Glad to see you are in profit on the journal OP. That is something of an achievement on ET from what I can see. Was the inside bar trading thing you mentioned a while back a throwaway line, or have you tried it? As I mentioned, I have had a little success with Brooks H1 pattern, and I'm looking for a few simple strategies to work into some kind of day trading system.
That makes the two of us, we count @padutrader out on this one. Not about guru, all about paddling in a pond going nowhere.
brooks says market tries to go up two -three times and then tries to go down 2-3 times[two leg corrections] this is what the market does whole day. for 13 years i was wondering what the fuck he was talking about. i think everyone reads his book and wonders what the fuck he is talking about
a inside bar is basically a H1.... a two leg correction ABC..... H2 and a wedge[3 leg correction] H3.......it confused the hell out of me for a long time as it did many many others.....but i took a lot of pain to understand it at a high cost of losses...my dimwittedness because i continued trading my misunderstanding rather than waiting till i understood what the fuck i was doing. but where things get complicated is when the H2 is a part of a larger wedge, and while a H2 is a continuation pattern the wedge is a reversal pattern, so one of these must fail. but brooks also stresses that all this is only to enter a trend with a minimum of risk..so it does not matter what you call it...H1 H2 H3 WEDGE...traingle ,or BS....... 'it only matters that you trade it' !
sold gold : market went up 3 times and then made 3 more weak attempts to go up so now it will try to go down
a inside bar is basically a H1.... a two leg correction ABC..... H2 and a wedge[3 leg correction] H3.......it confused the hell out of me for a long time as it did many many others.....but i took a lot of pain to understand it at a high cost of losses...my dimwittedness because i continued trading my misunderstanding rather than waiting till i understood what the fuck i was doing. but where things get complicated is when the H2 is a part of a larger wedge, and while a H2 is a continuation pattern the wedge is a reversal pattern, so one of these must fail. but brooks also stresses that all this is only to enter a trend with a minimum of risk..so it does not matter what you call it...H1 H2 H3 WEDGE...traingle ,or BS....... 'it only matters that you trade it' ! now you can take Brooks' or anybody's set up and form a 'simple' system. but it will have a low win rate so it's success will depend upon your 'risk management'. it is doable, yes and it can be automated. if you do not or cannot correctly estimate or judge context, which is highly subjective, then the profitability of your system depends upon your risk management: which is why many traders say, or think, trading is all about managing risk. context may not be as easily coded as set ups.....or maybe it cannot be coded at all....i have no clue about automation
?? before you shorted it, there was a signal to long Gold. did you long it earlier during the early Asian session (around 0300hr, your chart time)? This trade would yield a decent reward : risk ratio of 3:1. Gold and silver (and Nikkei and GBP) also went up in tandem. Did the Brooks thing detect this signal? If not, then this Brooks thing is no good.
oh how easy it is to make fun of somebody.........no wonder most or all of the posts in ET belong to this category. well done you are making ET an active forum
early asian session i was asleep..... .i woke up logged on and found an shorting opportunity but the long signal you talked about, according to brooks, was very clearly there.
if you cannot keep your cool when the market gives you a hard time.....you can never trade. i have some where to go, somewhere i want to be...i do not bother about distractions learning to trade is a journey NOT A SET UP