Oh dear… it appears you’re not getting it. This whole thread was for nothing. You want to copy someone, mirror them. Well 1) You can’t copy how Al Brooks trades. He doesn’t do live calls. 2) You can’t learn by copying what someone does anyway. Brooks is a technical analyst who also trades. You can get ideas from him, but you won’t become ‘the Al’. Not going to happen even if he did call out his trades. Discretionary traders can’t clone copies of themselves even if they wanted to. You’re trying to latch onto someone’s coattails and that is a classic problem with this business. People want to follow someone and get success that way. Not going to happen. Take classic technical concepts like pullback trades, breakouts, fake breakouts, trend reversals. See them on many many charts. Find the best ones. Find the ones that fail. Understand how they fail and succeed. Understand how much room you need to give it. This is how you learn. Not by copying Al Brooks or anyone else. Don’t be like those people at Trader’s Expo I cited earlier…
damn it! Stop trading ES during the Asian session! ES wants to sleep during the Asian session! Trade things like China A50, Hangseng futures, Taiwan index futures !
If he were sticking to what's taught by Brooks, he should have waited until price came down to the EMA(20), which pretty much lined up with the breakout line. And it was also a 2nd entry long. That would have been a "low risk" entry.
His trade was ok, but certainly not the best context but for a scalp. But it was a workable scalp but SL had to be placed correctly. IT took more than 5 bars to trade back down into the TR and yes going long at the 20 was a lower risk trade IF IT WORKED. I wouldn't take it unless I saw big BO north one bar or a series of bull bars. Then I would go for a MM from the bottom of the TR to the BO point extended upward the same distance. On such a resumption of the BO Then I would go long. Why? It broke out of the TR then closed the gap on the PB so no confirmed BO. Price could just as easily go back into the range. I have no idea what happened afterwards. Can you post the chart? Actually, I would have been shorting and scaling in before that BO every happened. Top 1/3 of the TR. The TR was actually bigger than you drew. Could be extended left more bars. He likely didn't see the TR...the larger context and market cycle. I would be interested in seeing what happened after that.
yes it was unfortunate but it was practice/sim and only for illustration i also missed seeing this post of yours.
yes if i was on the computer and it was for real money i would definitely scalp out because breakouts from pairs of doji or even a doji do reverse as BROOKS points out repeatedly
yes if i was on the computer and it was for real money i would definitely scalp out because breakouts from pairs of doji or even a doji do reverse as BROOKS points out repeatedly
I think this will actually help you a lot, Padu. If you can explain why ahead of time, you might talk yourself out of some not so great entries.