Brooks goes into greater detail than most other TA teachers. Being a former Eye Surgeon, he seems to have applied that intellect and attention to detail to TA.
here is another one: i really enjoyed this trade. the bar that formed the high of the day had a big tail on top showing traders sold into the close. they sold because of a possible final flag.....though the inside bar was a first correction it had come after a huge trend bar. then you get 2 bear bars testing the low of the final bar. i sold at 4355.25 stop at 4358.75. a doji inside bar after two bear bars meant balance . I added one more contract when the market broke out below that doji bar. and then scalped out at 1 pip. this i had to do because this was my first trade of the day and i wanted to get some green in my account... i get stopped out at 1000 usd loss so i cannot take chance with these TST bas@#rds.
while Al does focus on near time price action he is mindful of the overall context to decide whether he is scalping or swing also a bad signal bar is very dangerous to trade and in most cases it will fail within a bar or two. i think most novice trader or even experienced trader like me, who did not focus on these two things, will find a lot of pain. This can make traders think that Al's teaching is shit but it is mistakes in applying his ideas that causes a great deal of pain. traders must learn to look inside and know that the enemy is inside
the market loves you ,it is never going to leave. it needs you and your mistakes to survive. so you can always wait and you will get another entry, often a better entry, but always a safer entry.... safety first and last:that should be any trader's -experienced or novice- ultimate obsession. i am realsing this after 20 years of losses. yes i am the genius. especially be patient with pull backs they are channels and consolidations so there is no urgency do not grab the first carrot the market dangles
this is a tip that may save you a lot of money. when you make a decent amount of money -that is the market gave you money-TRADING ONE MARKET CONDITION, like in one trend or range or wide channel, stop trading till that condition changes... if not, in that change, the market will take it all back
i gave you my detailed explanation and you ask me why?.. read it and try to understand. the wick on the high bar of the day was followed by two bear bars which meant it was 3 bar reversal bar which when the market went below the doji triggered the reversal bar and short. you have to use your brains sometimes. Even Brooks is not going to explain everything.
the market never gives easy money. you have always have to earn it through acquisition of knowledge expertise and, finally , street smartness and a will to survive
i have always lost money because i would know the correct and smart thing to do but not everybody knows and does that-in fact the majority do not know and do the opposite stupid wrong thing and the majority fading YOUR position, means that you will be in drawdown for a little while. but i used to panic and cut and then the market would go my way. you have to account for what the idiots and the unknowledgeable will do and i never did. so I lost for 20 years because I was smarter than everyone but they had more money power