there are no kilometers or miles or feet or inches, in Nature. in fact there is no Nature in the universe.... it is all in someone's head.....as is .....there is no Universe either The Human race is obscessed with measurement...for good reason.... 'if you cannot measure it, you cannot manage it"-Seykota that is the reason TA was born. to manage price movements
ROFL mickey you just can’t shake the “cult” concept. Can you? It is almost like you are fixated on it. Kinda like OCD. If the casino man goes down south is there any hope for you setting him straight?
i think Brooks is the best documenter of the principles of technical analysis and if you want to trade the 5 min time frame...he is THE man to turn to. 15 years ago every single one in the financial business said DO NOT TRADE 5 MIN.it is noise
Are you talking about Donald Trump? The bankruptcy expert? even bankrupted a casino. no ...no hope for that one
ROFLMAO now that is hilarious. But I was actually referring to Iamthecasino poster on this thread. Mickey, to my faint recollection, used to like Mr. then somewhere along the way he had a change of heart and now it seems he can only refer to cult...cult..cult when afficionados of Mr T show up.
The casino man gets fired up over semantics and rails at his elders (me). Do you think a quick trip to India and he would find out quickly how to respect his elders? I fear Mickey is sliding off into the deep end of things. Being so fixated on that one word ...CULT... Can a prolonged trip to India help him snap out of it? Any hope?
Hehehehe, if I go to India I will not only be a famous cult leader (India the home of cults) but a martyr, placed in a coffin within a week due to the place crawling in bugs Cardboard coffin set alight and flowing down the Ganges.
Regarding your question about barrel of gun. This is question for fun. In this hypothetical situation I will say ‘go long’ but it is pure coin toss and prediction and (even more important) context less decision. You did not show the broader context on the chart. In reality I will avoid trading in this situation because I never take breakout trades, only pullbacks. Back to the serious. You wrote *** Say you got a bull trend going then a PB. You are looking to go long. There are 3 bear bars in the pb. Each PB bear bar is successively smaller. So, a trader is looking for the bull trend to resume. So price has three successive bear bars...each one decreasing in size. *** And this makes sense, so you look how the pullback is forming, how the countertrend traders acting. This is your way to identify whether countertrend activity is good for attack (weak) or not (strong). And also this makes sense ****As far as stops go I will use the extreme of bars but not necessarily the extreme of the adjacent previous bar. **** Could you please be so kind and point me the chapter in Brooks books or courses where this discussed in deep? My view (mistaken as see now from your post) is Brooks always advocate stop behind signal bar or entry bar. How I do it without bars extremes. 1/ Lets suppose we are in uptrend and the last swing is rise from price level A to B. We want to get some money from pockets of countertrend traders, sellers. Where countertrend traders enter the market on the way from A to B and where the stops located? In theory average price of sellers can be anywhere from A to B but statistically the level is concentrated around (A+B)/2. This means the collective (average) stop level of sellers is above (A+B)/2. When price retrace to (A+B)/2 – aka ‘50% test’ – and reverse back up than, as Al Brooks could say, we ride stops of countertrend traders and get some money from their pockets. 2/ Lets suppose we are in uptrend and the last swing is corrective down move from price level A to B. Sellers step in during fall hoping to take advantage on the trend reversal and their average price is about (a+b)/2 and stops are above. So when price stop to fall, reverse and breaks the (a+b)/2 we again can ride the wave and it is ‘50% hook’. So, to me the reason to buy is: 1/ we are in uptrend and as trend follower bet on continuation, so expect counter activity to fail 2/ stops of countertrend traders are ahead, above my entry price and the execution of stops will help to propel my long position into profit zone Swing points instead of bars extremes. You can ask ‘hey, dude, but where are these swing points, on bar chart or on the line tick chart?’ Swing points, which are result of collective trader’s decision (opposed to bars extremes, which are subject of individuals decision to view PA by 5 min, 3 min, 5000 contracts, 300 ticks, etc) are stable to the small variations. This means swing points on 3 min and on 5 min will be 90% the same, but on 30 min different. But the individual bars extremes on 3 min and 5 min can vary a lot. Bottom line. I don’t say you are wrong using bars extremes as decision points, opposite, I want to understand logic behind it. This is why I ask you to point the chapter or video of Brooks where he discuss wide and tight stops, obviously this is point I missed.