let us see. i know what i do not have. a plan Wade teaches trading plan. Brooks does not he expects you to make your own plan. wade is very conservative . brooks says anything is tradeable but Wade says beginners should not do not. of course that is what Brooks says too. like you said they all say the same thing. but we do not follow them.
i have gone back to trendlines to show me the local trend. ultimately there will be a break of that trendline. after the break expect a hew high/low/extreme. if it does not make a new extreme but you get a HL OR LH then that will give you two pivot points to draw a new trendline. so the technique is dynamic and keeps with the changes, if any, in the market. Brooks talks about trend lines a lot. but i wanted certainty so i hesitated to use trend lines. i think they are subjective and if used in the correct way can be used to interpret market actions and so are very powerful
so the next question is how to draw the trendlines and when to draw it again. so two points a trend line can be drawn. once there is a break of that TL and the test is confirmed then redraw the TL using the pivot-high or low- that the test printed. this TL will be shallower than the other TL before the break. i have illustrated this on the chart. this will keep you in the trend, if there is one.
Whatever happened to your "second entry"? Is it no longer working for you? I totally agree. Currently, the way I see it, you're a jack of all trades and master of NONE. BTW I know a thing or two about trendline. Trendline by itself means nothing. It should be combined with S/R.
trend lines may also be used to indicate when the trend increases in strength or decreases in strength. if the TL is copied and dragged to the other side -a channel line- then a break of that channel line amy indicate a increase in strenght of the trend A break of a trendline does not necessarily mean a reversal. as a rule a break of the trend line means that the original trend will continue but it may not be with the same strength. -more less or same. any break of a TL does not mean there is change in market condition-the market will always resist any change. so any break of a line- trend or channel line- the market will [try] continue what it has been doing. so if the trend line contains a range, the market will return to the range and ranging action will continue ,which means a test to the other side of the range. this is valid if the range is sloping. which is known as a channel. there can be no doubt that you can only react to an event in hind sight but often that is enough.
I am teaching myself not anyone else and if they learn then i will sue them.this is patented and no one else should do this i am noting all this down to make trading plan and also to convince myself that the market moves rationally. because the market is so resistant to change hindsight is usually enough to manage the market and make trades in the belief that the market will triumph in continuing what it has been doing. if it does not succeed than it will do something else and once we know, what that something else is, we can then again make trades with the same belief that market will resist change. Amen
it means something. but if you have other things which also give similar signals then it is stronger. S/R. EMA. PA. TL if all agree then you have a better chance. for example if you have two legged PB ,which sets up a second entry,[DOES THAT ANSWER YOUR QUESTION ABOUT WHAT HAPPENED TO MY SECOND ENRTRY] to a TL and ema or S/R that will do nicely.
i always got 5 ticks more than 90% of time. that 10% i lost because i did not have time to click the close button or my data feed or internet was slow/or had a flat spot, at that time but now i want to expand my reach a bit . a guy can dream!!! go for 5 ticks but also watch and wait for a swing to set up.
do trend lines "work"? Brooks and Wade, among others, all say they do. My opinion is that they give information with which i can make rigorous trading decisions. when you have two pivots -which is a high or low that is confirmed-then you can draw a trend line and extend it. if the market does not touch it you lose nothing. if market touches it then you know that is significant area. if not why the hell would the market come to it. if it comes close and does not touch it then you know that the move fizzled out/lost momentum and that it may be a reversal or correction ,which is a minor reversal. this is information that is important. because then you can check if the move was near to finishing-two legs or there would be one more [ second] leg. the trend line is a key level but you need a price action confirmation and signal because markets can always blast through any level ,no matter how significant. draw a few lines on any chart and see what trades may be generated at those levels. i did that below. it was pretty illuminating and surprising at the wealth generated by these simple lines . use PA to enter.