No I was away from my screen at that time. For me the risk was too much anyway based on the H/L of the bar and or the 70% rule based on the break out.
Hi, I have a couple of questions about H1,H2 in a bull trend. 1. Can a red bar be a signal bar in a bull trend? For example, is B47 a signal bar for a long entry? 2. Regardless of the color, if the entry is not triggered on the next bar, how many bars can we wait for? For example, if bar 47 is a signal bar, does entry bar have to be the next bar or can we wait for a couple of bars, in this case, entry would be bar 49.
for some reason, I can only attach one picture to my post. so here is another post. 1. Can bar 45 be considered a signal bar? It formed a double-double bottom with bars 42, 43 and 44. 2. Can bar 50 be considered a signal bar? Double bottom with bar 49? 3. If the answer is no, is there a H2 on this chart at all?
I'd wrestled with this concept for a while too. Finally it made the most sense to me this way. An H1 or H2 bar only occurs after some formed countertrend leg. per question of previous post. I wouldn't count bar 50 as an H2 because it's effectively still part of a countertrend leg and it's close isn't higher than the high of the previous bear bar. bar 55 would make more sense as the H2. I usually skip dojis in the context. One could enter aggressively intrabar on 55 if assuming 53 or 54 as effectively the H2 as a stretch. Brook's also has some concepts which act as "corollarys" to each other. Such as the H1 and H2 successful pattern form a "failed final flag" or a "bull flag". Also if the H2 failed, then usually two legs would go the opposite way effectively the result of a "double top" or failed H2 and a "failed flag".
FoN, I would have thought so too. However, the more I read Al, the more I think he has written it in the best way he could. His level of viewing and dissecting PA is so intense, that it makes it a hard job to write it in black and white. He has been doing this for many more years than I. Whilst I can see one or two of the concepts he's trying to explain, in his mind there are many more than that running simultaneously. He is trying to put all this in words the best he can, but words have a limit when dealing with the capacity of the human brain. With each read, I am hoping to try and see things more the way he does. It will take a long time and many "ahha" moments, but I am appreciating his work already.
Markets are highly manipulated, do you believe these manipulators will look at charts before manipulating?
Without corrupting this thread and moving away from the intended topic, I will answer very briefly. I have to agree that markets are manipulated. However, you have to take into consideration that most trading done these days is via HFT bots. They have predetermined algorithms, which do not get rewritten every now and then. When they do, it is just a minor tweak so as to gain the slightest of edge. These algos are written based on chart patterns and are trading against other bots (esp. in the short term). They have no intention of trading against us as we trade with chump change. We just hop on for the ride.