the 4th bar from the right is the bear breakout-not strong- but it is a breakout. the next two bars, 3rd and 2nd, a bull doji and a bear inside bar, is the channel phase. the next and last bar shown, doji reversal bar /correction, is the range phase. there was a bull bar after that, NOT SHOWN, that was leg one and the cycle reset it is rarely clear as that but i post it just to illustrate the concept
A SPECIAL THANKS TO @volpri for pointing out the market cycle. or reminding me of it. it is critical for knowing when to count bars /legs and when to ignore them.
if you are sure you are in range -broad not narrow-then you can count legs to know when to enter into reversal trades mainly near the top and bottom of ranges. if you are sure you are in a trend then count legs in a pull back to enter with trend trades.
Good Morning padutrader, I never met or known a rich trader who coach or teach other traders how to be a rich trader. And I never will. But I know many Coach and Teachers who charge money to teach traders how to trade. These coaches and teachers never made money from trading.
Complexity sales that's why 3 books. Because his audience and customers is people like you, who want to be a trader master and think reading books helps. It's a Scam Padu. He scammed you.
He's written 4 books. He's been quoted as saying - I think not altogether jokingly - that he had to write the second, third and fourth ones to clarify in detail what he was trying so very badly to say in the first one, which is after all about as close-to-unreadable as a trading book can be?
brooks method will NOT tell you whether the market is a bull or bear. you have to first determine that. This is obvious.
have shifted to micros so am now swing trading and you know what ? Brooks works beautifully here too after scalping for 20 years swing is a child's play or actually a old man's play.