this is a L2 short at ema. a pull back the ema. the signal bar is marked with red entry is made when the low of the signal bar is taken out. stop and target is as marked..target is 2R
You had another journal or two in the past about your trades via Brooks book... Why not just restart those trade journals ??? wrbtrader
i will be trading second entries....what are second entries. Brooks gives an explanation in his first book.....the relevant passage reproduced here.
Ok but I was hoping you were going to say you're using a different book from Brooks or a different way of trading than the prior 1 - 2 trade journals. Simply, something new of different from the prior way of trading. Good luck and hope it goes well...3rd time is the charm. wrbtrader
this is not an ideal pull back trade it was pull back from spike.....sometimes the market, after forming a channel, pulls back to the start of the spike but is ok just the start the ball rolling. if the stop hits i will see if a set up is triggered to give a long entry target top of spike. Brooks says set ups are used to establish and measure risk so that it can be kept to a minimum and also to establish clearly and without doubt what that risk is in ticks. i never did this, even though 13 years back, Brooks said there was no other way. So i do not blame Brooks for my stupidity and losses After 13 years of losses i think this is one thing i have decided to change. it also helps to stop you from second guessing your position every time a conflicting signal comes.
well i am following brooks strictly and i believe there is an edge in doing this.....so 2-3 trades a day for 2-3 years and we will know
trading is about having an edge....nothing else. i think trading pull backs does give one......this project will show whether that is true or not.....intend to record it for 2-3 years..... i hope it will prove useful for everyone here it was something i did not do earlier and hope to show new traders how to go about it... i have chosen Brooks but it could have been anyone else that is what brooks says and if i had found him earlier i would have known what trading is all about. i went on the wrong road because i thought i could improve my results by reading the market better ....trying that did not work for me ..it just confused me because of conflicting signals the market gives.....
the market did form a wedge which went to the minimum target of a wedge.......if it goes further this will lead to a measured move of the wedge. which is the top of spike marked with red line https://www.tradingview.com/x/I540eXlo/