this is the bigger picture which i missed totally. Bull break out, where I sold, followed by a test of the low and then the second breakout and the buy signal. higher highs and higher lows after that all the way the green line is possibly the ultimate target, God and price action permitting. God is price action and price action is God .Amen
Likely get the chance to get out easy enough with a 1 or two point profit. I’d grab it. Then look to the next trade. That wedge bottom in a tight bear channel has morphed into a TR you have shorted at the top of the trading range. Just might be able to get up to 3 points but I would not wait for it to track to the bottom of the TR. And you have to consider it isn’t a very broad TR. Better to grab the profit and then see what price does. Watch if TR continues or if there is a BO south or north. Trading ranges need to be at least 3 time as broad as a min scalp to trade TRs. They also need to be 3 times as broad as the average size bar that falls within the range. This one I believe falls short of the second rule for trading TR. But you are in. If it was me Id get out as quick as I could on any profit. Then wait for the TR to broaden or a BO of this small TR before trading any more. 1)I can stay a narrow TR 2) The TR can broaden creating opportunities for trading. 3) There could be a successful BO top or bottom (50/50 at this point). Tgat would be tradeable. This is a TR. Count the bars 20 bars fall within the range at this point. Remember the cycle. BO ….Channel…TR. It is now in TR phase.
Oops. You got stopped out then you lost your chance and didn’t grab your profit. By the time I posted my post with your chart and TR drawn in it , you had already posted that you got stopped out. But I see on that post where you said that and the chart showing you got stopped, but consider you did in fact had a chance to capture 1 to 3 points. I would have grabbed them. That last bear in your first change went down enough along with the next bar to have made 1 to 3 points.
must make looking at bigger picture a habit i make notes and those notes are expanding almost to book size. forget one thing or the other. no wonder Brooks cuts himself off from all distractions
It really is good to see TRs have 20 bars AND 3 legs (down up down or up down up) to be identified as a TR. And to be tradeable they need to meet the rules of being broad enough.
yes it was big mistake. break out and then it went to the bottom of the range and then formed an inside bar and then broke above it. that was my cue to close short and enter long i was counting my 6 points profit, starry eyed and did not listen to PA . i was only looking at bear side and not bull side taht is why Brooks talks always about bull side AND bear side. the bloody bugger always does the right thing .He is genius