it is important /critical that stops be put beyond good signal bars.....if put beyond range bars then market will likely trigger the stop and go in your way again.....this will look like stop run but it is wrong stop placement
im not doing too bad. got some trades wrong today but net 24 pts. Prolly done since only 1hr left. No reason to lose needlessly, especially when I wont have a chance to make it up. Weird day since no major move this morning and lots of TR PA, took me a few losses to read what was going on, prolly better to have a little more patience but hey, cant complain with today's outcome. If i have more patience I will prolly come out better just as a baseline. But im an impatient person by nature. Could have let my last trade run a bit longer esp. with such a tight channel before the climactic bear bar- but there was a possible wedge i was seeing so decided to lock in the profit at the retest and possible DB. A more robust wedge seems to be forming. These are the things I will try and clean up so I can get more than 24 pts - even though realistically I probably wouldnt need to. But I like to be good at what i do and so obsess over it until my skills catch up. If i can clean up these little discrepancies i will be better than now. overall I avg 15pts a day, roughly.
Great feedback, thanks. You have Brooks on tap, my man. Would this qualify for a Brooks Entry on that DBBLF by the "first big bull bar since its closing above the last15 bars"? A 15 bar hi-lo line might be handy. Would Brooks buy on close at the earliest? Is that the follow through bar 3 bars after?
A lot depends on context. Brooks is discretionary and what hes showin in his vidoes/books is how to trade in his discretionary way. Is that a good buy? Ya if you want decent probability. WOuld brooks enter there specifically? IDK, he does like high probability trades so maybe? IDK what he would do, in his course he gives you options depending on what type of person you are. The 15 bar rule isnt a hard and fast rule because most BOs fail anyway. Considering its a HLMTR (since i cant see the bars to the left) you could probably get away with entering on a bull bar closing on its high. Waiting until the bar you pointed to is fine tho. The more confirmation/higher probability you want or need the less your profit will be, normally speaking. There are of course times you take a high probability trade and end up being in the middle of a big run. As far as FT. Technically the FT bar is the next bar. HOwever, it can also come a bar or 2 later, at the most. If you have a big bull bar and then a small bear doji, maybe you wait to see what the next bar does since a bear doji isnt a reason to get out. The 3rd bar you reference is a good FT bar. The bare minimum bulls want in a FT bar is a bull bar, which there is in your pic. Vice Versa for bears. Not the best type of FT bar, but again its the minimum. NOw if you had that bull BO your arrow is at and then a decent size bear bar closing on its low shows up instead of the bull doji pictured, maybe you think about getting out to reduce risk - since most BOs fail. If the next bar is a bull bar closing on or near its high you can always get back in. If the next bar, after this first bear bar closing on its low, is another decent size bear bar closing, at least, below its midpoint, now you really start thinking about getting out and see what develops. ETA: damn you have a lot of bullshit on that chart. I just have 1 moving avg that acts as support or resistance. But ya I was right, wedge bottom that went into a HLMTR. Thats pretty textbook. I would have been in much earlier than where your arrow is
LOL, that's just to help me understand and gain agreement by the players, how this particular event, one of the few that I've found so far which can be named in Al Brooks terminology and has specific measurable setup conditions, how this event would be played by Al Brooks. When I compare the bullshit on that chart to all the text in the explanations, well let me put it this way, I can strip that chart down to price bars and a double bottom measured move trade. I would welcome such a concise explanation of what Al Brooks would teach on the spot in the arena. But a Brooks explanation can stretch far into the night, far into a career in some cases.
lol, ya he can be long winded but I kinda like that about him, he likes to be thorough and make sure you get it, im the same way on some things.
does not mean it cant be simple. good signal bar ,bad signal bar. good signal bar enter with stops. bad signal bar......do not enter or enter with limit orders and scale in, with stop above a good signal bar.this should be done only by experienced traders https://screenrec.com/share/e4H9OA7t8v