:today : profit factor 6; win rate 82 % looking for such numbers on a consistent basis https://screenrec.com/share/zNpT6XSav9
markets test areas to see what can be expected........these tests are often 2 legs.......sometimes these are complex and not simple structures. this is Brooks or in older technical analysis it is called ABC corrections. Where Brooks is different from classical TA is that he considers any two leg move as 'corrective' even if it makes new highs or lows..... so any two leg moves should be traded as such. this does not mean that after two legs the market will always go in the other direction though it very often does do that. it can carry on and form a bigger two leg structure........so be prepared always to change your opinion about direction if you get a signal indicating this. better to lose your opinion than your money. two legs moves do get climatic making it challenging to trade these since the end is known only in hindsight....i prefer to use a tight stop, rather than a wide one, and renter again ......you are usually third time lucky......if not it is a trend. if there after two legs market corrects and:if the market tests the high and forms a lower high / DT and then gives buy signal...i buy or if the market forms a higher low / DB and then gives sell signal, i sell. then trade management takes over because there is no way of estimating a target or exit point in advance....... i think this is what Brooks suggests....but often it is not sure what the fuck he is suggesting: but if you want to associate with a genius you have to tolerate such idiosyncrasies or eccentricities. THIS IS NOT MEANT TO BE A coaching post.....i am trying to develop a way of thinking , to be used in any market condition as a way of managing this beast called market. and to describe it in a sentence or two rather than 4 books........i have always believed this could be done but it has taken me 13 years to get close to doing it
though many experts say it is ok and a high win rate is not essential to make good profit i am still trying to fine tune my way of thinking ,of analyzing. i am ok with being stopped out but i do not think even one of my losing trades were stopped out: they were closed by me. this may be because i felt something had changed with the market so i exited. but it may also be that my first few trades of the day, are more without a good technical basis in the first place, since it happens so consistently on all days. most of my losses are before European markets open. so maybe i should consider not to trade before the ir opening or i should pa[er trade for some one hour before going live
another way to enter is after a sharp move wait for a two leg correction and then enter in the direction of the sharp move. or as mentioned earlier:if after two legs market corrects and:if the market tests the high and forms a lower high / DT and then gives buy signal...i buy or if the market forms a higher low / DB and then gives sell signal, i sell. or if market tests the high and forms a lower high or DT and then gives another sell,i sell. and if market forms a higher low and then another buy signal forming a second higher low ,in that case i buy no secrets here no great system...but everything in the execution of the plan. i think this covers everything the market does and how it should be traded. four lines instead of 4 books
Short and sweet 20 seconds from min 6:32 to 6:52 db add a mm exit and it's done. cued....youtu.be/eY-mKJ6t8V4?t=388
this trade is better https://screenrec.com/share/k3JsDPbIHg trading so far today...i closed the last trade ..top pf range so will reenter later https://screenrec.com/share/rhatMsZ9Wv
market only does 4 things goes up or down corrects, tests extreme, then gives trade signal.... it does this every time.....you have to enter the trade signal and then wait for those 4 things again and take the trade signal again if it is in the opposite direction why did brooks write 4 books......four lines is enough
do not form opinion about market direction and hope for 2:1 RR.. what sort of bullshit is that https://screenrec.com/share/GhAIwZV9vj