
thank you both for your wonderful thoughtful intelligent posts that will surely help everyone become better traders. you should ask to be paid for such fantastic posts....