I don't know of Brooks other than as referenced by other ETers. I wouldn't espouse "a trade every 5-minutes", but there are at least 1 or 2 playable "day-swing" trades a day most of the time.
Al says there are several good trade setups a day. However, no offense to padutrader, this is not one of them. If he had waited for the double top and took Al's reversal setup he would have been much better.
but you cannot get 'several good set ups' for swings a day, you may get two...the rest are for scalps
can you indicate on chart where i should have shorted? just for discussion..and thanks for taking part...Baron may give you too a gift
yep thanks for that...... i closed my short for a small profit.... i do not want to risk a position during the minutes....i am going to sleep peacefully
I’ll add, that there are 2 things that can happen after momentum dies. The second is basing. From a base, price can do anything. I’d wait for the confirmation.
He’s actually telling you the opposite. He’s telling you to get comfortable with a bunch of setups and only trade the high probability ones. Not every one. The 200 day one is money. I’ve caught a few knives on the 200 day.. I just don’t catch knives anymore.
I can't see the prices on the chart very well, but there was a double top just after you entered. If you had waited, there was a head and shoulders later that lead to a selloff.
BTW, you just showed an example of one of Al's biggest beliefs - 90% of the time (i.e. no large BO), you can pretty much place a trade anywhere and make a profit IF you manage it correctly. Trade management is WAY more important than entries.