Brooks says if a Trader could restrict himself to trading only major and minor Reversals, Pullbacks in a strong Trend, and Scalps in Ranges, they would be very successful.
For my long term trading, I use all of the above, with exception of 2 minute timeframe, I look for reductions of volume, once hedge funds reduce selling as markets goes up, I turn to two minute charts looking for chart patterns to hedge first then sell futures. I also have 60 minute system on trendlines hedged. I generally use 5 and 2 minute intraday, go for makeable small profits for daily goal, let account say when to increase size. I use $5,000 profits equal 1 more contract. ES is good but I also like Crude and Live Cattle. Hedging allows for many losing trades on futures side but recover loses and make couple hundred more on options, so profits on overall futures losses.
The most basic Trader here is SML. All he seems to be doing is Scalps in strong Trends. Seems like a plan if you are prepared to watch numerous Markets. Just click click click Baby!
Brooks says, if the 5 minute is in a strong Trend, don't go back to the 1 minute looking for a Pullback. I don't quite get that. It seems the logical solution.
this "jump out of consolidation" around fast MA looks pretty good when looking around markets and charts, thx
Brooks is actually teaching traditional technical analysis. he is definitely not reinventing the wheel